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  • Tuesday, April 28 2015
    PDVSA 5 15 97.500-98.000 PDVSA 5 1/8 16 72.250-73.000 PDVSA 5 1/4 17 55.500-56.000 PDVSA 8 1/2 17 74.500-75.000 PDVSA 9 21 46.250-46.750 PDVSA 12 3/4 22 56.150-56.850 PDVSA 6 24 39.250-39.850 PDVSA 6 26 38.850-39.350 PDVSA 5 3/8 27 38.100-38.600 PDVSA 9 3/4 35 46.350-46.850 PDVSA 5 1/2 37 38.000-38.500 VENZ 5 3/4 16 85.000-86.000 VENZ 13 5/8 18 70.000-71.000 VENZ 7 18 47.750-48.750 VENZ 7 3/4 19 44.250-45.000 VENZ 6 20 40.750-41.500 VENZ 12 3/4 22 53.650-54.150 VENZ 9 23 43.250-44.000 VENZ 8 1/4 24 41.750-42.500 VENZ 7.65 25 41.000-41.750 VENZ 11 3/4 26 49.000-49.750 VENZ 9 1/4 27 47.500-48.000 VENZ 9 1/4 28 43.000-43.750 VENZ 11.95 31 49.000-49.500 VENZ 9 3/8 34 43.750-44.500 VENZ 7 38 39.750-40.350 ELECAR 8 1/2 18 44.000-46.000
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  • Monday, April 27 2015
    PDVSA 5 15 97.750-98.500 PDVSA 5 1/8 16 73.250-74.000 PDVSA 5 1/4 17 57.750-58.250 PDVSA 8 1/2 17 77.500-78.000 PDVSA 9 21 49.500-50.000 PDVSA 12 3/4 22 59.500-60.000 PDVSA 6 24 42.250-42.750 PDVSA 6 26 41.850-42.350 PDVSA 5 3/8 27 41.000-41.500 PDVSA 9 3/4 35 49.750-50.250 PDVSA 5 1/2 37 40.750-41.250 VENZ 5 3/4 16 87.100-87.600 VENZ 13 5/8 18 72.750-73.750 VENZ 7 18 49.250-49.750 VENZ 7 3/4 19 46.350-46.850 VENZ 6 20 42.750-43.250 VENZ 12 3/4 22 56.000-56.500 VENZ 9 23 45.500-46.000 VENZ 8 1/4 24 44.000-44.500 VENZ 7.65 25 43.100-43.600 VENZ 11 3/4 26 51.250-51.750 VENZ 9 1/4 27 49.650-50.150 VENZ 9 1/4 28 45.000-45.500 VENZ 11.95 31 51.000-51.500 VENZ 9 3/8 34 46.000-46.500 VENZ 7 38 41.350-41.850 ELECAR 8 1/2 18 43.750-44.500
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  • Wednesday, April 22 2015
    PDVSA 5 15 97.750-98.500 PDVSA 5 1/8 16 72.750-73.500 PDVSA 5 1/4 17 53.000-53.500 PDVSA 8 1/2 17 74.250-74.750 PDVSA 9 21 45.750-46.500 PDVSA 12 3/4 22 55.750-56.500 PDVSA 6 24 38.650-39.150 PDVSA 6 26 38.000-38.500 PDVSA 5 3/8 27 36.950-37.650 PDVSA 9 3/4 35 45.500-46.500 PDVSA 5 1/2 37 36.750-37.750 VENZ 5 3/4 16 84.750-85.500 VENZ 13 5/8 18 70.500-72.500 VENZ 7 18 47.500-48.500 VENZ 7 3/4 19 44.500-45.500 VENZ 6 20 40.250-41.250 VENZ 12 3/4 22 52.750-53.500 VENZ 9 23 42.850-43.850 VENZ 8 1/4 24 41.250-42.250 VENZ 7.65 25 40.250-41.250 VENZ 11 3/4 26 48.350-48.850 VENZ 9 1/4 27 47.250-47.750 VENZ 9 1/4 28 42.250-43.000 VENZ 11.95 31 48.250-48.750 VENZ 9 3/8 34 43.000-43.750 VENZ 7 38 39.000-39.750 ELECAR 8 1/2 18 41.750-43.500
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  • Tuesday, April 21 2015
    PDVSA 5 15 96.750-97.750 PDVSA 5 1/8 16 71.500-72.500 PDVSA 5 1/4 17 51.500-52.250 PDVSA 8 1/2 17 72.650-73.150 PDVSA 9 21 44.000-45.000 PDVSA 12 3/4 22 54.750-55.500 PDVSA 6 24 37.000-37.500 PDVSA 6 26 36.500-37.000 PDVSA 5 3/8 27 35.750-36.500 PDVSA 9 3/4 35 44.000-44.750 PDVSA 5 1/2 37 35.500-36.250 VENZ 5 3/4 16 84.000-85.000 VENZ 13 5/8 18 70.000-72.000 VENZ 7 18 40.750-41.750 VENZ 7 3/4 19 42.000-43.000 VENZ 6 20 38.850-39.500 VENZ 12 3/4 22 51.250-52.000 VENZ 9 23 41.350-42.000 VENZ 8 1/4 24 40.150-41.000 VENZ 7.65 25 39.250-40.000 VENZ 11 3/4 26 46.850-47.500 VENZ 9 1/4 27 46.000-46.750 VENZ 9 1/4 28 41.500-42.250 VENZ 11.95 31 47.000-47.750 VENZ 9 3/8 34 42.000-42.750 VENZ 7 38 38.000-39.000 ELECAR 8 1/2 18 40.000-42.000
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  • Thursday, April 16 2015
    PDVSA 5 15 97.500-98.250 PDVSA 5 1/8 16 72.150-73.000 PDVSA 5 1/4 17 52.250-53.000 PDVSA 8 1/2 17 74.250-75.000 PDVSA 9 21 45.150-46.000 PDVSA 12 3/4 22 56.000-56.750 PDVSA 6 24 38.100-38.600 PDVSA 6 26 37.400-37.900 PDVSA 5 3/8 27 36.900-37.600 PDVSA 9 3/4 35 45.000-45.750 PDVSA 5 1/2 37 36.500-37.500 VENZ 5 3/4 16 84.250-85.000 VENZ 13 5/8 18 69.500-71.500 VENZ 7 18 46.000-47.000 VENZ 7 3/4 19 42.500-43.500 VENZ 6 20 39.250-40.250 VENZ 12 3/4 22 52.000-52.750 VENZ 9 23 42.000-43.000 VENZ 8 1/4 24 40.250-41.250 VENZ 7.65 25 39.500-40.500 VENZ 11 3/4 26 47.350-48.100 VENZ 9 1/4 27 46.850-47.350 VENZ 9 1/4 28 41.750-42.750 VENZ 11.95 31 47.750-48.500 VENZ 9 3/8 34 43.000-43.750 VENZ 7 38 39.000-40.000 ELECAR 8 1/2 18 38.500-40.500
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  • Friday, May 1 2015
    Venezuela:

