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  • Tuesday, September 23 2014

    Security B Px A Px
    -------------------------------
    VENZ 8 1/2 14 99.000-99.750
    VENZ 5 3/4 16 83.000-83.750
    VENZ 13 5/8 18 91.250-93.250
    VENZ 7 18 70.500-71.250
    VENZ 7 3/4 19 69.250-70.000
    VENZ 6 20 62.750-63.500
    VENZ 12 3/4 22 83.500-84.250
    VENZ 9 23 68.000-68.750
    VENZ 8 1/4 24 64.750-65.500
    VENZ 7.65 25 63.250-64.000
    VENZ 11 3/4 26 78.000-78.750
    VENZ 9 1/4 27 70.750-71.500

    VENZ 9 1/4 28 67.250-68.000
    VENZ 11.95 31 77.500-78.250
    VENZ 9 3/8 34 67.250-68.000
    VENZ 7 38 58.000-58.750
    P

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  • Monday, September 22 2014

    VENZ 8 1/2 14 98.500-99.000
    VENZ 5 3/4 16 82.500-83.250
    VENZ 13 5/8 18 90.750-91.500
    VENZ 7 18 70.500-71.150
    VENZ 7 3/4 19 69.500-70.000
    VENZ 6 20 62.500-63.000
    VENZ 12 3/4 22 83.100-83.600
    VENZ 9 23 67.250-67.850
    VENZ 8 1/4 24 63.750-64.250
    VENZ 7.65 25 62.450-63.000
    VENZ 11 3/4 26 76.750-77.500
    VENZ 9 1/4 27 69.750-70.250

    VENZ 9 1/4 28 66.400-67.000
    VENZ 11.95 31 76.750-77.250
    VENZ 9 3/8 34 66.750-67.500
    VENZ 7 38 57.200-58.000
    PDVSA 4.9 14 97.000-97.650
    PDVSA 5 15 85.750-86.500

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  • Friday, September 12 2014

    VENZ 8 1/2 14 98.500-99.500
    VENZ 5 3/4 16 86.500-87.500
    VENZ 13 5/8 18 97.500-99.500
    VENZ 7 18 74.250-75.250
    VENZ 7 3/4 19 73.250-74.250
    VENZ 6 20 65.000-66.000
    VENZ 12 3/4 22 87.500-88.500
    VENZ 9 23 71.500-72.500
    VENZ 8 1/4 24 64.500-68.500
    VENZ 7.65 25 65.000-66.000
    VENZ 11 3/4 26 81.500-82.500
    VENZ 9 1/4 27 74.250-75.250

    VENZ 9 1/4 28 70.250-71.250
    VENZ 11.95 31 81.750-82.750
    VENZ 9 3/8 34 70.500-71.500
    VENZ 7 38 59.750-60.750
    PDVSA 4.9 14 98.250-99.250
    PDVSA 5 15 86.500-87.500

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  • Monday, September 22 2014

    Venezuela:

    - The President Nicolas Maduro, has announced the forthcoming approval of a new economic reform to collect taxes. Modifications in taxation will generate additional revenues to the Government, so it is expected subsidy reduction and currency devaluation as upcoming measures.

    Argentina:

    - Argentine Government openly urged The New York Mellon Bank (BoNY) to renounce as the trustee agency of debt swaps performed in 2005 and 2010 an

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  • Wednesday, September 3 2014

    Venezuela

    - The World Bank Organism, CIADI,  is currently processing 28 cases against Venezuela and they predict that final decisions could force the country to make payments which amounts will certainly impact the nation´s financial stability. Calculations from Scotia Bank estimate a cost over  USD24bn ( including only 50% of the cases already processed). An inability to pay , will result in unfavorable consequences for the country economic stability; Investors could seek for seizing the assets in United

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  • Friday, August 29 2014

    Venezuela

    - Venezuela is planning to import light oil from Argelia. It is the first time in the nation´s history that a ligher crude oil is being imported. PDVSA authorities stated that light oil will contribute to the national oil dealer company´s production as in mixing it with extra heavy crude from “La Faja del Orinoco” (the largest petroleum reserve).

    - Opposition leader Leopoldo Lopez, who has been detained for six months in jail in Ramo Verde, will be taken on Thursday to the courtho

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  • Thursday, August 28 2014

    Venezuela

    - The legal representative, Joe Garcia and Venezuelan opposition leaders, currently placed in Miami, US, exhort to the President of United States, Barack Obama, to stymie Citgo Petroleum Corp´s sale. García stated that this sale would affect both, US and Venezuela political interests and pointed out that Venezuelan Government owes money to several American companies. Even though it is suspected that this sale is a financial mechanism for Venezuelan Government to cover the fiscal debt, opposition

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BancTrust & Co. is a boutique investment bank dedicated to Latin America and specialized in High Beta LatAm 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

    Doin’ It Right

    September 26 2014 Hernan Yellati - Guillermo Quiroga

    The government issued the “Exchange Agreement N°30”, allowing PDVSA to sell dollars corresponding to mandatory contributions for FONDEN (National Development Fund) at any official FX rate – VEF/USD6.3, VEF/USD12 and VEF/USD50. In our view, the measure represents a positive step towards solving PDVSA local currency hardships that created the need of of massive money printing to finance the oil giant, but with tremendous consequences for macro dynamics Read more

  • Argentina weekly report

    Some rationality surfacing?

    September 26 2014 Hernan Yellati

    On 26 September, Chief of Staff Jorge Capitanich said that Argentina would negotiate in 1Q 2015 with holdouts if the American courts granted a stay of execution on Judge’s Griesa’s ruling, to pay holdouts and exchange bondholders on an equal basis. Specifically, Capitanich said that an application of stay was necessary to establish condition for negotiations to take place in early 2015. Read more

  • Quantitative Reports

    High Beta Quantitative Chartbook Weekly Report

    April 23 2013 Hernán Yellati

    In Argentina, Par´38 continues to be cheap with a pick-up of 50bp. Also, we still see opportunity in moving to global´17 from Bonar ´17 with a potential of 220bp according to our rich/cheap model. Read more

  • Venezuela apartó fondos para pagar vencimientos de octubre

    Venezuela apartó fondos para pagar vencimientos de octubre

    September 24 2014

    Carlos Camacho   •   sep 23, 2014 – 7:17 pmSolicitud a China revela que hay necesidad de financiamiento.Venezuela ya habría Read more