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  • Friday, October 21 2016

    - Jorge Triaca, Labor Minister, said that the ARS2,000 bonus for year-end announced yesterday also served for establishing the start of “paritarias” negotiations in January 2017. Thus, negotiations would then consider inflation expectations for the 1Q17, which he said would be “more real” than increases which take into account inherited high inflation levels just as happened this year. Meanwhile, the downtrend on inflation expectations continues as per the latest study conducted by Torcuato Di Tella University. This shows

  • Thursday, October 20 2016

    - The latest advances of meetings between the government and Argentine Unions resulted in the approval of a minimum ARS2.000 bonus for year-end, as stated by Chief of Staff Marcos Peña over a joint press conference with other government representatives. Marcos Peña clarified that the amount of the bonus will be for the private sector, while remarking that the result was a political document and not an official decree or a judiciary order. Part of the agreement included the institutionalization of the dialogue between parties and

  • Wednesday, October 19 2016

    - The latest peso issuances have given their results as the international reserves at the Central Bank of Argentina (BCRA in Spanish) increased by USD3.8bnbn last week, reaching the highest level in 3 years (USD39.3bn). The novelty in this case was that the new peso denominated bonds could be bought with cash currency without the necessity for the investors to go to the exchange market. Likewise, the BCRA informed that interest payment was made for BONAR X.


    - Greenbacks sold by the Agricultural sector last week declined 2.8% y-o-y, amounting to USD301mn, according to The Vegetable Oil Industry Chamber and the Cereal Exporters Center (CIARA- CEC in Spanish). Furthermore, this translates into a 10.5% fall when compared to the previous week. Nevertheless, USD19.84bn has been sold YTD, representing a 18.9% y-o-y increase. For its part, the US dollar hit the ARS15.43 mark yesterday, on account of a lower “agrodollars” supply and the current global context which hints towards a possibl


BancTrust & Co. is a boutique investment bank dedicated to Latin America and specialized in High Beta LatAM & the Caribbean Credit Markets; mainly Venezuela, Argentina, and Dominican Republic.

The firm operates through various entities located across The Americas and Europe. As a group of companies, we facilitate global market transactions to a diverse client base that includes corporate treasuries, financial institutions, asset managers, and governments and its entities.

  • Venezuela Weekly Report

    From Commercial to Financial Debt

    July 1 2016 Hernán Yellati & Oriana Covault

    According to a Reuters probe, OPEC reached a peak in its oil production for its recent history due to partial recovery of Nigeria’s industry as well as a larger offer from Gulf Countries, closing in 32.82mbp for June. Meanwhile, Oil Minister Eulogio Del Pino continues to make different statements regarding oil production from the state-owned oil company in an effort to clarify certain concerns. Read more

  • Argentina Weekly Report

    Peso Debt is the New Fashion

    October 7 2016 BancTrust & Co. Research Team

    Recent data by Central Bank showed International Reserves soaring around USD2.4bn as of last week. What happened last week? Two fixed-rate peso denominated bonds sales for a total amount close to ARS62bn (see 30 September Argentina weekly report The New Normal). From this total amount, around 60% according to official information were obtained from foreign investors operating via direct purchases in USD of peso bonds (the Ministry of Finance opened this door for the first time last week), or via blue chip swaps with local banks in a much lesser extent Read more

  • Quantitative Reports

    EM Quantitative Chartbook Weekly Report

    July 17 2015 Research & Strategy Team

    Below we produce the Par Equivalent CDS spread metrics in order to assess the credit relative value and identify the bonds that are cheap or expensive relative to what we describe as a theoretical fair value curve. Graphs and tables below show results of these calculations for Venezuela, PDVSA, Ukraine, Russia, Argentina, Panama, Turkey, Ecuador, Mexico and Brazil. Read more

  • Entrevista en CNN con José Antonio Montenegro sobre Argentina Source: CNN | Added on July 1, 2016

    Entrevista en CNN con José Antonio Montenegro sobre Argentina Source: CNN | Added on July 1, 2016

    July 1 2016

    Entrevista en CNN con José Antonio Montenegro sobre Argentina 2/3| Source: CNN | Added on July 1, 2016 Entrevista en CNN con José Read more