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  • Friday, February 27 2015
    PDVSA 5 15 90.500-91.500

    PDVSA 5 1/8 16 62.000-64.000

    PDVSA 5 1/4 17 45.000-46.000

    PDVSA 8 1/2 17 65.500-66.500

    PDVSA 9 21 38.000-39.000


    PDVSA 12 3/4 22 53.000-54.000

    PDVSA 6 24 32.500-33.500

    PDVSA 6 26 32.000-33.000

    PDVSA 5 3/8 27 31.500-32.500

    PDVSA 9 3/4 35 38.000-39.000


    PDVSA 5 1/2 37 32.250-33.250

    VENZ 5 3/4 16 78.000-79.000

    VENZ 13 5/8 18 63.000-67.000

    VENZ 7 18 42.000-43.000

    VENZ 7 3/4 19 37.500-38.500


    VENZ 6 20 35.500-36.500

    VENZ 12 3/4 22 48.250-49.250

    VENZ 9 23 38.000-39.000

    VENZ 8 1/4 24 37.000-38.000

    VENZ 7.65 25 35.500-36.500


    VENZ 11 3/4 26 42.500-43.500

    VENZ 9 1/4 27 40.000-41.000

    VENZ 9 1/4 28 37.500-38.500

    VENZ 11.95 31 42.500-43.500

    VENZ 9 3/8 34 38.000-39.000


    VENZ 7 38 34.500-35.500

    ELECAR 8 1/2 18 38.000-41.000
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  • Wednesday, February 25 2015
    PDVSA 5 15 91.100-91.850