    This 01 May, President Maduro will arrive to Cuba in the early morning to participate on "International Revolution Day" demonstrations celebrated in Havana. However, he warned he will be back on time for the demonstrations in Caracas and to announce his “economic “shake-up”. We expect these measures to be aligned with a minimum wage increase, more imports cuts, taxes reform and more interventions to private companies, as it happened before with Farmatodo and Dia a Dia chains. About the expectations on the gasoline price increase, Maduro said he i
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  • Thursday, April 30 2015
    Venezuela:

    The Central Bank of Venezuela (BCV) has informed that International Reserves fell down to USD18.9bn; the lowest level since 2003. This level represents a 14% decrement, since the beginning of 2015. The actual average of Venezuelan oil prices this year represents almost a half of 2014 averages. This is why we have been seeing financing structures as the latest gold swap announced by local private press. Since Maduro took power in 2013, international reserves fell by 28%.

    Argentina:

    BCRA international reserves climbed USD1bn on W

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  • Wednesday, April 29 2015
    Venezuela:

    Given the intensity of the heat wave in Venezuela, the Vice President, Jorge Arreaza, announced a new measure to “optimize” energy consumption. In this sense, the government will be cutting workable hours in the public sector to 6 hours straight instead of 8 hours. Also the private sector has been using self-power generators in the peak hours given the high demand on the energy matrix. The government expects a 20% drop in energy consumption and a 10% drop in the private sector. We do not think this will be enough as the main problem relies on the l
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  • Tuesday, April 28 2015
    Venezuela:

    According to unofficial sources CPI levels correspondent to January and February 2015 were 10.6% and 11.4% respectively. This means a CPI y-o-y in February of 96.3% and the total inflation since December 2014 until February 2015 would be 23.2%. If such information is accurate, Venezuela would be facing an inflation level greater than the entire 2012 (20.1% the whole year), in just the two first months of 2015.

     As expected, the 2014 picture for PDVSA was not a bright one compared to 2013 and 2012. Beginning with the fact that crude oil production f

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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

    Waiting for the “Economic Shake-up”

    April 30 2015 Hernan Yellati, Guillermo Quiroga & Elisa Perez Rasse

    In a new chapter of what the government calls “the economic war” – mainly the official justification of the economic hardships that Venezuela is facing –, President Maduro said he will announce economic measures on 01 May (International Labor Day) to give an “economic shake-up” to the oligarchy. Bearing in mind the recent accusations made by chavismo against Fedecamaras (a national federation of commercial chambers) and Polar (the biggest and most important private company of the country), we do not expect these measures to have a positive impact at first sight. Read more

  • Argentina weekly report

    Pain-killers in Action

    May 1 2015 Hernan Yellati & Guillermo Quiroga

    A more favorable external environment has helped to ease FX pressures. Signs suggesting that interest rate increases in the US would take longer to materialize have propelled a rally of EM currencies. Importantly for Argentina, in April the Brazilian Real strengthened 11.8%. As a result, the bilateral real exchange rate depreciated around 12.3% last month. With USD strength abating and higher dollar inflows on seasonal grounds, we think that conditions are set for some stabilization of FX and money demand dynamics in the short-term. Read more

  • Quantitative Reports

    High Beta Quantitative Chartbook Weekly Report

    April 28 2015 Hernan Yellati - Zoubair El Kihal

    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

  • Una profunda necesidad de efectivo

    Una profunda necesidad de efectivo

    April 29 2015 Descifrado.com

    abril 28, 2015 | 5:30 pmECONOMÍA |Prevén una caída en el gasto social de Pdvsa en 2015El informe de resultados de Pdvsa publicado este Read more