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  • Monday, April 14 2014Opening Levels: VENZ 8 1/2 14 99.750-100.250 VENZ 5 3/4 16 90.500-91.000 VENZ 13 5/8 18 104.250-105.250 VENZ 7 18 81.000-81.500 VENZ 7 3/4 19 80.750-81.250 VENZ 6 20 71.750-72.250 VENZ 12 3/4 22 98.500-99.000 VENZ 9 23 80.250-80.750 VENZ 8 1/4 24 74.750-75.250 VENZ 7.65 25 72.100-72.600 VENZ 11 3/4 26 90.500-91.000 VENZ 9 1/4 27 80.750-81.250 VENZ 9 1/4 28 78.150-78.650 VENZ 11.95 31 90.500-91.000 VENZ 9 3/8 34 78.250-78.750 VENZ 7 38 64.750-65.250
  • Friday, April 4 2014Closing Comment: Good two-way flow as the upswing is very much alive. After reaching year lows in mid February as the protests got stronger, papers are now trading 12-15pts higher. Sovereign belly has corrected this week after looking cheap last week. SicadII still far from running smoothly.
  • Friday, April 4 2014Closing Levels: VENZ  8½   14    99.500-100.000    9.551/8.498   946.0/840.7 VENZ  5¾   16    89.000-89.500    12.483/12.154  1206./1173. VENZ  13⅝  18   102.000-104.000   12.995/12.395  1128./1068. VENZ  7     18    78.750-79.250    13.268/13.097  1155./1138. VENZ  7¾   19    78.250-78.750    13.465/13.313  1175./1160. VENZ  6     20    69.000-69.500    13.112/12.967  1140./1126. VENZ  12¾  22    95.500-96.000    13.660/13.555  1100./1089. VENZ  9     23    76.250-76.750    13.636/13.519  1090./1079. VENZ  8¼   24    72.000-72.500    13.263/13.151  1053./1042. VENZ  7.65  25    69.500-70.000    12.913/12.802  1018./1007. VENZ  11¾  26    87.250-87.750    13.927/13.832  1119./1110. VENZ  9¼   27    77.250-77.750    12.845/12.750  1011./1002. VENZ  9¼   28    74.750-75.250    13.250/13.152  1052./1042. VENZ  11.95 31    87.250-87.750    13.907/13.822  1036./1027. VENZ  9⅜   34    75.250-75.750    12.846/12.758  926.2/917.4 VENZ  7     38    63.250-63.750    11.554/11.463  797.1/788.0

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

    Dialogue: Second Round

    April 16 2014 Hernan Yellati - Guillermo Quiroga

    Yesterday afternoon, the government and MUD officials met again, this time without cameras. The objective of the meeting according to public declarations from both sides was to establish terms and dates of the different working groups, of the dialogue process. The MUD carried as it flagship an Amnesty Law project, presented for the first time last Thursday in the televised debate with the government. In our view, the ball is in Maduro’s court now, as the government holds more responsibility when it comes to make the dialogue truthful and consistent. Nevertheless, keeping its strict position on the matter, President Nicolas Maduro rejected the proposal as he did last week, stating that the present times were of “justice” and not of “pardon”. Read more

  • Argentina weekly report

    Mounting pressures

    April 16 2014 Hernan Yellati

    The government reported March inflation at 2.6% m-o-m, thus slowing down from 3.4% in February and 3.7% in January. The figure stood beneath the average of private estimates at 3.3% m-o-m, which points at the possibility of some underreporting, although there is not conclusive evidence in this regard. This is because there are reasons for inflation to slow down, given the fact that wage negotiations are still going on, besides the stability of the FX rate. However, even if the government is successful in reining in the remaining wage negotiations of important sectors (i.e.: transportation workers) the fiscal problem remains. 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. Both PDVSA´16 and PDVSA´17 continue to be cheap in PECS terms. In that sense, we favor to switch them for PDVSA´17N that remains structurally expensive through the lens of our model. Also, we see upside value in PDVSA´27 which offers and interesting yield with high liquidity. Read more

  • Tomando Ventajas

    Tomando Ventajas

    April 11 2014

    abril 11, 2014 | 5:00 pm GOBIERNO |  Señalan que no es probable un acuerdo entre el gobierno y la oposición  La reunión entre el Read more