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  • Monday, March 30 2015
    PDVSA 5 15 93.250-94.250 PDVSA 5 1/8 16 59.000-61.000 PDVSA 5 1/4 17 41.500-42.500 PDVSA 8 1/2 17 66.000-67.000 PDVSA 9 21 37.500-38.500 PDVSA 12 3/4 22 47.000-48.000 PDVSA 6 24 33.000-34.000 PDVSA 6 26 32.000-33.000 PDVSA 5 3/8 27 31.750-32.750 PDVSA 9 3/4 35 38.000-39.000 PDVSA 5 1/2 37 31.500-32.500 VENZ 5 3/4 16 77.250-78.250 VENZ 13 5/8 18 62.000-65.000 VENZ 7 18 41.000-42.000 VENZ 7 3/4 19 36.750-37.750 VENZ 6 20 35.000-36.000 VENZ 12 3/4 22 44.750-45.750 VENZ 9 23 37.000-38.000 VENZ 8 1/4 24 35.500-36.500 VENZ 7.65 25 34.750-35.750 VENZ 11 3/4 26 41.500-42.500 VENZ 9 1/4 27 40.750-41.750 VENZ 9 1/4 28 36.750-37.750 VENZ 11.95 31 41.500-42.500 VENZ 9 3/8 34 37.500-38.500 VENZ 7 38 35.000-36.000 ELECAR 8 1/2 18 36.000-39.000
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  • Thursday, March 26 2015
    PDVSA 5 15 92.000-93.000 PDVSA 5 1/8 16 58.250-59.250 PDVSA 5 1/4 17 39.750-40.500 PDVSA 8 1/2 17 66.250-66.750 PDVSA 9 21 36.250-37.250 PDVSA 12 3/4 22 45.750-46.750 PDVSA 6 24 32.750-33.500 PDVSA 6 26 32.000-32.750 PDVSA 5 3/8 27 31.750-32.500 PDVSA 9 3/4 35 36.750-37.750 PDVSA 5 1/2 37 31.500-32.500 VENZ 5 3/4 16 77.000-78.000 VENZ 13 5/8 18 65.000-67.000 VENZ 7 18 40.500-41.500 VENZ 7 3/4 19 36.500-37.500 VENZ 6 20 35.000-36.000 VENZ 12 3/4 22 44.250-45.000 VENZ 9 23 36.500-37.500 VENZ 8 1/4 24 35.250-36.250 VENZ 7.65 25 34.750-35.750 VENZ 11 3/4 26 41.250-42.000 VENZ 9 1/4 27 40.250-41.000 VENZ 9 1/4 28 36.500-37.500 VENZ 11.95 31 41.500-42.250 VENZ 9 3/8 34 37.500-38.250 VENZ 7 38 34.500-35.500 ELECAR 8 1/2 18 35.000-37.000
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  • Tuesday, March 24 2015
    PDVSA 5 15 93.750-94.750 PDVSA 5 1/8 16 60.250-61.250 PDVSA 5 1/4 17 40.500-41.250 PDVSA 8 1/2 17 65.500-66.000 PDVSA 9 21 37.900-38.900 PDVSA 12 3/4 22 46.500-47.500 PDVSA 6 24 33.250-34.000 PDVSA 6 26 33.000-33.750 PDVSA 5 3/8 27 32.750-33.500 PDVSA 9 3/4 35 37.750-38.750 PDVSA 5 1/2 37 32.750-33.500 VENZ 5 3/4 16 76.750-77.500 VENZ 13 5/8 18 64.000-66.000 VENZ 7 18 40.750-41.500 VENZ 7 3/4 19 37.000-38.000 VENZ 6 20 35.250-36.000 VENZ 12 3/4 22 44.750-45.500 VENZ 9 23 36.750-37.500 VENZ 8 1/4 24 35.875-36.500 VENZ 7.65 25 35.250-36.000 VENZ 11 3/4 26 41.500-42.500 VENZ 9 1/4 27 40.350-41.000 VENZ 9 1/4 28 37.400-38.000 VENZ 11.95 31 41.500-42.250 VENZ 9 3/8 34 37.750-38.500 VENZ 7 38 34.750-35.500 ELECAR 8 1/2 18 35.000-36.000
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  • Friday, March 20 2015
    PDVSA 5 15 95.750-96.400 PDVSA 5 1/8 16 61.250-62.000 PDVSA 5 1/4 17 41.350-42.000 PDVSA 8 1/2 17 66.500-67.250 PDVSA 9 21 37.500-38.500 PDVSA 12 3/4 22 47.250-48.000 PDVSA 6 24 33.350-34.000 PDVSA 6 26 33.150-33.950 PDVSA 5 3/8 27 32.850-33.650 PDVSA 9 3/4 35 37.500-38.250 PDVSA 5 1/2 37 32.700-33.500 VENZ 5 3/4 16 77.250-78.250 VENZ 13 5/8 18 66.000-67.000 VENZ 7 18 40.500-41.500 VENZ 7 3/4 19 38.000-39.000 VENZ 6 20 36.500-37.500 VENZ 12 3/4 22 45.250-46.000 VENZ 9 23 38.000-39.000 VENZ 8 1/4 24 36.500-37.500 VENZ 7.65 25 36.000-37.000 VENZ 11 3/4 26 42.000-43.000 VENZ 9 1/4 27 41.250-42.250 VENZ 9 1/4 28 37.000-38.000 VENZ 11.95 31 41.500-42.500 VENZ 9 3/8 34 37.500-38.500 VENZ 7 38 36.250-37.250 ELECAR 8 1/2 18 36.000-37.000
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  • Thursday, March 26 2015
    Venezuela:

