• Thursday, June 22 2017
    Venezuela -The Complementary Exchange Rate Exchange System (DICOM in Spanish) depreciated 20% in the last auction to VEF/USD2,640, according to a press released by the Central Bank of Venezuela (BCV in Spanish). In detail, USD30.3mn was awarded, out of which 84.85% was allocated to legal entities and the remainder to individuals. The effects of these operations over the parallel rate seem non-existent as the latter reached VEF/USD8,292.84 yesterday according to unofficial sources, translating into a 10.85% increase in weekly terms. The continued rise in the parallel rate
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  • Wednesday, June 21 2017
    Venezuela -Tuesday was not a good day in the oil market as the price for the WTI fell 2.19% in order to hit a 10-month low at USD43.23, while the intraday variation saw even further drops beyond the USD43 floor. The major driver was the concern regarding the persistence of the global supply glut – tomorrow will be known the variation in stocks –, but the strengthening of the US dollar was also a major factor for the drop. This affected both the sovereign and PDVSA curves, with the first dropping in average 0.69% intraday and the quasi-sovereign falling 0.81% in avera
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  • Tuesday, June 20 2017
    Venezuela  

    - In the midst of the celebration of the OAS meeting, a new round of protests came with the opposition convoking (in Caracas) to march to the National Electoral Council (CNE in Spanish), in the 80th day since the protests began. The protest, as we already expected, failed to reach its destination. Meanwhile, the United States delegation in the OAS is trying to pass a resolution that meets halfway the varied stances of the entire group of delegations. The resolution, which is still on work, is expected to express a series

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  • Monday, June 19 2017
    Venezuela

    - This week seems to be a busy one starting with the call from the opposition party to a street rally for this morning that has as a target to arrive at the National Electoral Council (CNE for its words in Spanish) from different points of Caracas and other states of the country. As we have previously stated, we do not expect for this Street demonstration to reach is destination, as it has been happening since the beginning of the political tensions. Furthermore, today the OAS will gather again, in Mexico, where according to the Pr

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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

    Venezuela’s Crossroad

    June 9 2017 BancTrust & Co. Research & Strategy Team

    Venezuela continued drawing attention this week due to the large needs for liquidity in hard currency, initiating with a report from the Wall Street Journal where it was known the country’s intentions to resell bonds worth USD5bn with maturity in 2036. These bonds were originally issued in 29 December in a private placement to the state-owned Banco de Venezuela. Read more

  • Argentina Weekly Report

    Inflation is On the Right Track, But Detours are Still Possible

    June 9 2017 BancTrust & Co. Research & Strategy Team

    CPI results for May show a sign of relief for Macri’s administration as it closed with a variation of 1.3% m-o-m – half of the figure recorded in April. With this result, inflation stands at 10.5% for the first five months of the year and in 24% for the YTD figure. If we see the figure of the first five months of 2016 (24.2%), there is a clear difference and an evident improvement. 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

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    May 10 2017

    Venezuela: – Yesterday took place the first meeting summoned by the Presidential Commission for the Constituent with some Read more