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  • Monday, July 6 2015

    - President Maduro stated during a speech regarding the celebration of Venezuela’s Independence Day that he will address on Monday to the National Assembly to “expose the new aggressions and plots against Venezuela”, this referring to the latest impasse between the latter and Guyana. It is worth mentioning that this statement comes shortly after on duty CARICOM’s President (and also Barbados President) Freundel Stuart expressed that the organization “firmly supports Guy
  • Thursday, July 2 2015

    - Starting from yesterday, all of the gold obtained through mining in the Venezuelan territory must be sold to the Central Bank (BCV), according to an Official Gazette published yesterday. The reason for this measure (officially) is to try to terminate illegal mining once and for all, but it could also be seen as a try to stop the “free fall” that have been experiencing the international reserves (USD16.18bn as of yesterday and almost 15% less than 2 months ago), although we
  • Wednesday, July 1 2015

    - Guyana’s looking to exploit through their alliance with Exxon Mobil, the oil reservoir “Stabroek” in approximately 5 years from now, according to an official communiqué of the Government. This is the latest “provocation”, as taken by the Venezuelan Government in the dispute over the Esequibo off-shore waters. This could mean not on only a huge economical blow to the latter, since latest calculations regarding the total amount of oil in the reservoir sum up to 1,500mn
  • Tuesday, June 30 2015

    - Haiti owes to PDVSA almost USAD2bn in PetroCaribe debt, after PDVSA not only sold oil through the energetic cooperation agreement but also financed 264 projects in the Caribbean country. In the middle of negotiations with Jamaica in order to structure an USD1.4bn deal on PetroCaribe’s debt, this information comes as “another source” where PDVSA may get cash. We think otherwise, as a deal with Haiti is much more complicated to negotiate given the conditions of the country and its more than likely inability to disburse large quantities of hard cu

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

    How Much is It?

    July 3 2015 Hernan Yellati & Guillermo Quiroga

    Taking our lower Venezuelan oil basket average price forecast of USD55 corresponding to 2015, alongside PDVSA’s expected cash flow deficit at such price (USD19.25bn), estimated imports (USD30bn) and debt service due in 2H15 (USD6.5bn for both Venezuela and PDVSA); compensated by financing structures settled this year plus converted and used assets from the Bolivarian Republic (USD24.72bn), the gap left by 4Q14-1Q15 oil prices downfall is covered in our view. Read more

  • Argentina Weekly Report

    Acceleration Risks Back to the Limelight

    July 3 2015 Hernan Yellati & Guillermo Quiroga

    Bloomberg reported that Owl Creek Asset Management would be working with law firm Jones Day to find other holders of the USD5.4bn Par bonds wishing to demand immediate payment. This process is known as “acceleration” and it requires at least 25% of a note’s series to move forward. According to the news spread by Bloomberg, Owl Creek would be close to reaching that level for one of the bonds. Read more

  • Quantitative Reports

    EM Quantitative Chartbook Weekly Report

    July 2 2015 Market 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

  • BancTrust reafirma que Venezuela cumplirá con pago de deuda este año

    BancTrust reafirma que Venezuela cumplirá con pago de deuda este año

    July 6 2015 Sumarium.com

    En su reporte semanal, la firma señala que el Gobierno también podrá cumplir con sus compromisos durante el primer semestre de 2016, Read more