    Local analysts revealed that Cencoex is allocating around USD40 million on a daily basis; which is less than half of what it allocated during 2013 as a daily average. To furtherly illustrate this level, SICAD II in its best moments last year sold USD40-USD50 million daily, and at that moment such amount was deemed as insufficient. Added to the lack of auctions in SICAD (or SICAD I as it was before) and the incredibly low volumes of SIMADI (less than USD2 million daily), it is clear that Venezuela will suffer a relevant fall of its imports this year. Scarc

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  • Wednesday, March 25 2015
    Venezuela:

    Datanalisis published their newest polls, showing a slight increase in Maduro’s popularity to 25%. The evaluation of his performance keeps being incredibly negative at 73.6%, also showed in a historic low of consumer confidence of 23.5%. In the other side, Leopoldo Lopez has the highest approval level among opposition leaders with 44% vis-à-vis Henrique Capriles with 43%. One of the new dynamics working on Maduro’s popularity are the introduced by USA sanctions to Venezuelan officials, plus the “threat” status given to the country. More than 7
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  • Tuesday, March 24 2015
    Venezuela:

    The Executive Secretary of the MUD coalition, Jesus Torrealba, granted an interview to extinguish some division fires within the opposition. Specifically, Torrealba insisted on the democratic and transparent procedures by which many National Assembly candidates were selected to run for a seat without a primary election. Such declarations came after critics from a relevant opposition sector ide
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  • Monday, March 23 2015
    Venezuela:

    Conindustria, a major organization of companies related to the industrial sector, stated that their activity nowadays is equivalent to less than the 50% of their total capacity. Conindustria President, Ismael Perez specifically said that the country is near an economic collapse of their non-oil productive sector if the scarcity of raw materials continues at current levels. Perez additionally warned that without enough hard currency liquidity, the country could have the “perfect” FX regime and still be on the brink of a domestic breakdown. 

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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

    50 Shades of Cash Flow

    March 27 2015 Hernan Yellati & Guillermo Quiroga

    Taking the average price of 2014 (USD88.42) vis-à-vis an USD50 oil price scenario for the Venezuelan basket, the PDVSA cash flow deficit reaches USD22.13bn. This is by assuming that cash generating exports amount up to 1.6 million oil bpd. By assuming total oil exports around 2.04 million bpd – meaning a total domestic consumption of 0.75 million oil bpd -, such cash deficit reaches USD28.04bn. What is paramount to take into consideration is that economic adjustments have no principal part in this dynamic, as this is mostly in the hands of the market. Read more

  • Argentina weekly report

    Electoral Season

    March 27 2015 Hernan Yellati & Guillermo Quiroga

    On Thursday, President Cristina Fernandez de Kirchner announced a raft of measures designed to promote consumption, make access to natural gas cylinders more equitable and a program that will allow for the regularization of taxes owed to tax collection authority AFIP. Measures to boost consumption through the use of the SUBE transport card, financing programs for the purchases of taxis, washing machines, refrigerators and freezers were unveiled by the President who was joined by Economics Minister Kiciloff, Chief of Staff Anibal Fernandez and Infrastructure Minister, De Vido. Read more

  • Quantitative Reports

    High Beta Quantitative Chartbook Weekly Report

    March 25 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 and Ecuador. Read more

  • La batalla por la Asamblea Nacional

    La batalla por la Asamblea Nacional

    March 26 2015 Descifrado.com

    Advierten que la composición de los circuitos electorales será la clave de los comiciosEl Gobierno sigue experimentando mínimos Read more