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  • Friday, August 28 2015
    Venezuela:

    - Yesterday was a great day for Venezuelan bonds (both Sovereign and PDVSA), as the high rebound of oil prices led to great increases in pricing of the whole curve. Outstanding performances, among the whole set of big gains, were VEN’27 (+13.67%), VEN’22 (+10.90%) and PDVSA’24 (11.94%). Still, patience must be the rule, as further news regarding oil market and Fed interest rates could change the whole panorama – the US$ determines commodities prices in a way. Meanwhile, president Maduro, in what seems to be pure populism, practically suggested tha

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  • Thursday, August 27 2015

    Venezuela:

    - Foreign Affairs Ministers from Colombia and Venezuela met yesterday to discuss the growing tensions in the border, after the closure ordered by Venezuela which has also been deporting Colombians back to their country amid para-militarism and organized crime accusations. During the meeting, President Nicolas Maduro spoke on state TV and added more kindle to the fire by stating that Venezuela needs a “new border”. In that line, you can all guess how the meeting between ministers ended. All-in, this issue is not likely to calm down any time soon, we b

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  • Wednesday, August 26 2015
    Venezuela:

    - Tensions in the border with Colombia are being mixed with a crime scandal derived from the homicide of a woman, allegedly perpetrated by opposition party militants associated with opposition leaders and even Republican senators. Yesterday, Diosdado Cabello (National Assembly President) said that if the government should close all borders to block destabilizing actions, it will do so. Later he denounced death threats made on his daughter, pop-star Daniela Cabello. Tachira governor, Luis Vielma Mora (PSUV) also denounced death threats over his children. W

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  • Tuesday, August 25 2015
    Venezuela:

    - President Maduro revealed that, on Monday, the Venezuelan oil price reached USD37.30, falling USD1 from its previous close. With yesterday's figure it's evidenced that the spread between the Venezuelan Basket and both WTI and Brent has been reducing in so far 2015. Historically it’s not that rare (in times of Bears) as the spread with international baskets gets reduced and even reversed. Still, the fall in oil market prices will hit Venezuela. Meanwhile Maduro’s press conference on the border situation did not bring any good news. Tensions are likel

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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

    “Bachaqueo” Affects Debt Service

    August 28 2015 Hernán Yellati & Guillermo Quiroga

    In spite of the harsh hard currency liquidity issues of Venezuela which are in part self-inflicted through the FX regime and tight prices controls that discourage local production, non-oil exports and incentivize smuggling, a set of concrete measures could enhance Venezuela’s debt payment capacity in the short term. Part of the liquidity problems are very much aligned with the consequences of organized crime activities derived from regulated goods smuggling or “bachaqueo” explained below. Nevertheless, the government still has a myriad of possible policies to solve these issues, though practically no time left to avoid high political impact. Read more

  • Argentina Weekly Report

    A Heavy Bequest

    August 28 2015 Hernán Yellati & Guillermo Quiroga

    A local FX broker argued this week that President Kirchner would introduce a mild devaluation to the ARS before ending her presidential term, and that this could happen even before the 25 October election. We dispute this view and consider that this is only wishful thinking. The government has repeatedly stated that it would not devalue the ARS. As a matter of fact, following these statements President Kirchner rejected once more the possibility of devaluation, since -she argued- this measure would destroy the domestic market. In addition, Mrs. Kirchner considered that the depreciations carried out lately by Brazil and China did not help in boosting external demand. 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

  • BancTrust calcula que la economía caerá 6,8%

    BancTrust calcula que la economía caerá 6,8%

    August 25 2015 http://www.el-nacional.com/

    Para la firma existen fuertes distorsiones que son consecuencias de la ausencia de políticas concretas y correctivasBLANCA VERA AZAF25 Read more