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  • Friday, August 26 2016
    Argentina:

    - Private consumption continues to underperform when compared to inflation. As of June, sales in supermarkets and shopping malls rose around 27%, below a y-o-y inflation of 40%. Moreover, the consumer confidence fell 24.7% y-o-y in August, according to the University Torcuato Di Tella. In other respect, the trade balance reported a USD270mn surplus in July due to the sharp 17.3% y-o-y decline in imports which offset a 10.9% y-o-y decline in exports. Thus, the trade balance accumulates a USD754mn surplus YTD.

    - After 9 months with no information on the matter, the INDEC reported –under new methodologies- that the unemployment rate for 2Q16 was 9.3%, significantly above the last known figure (5.9% in 3Q15). When the comparison is made to the same period last year the increased rate is 2.6% y-o-y. In this respect, the economically active population (EAP) is 12.5mn approximately, of which –besides the unemployed- 15.7% are occupied job seekers, 6.2% not available occupied applicants and 68.8% are undemanding occupied and unavailable .

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  • Tuesday, August 23 2016

    Argentina

    - Following the acquisition of Petrobras Argentina, Pampa might be targeting a USD500mn debt issuance to partially repay a USD750 million loan obtained to pay for Petrobras Argentina SA. Reports indicate the company would offer the notes with a yield under 7.5 percent and a maturity of seven years, similar to those issued by Petrobras Argentina in July and which price currently stands at 103 cents with a yield around 6.7 percent.

    - In other respect, as conseque

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  • Friday, August 19 2016

    Argentina

    - The Supreme Court ruled against the rate hikes for natural gas for residential users, which account for 26% of total demand, deeming obligatory public hearings to determine the price of transportation and distribution, while the price at wellhead would be determined also by public hearing if not by the market forces. Even though the ruling represents an important blow for the public finances – public hearings might delay new hikes for months-, the remaining 74% of users would have to pay the n

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

    From Commercial to Financial Debt

    July 1 2016 Hernán Yellati & Oriana Covault

    According to a Reuters probe, OPEC reached a peak in its oil production for its recent history due to partial recovery of Nigeria’s industry as well as a larger offer from Gulf Countries, closing in 32.82mbp for June. Meanwhile, Oil Minister Eulogio Del Pino continues to make different statements regarding oil production from the state-owned oil company in an effort to clarify certain concerns. Read more

  • Argentina Weekly Report

    A Fiscal Setback

    August 19 2016 Hernán Yellati & Guillermo Quiroga

    Unanimously, the Supreme Court annulled the gas tariff increase for households (24% of total gas demand according to official estimates) until new public hearings on the matter are held. At the same time, the ruling sets a rollback on subsidies on energy bills charged since 31 March, meaning an USD700mn in additional costs for the government according to local estimates. Undoubtedly, this represents a fiscal setback for the government, as it makes more difficult to meet 2016’s fiscal objectives, in our view. Read more

  • Quantitative Reports

    EM Quantitative Chartbook Weekly Report

    July 17 2015 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

  • Entrevista en CNN con José Antonio Montenegro sobre Argentina Source: CNN | Added on July 1, 2016

    Entrevista en CNN con José Antonio Montenegro sobre Argentina Source: CNN | Added on July 1, 2016

    July 1 2016

    Entrevista en CNN con José Antonio Montenegro sobre Argentina 2/3| Source: CNN | Added on July 1, 2016 Entrevista en CNN con José Read more