    PDVSA 5 1/8 16 62.250-63.000

    PDVSA 5 1/4 17 46.000-46.500

    PDVSA 8 1/2 17 65.500-66.000

    PDVSA 9 21 38.750-39.750


    PDVSA 12 3/4 22 51.650-52.650

    PDVSA 6 24 32.850-33.500

    PDVSA 6 26 32.550-33.250

    PDVSA 5 3/8 27 31.500-32.250

    PDVSA 9 3/4 35 39.250-40.000


    PDVSA 5 1/2 37 31.450-32.15

    0VENZ 5 3/4 16 75.100-75.850

    VENZ 13 5/8 18 54.000-56.000

    VENZ 7 18 40.500-41.500

    VENZ 7 3/4 19 37.150-38.000


    VENZ 6 20 35.250-36.000

    VENZ 12 3/4 22 47.250-48.000

    VENZ 9 23 37.650-38.550

    VENZ 8 1/4 24 36.400-37.400

    VENZ 7.65 25 35.750-36.750


    VENZ 11 3/4 26 42.350-43.000

    VENZ 9 1/4 27 39.600-40.100

    VENZ 9 1/4 28 37.650-38.350

    VENZ 11.95 31 42.500-43.250

    VENZ 9 3/8 34 38.750-39.500


    [one_fifthVENZ 7 38 34.650-35.350][/one_fifth]
    ELECAR 8 1/2 18 39.500-41.500


    Read More >>
  • Tuesday, February 24 2015
    PDVSA 5 15 89.750-90.250

    PDVSA 5 1/8 16 61.000-62.000

    PDVSA 5 1/4 17 44.500-45.250

    PDVSA 8 1/2 17 62.750-63.500

    PDVSA 9 21 38.000-39.000


    PDVSA 12 3/4 22 49.500-50.000

    PDVSA 6 24 31.750-32.500

    PDVSA 6 26 31.500-32.250

    PDVSA 5 3/8 27 31.000-32.000

    PDVSA 9 3/4 35 38.000-38.750


    PDVSA 5 1/2 37 31.000-32.000

    VENZ 5 3/4 16 74.750-75.500

    VENZ 13 5/8 18 52.000-53.000

    VENZ 7 18 39.750-40.750

    VENZ 7 3/4 19 36.500-37.500


    VENZ 6 20 35.100-36.000

    VENZ 12 3/4 22 45.850-46.750

    VENZ 9 23 36.750-37.750

    VENZ 8 1/4 24 37.000-38.000

    VENZ 7.65 25 34.500-35.500


    VENZ 11 3/4 26 41.000-42.000

    VENZ 9 1/4 27 38.500-39.250

    VENZ 9 1/4 28 36.500-37.500

    VENZ 11.95 31 41.000-42.000

    VENZ 9 3/8 34 37.250-38.250


    VENZ 7 38 33.750-34.750

    ELECAR 8 1/2 18 39.000-42.000


    Read More >>
  • Thursday, February 19 2015
    PDVSA 5 15 90.500-91.500 PDVSA 5 1/8 16 62.000-64.000 PDVSA 5 1/4 17 45.500-46.500 PDVSA 8 1/2 17 64.500-65.500 PDVSA 9 21 40.500-41.500 PDVSA 12 3/4 22 52.000-53.000 PDVSA 6 24 34.000-35.000 PDVSA 6 26 33.000-34.000 PDVSA 5 3/8 27 32.000-33.000 PDVSA 9 3/4 35 40.000-41.000 PDVSA 5 1/2 37 32.250-33.250 VENZ 5 3/4 16 75.000-76.000 VENZ 13 5/8 18 61.000-65.000 VENZ 7 18 41.250-42.250 VENZ 7 3/4 19 38.000-39.000 VENZ 6 20 36.500-37.500 VENZ 12 3/4 22 47.500-48.500 VENZ 9 23 38.500-39.500 VENZ 8 1/4 24 38.000-39.000 VENZ 7.65 25 36.500-37.500 VENZ 11 3/4 26 43.500-44.500 VENZ 9 1/4 27 41.000-42.000 VENZ 9 1/4 28 39.000-40.000 VENZ 11.95 31 43.500-44.500 VENZ 9 3/8 34 39.500-40.500 VENZ 7 38 35.500-36.500 ELECAR 8 1/2 18 37.000-40.000
    Read More >>
  • Wednesday, February 18 2015
    PDVSA 5 15 91.500-92.500
    PDVSA 5 1/8 16 64.000-66.000
    PDVSA 5 1/4 17 48.000-49.000
    PDVSA 8 1/2 17 66.250-67.250
    PDVSA 9 21 42.500-43.500
    PDVSA 12 3/4 22 53.500-54.500
    PDVSA 6 24 35.500-36.500
    PDVSA 6 26 34.750-35.750
    PDVSA 5 3/8 27 34.250-35.250
    PDVSA 5 3/8 27 34.250-35.250
    PDVSA 5 1/2 37 34.250-35.250
    VENZ 5 3/4 16 75.000-76.000
    VENZ 13 5/8 18 62.000-66.000
    VENZ 7 18 43.000-44.500
    VENZ 7 3/4 19 40.000-41.000
    VENZ 6 20 37.500-38.500
    VENZ 12 3/4 22 49.500-50.500
    VENZ 9 23 40.500-41.500
    VENZ 8 1/4 24 39.500-40.500
    VENZ 7.65 25 38.250-39.250
    VENZ 11 3/4 26 45.500-46.500
    VENZ 9 1/4 27 43.500-44.500
    VENZ 9 1/4 28 41.000-42.000
    VENZ 11.95 31 45.500-46.500
    VENZ 9 3/8 34 41.500-42.500
    VENZ 7 38 37.000-38.000
    ELECAR 8 1/2 18 39.000-42.000
    Read More >>
  • Thursday, March 5 2015
    Venezuela:

    Today is the second anniversary of Hugo Chavez death. It is expected several speeches by government officials apart from street demonstrations. Nonetheless we do not expect relevant announces to be made today. We will stay tuned the following days, as VP Jorge Arreaza specified that a gasoline subsidy lift proposal should be introduced in the National Assembly by the Minister of Transportation, Haiman El Troudi. If so, this would be a positive signal for bondholders, unless the size of the lift is irrelevant in comparison to macro dynamics.

    Read More >>
  • Wednesday, March 4 2015
    Venezuela:

    - International reserves closed at their highest level since July 2013, after an USD1.6bn increase in the last days. On a year-to-date basis, the reserves had an USD2.18bn net increment. According to the Minister of Finance and Economy VP, Rodolfo Marco Torres, the last increase corresponded to a direct transfer from the Strategic Reserves Fund.

    - According to El Universal, Simadi will be receiving between USD50m-USD100m on a weekly basis in order to satisfy greenbacks demand when fully operative. This will represent USD2bn for the rest of the year

    Read More >>
  • Tuesday, March 3 2015
    Venezuela:

    PDVSA affirmed it reached a production record in the Orinoco Oil Belt (OOB) with more than 1.3mbd (560k barrels per day in Carabobo’s Division only) during February. According to the president of the state-run company, Eulogio Del Pino, the goal is to close 2015 with a production level close to 1.4mbd. Nonetheless, what Del Pino is not saying is that production fell by more than 20% in 2013 (last data available) in western and eastern blocs, where oil reservoirs are light. The problem with OOB oil, is that is extra-heavy and needs further mixing to b
    Read More >>
  • Monday, March 2 2015
    Venezuela:

    The new FX system, SIMADI, is proving to be very ineffective to keep the parallel FX rate at bay, as it weakened from VEF/USD188 to VEF/USD222 in less than two weeks. In the meantime, SIMADI also weakened, but at a lesser degree from VEF/USD172.3 to VEF/USD176.6. What we managed to know from local operators in banks and exchange houses (brokerage houses are still far from being completely operative), is that the Central Bank is strictly intervening in the approval of many transactions, denying them if the FX rate of certain bids locates at “unwanted
    Read More >>

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

    All eyes on 2016

    February 27 2015 Hernan Yellati & Guillermo Quiroga

    From our previous estimates of average oil prices for 2015, we lean towards forecasting an average yearly oil price range between USD55-USD60 this year (our lower limits of previous estimates) for the Venezuelan basket, bearing in mind the latest dynamics of the market during January and February. There is no question about the hard repercussions on greenbacks inflows of such scenario, as it represents between USD16.3bn-USD19.2bn of deficit in cash for PDVSA. If we add technical difficulties of the national oil company in operative areas and the lack of efficiency of investment in major production projects, projections suggesting a production increase during 2015 and 2016 become scarce. Read more

  • Argentina weekly report

    Kirchnerism fights back

    February 27 2015 Hernan Yellati & Guillermo Quiroga

    The week ends with several news on the political front. On the one hand, Judge Rafecas ruled out the charges brought forward against President Cristina by Prosecutor Pollicita for covering up the bombing of the AMIA Jewish center in 1994. This was the original investigation that late Prosecutor Nisman was going to present in a Congressional hearing prior to his mysterious death more than one month ago. Prosecutor Pollicita will have a chance to appeal the decision. 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. Read more

  • Urgen ajustes rápidos

    Urgen ajustes rápidos

    October 27 2014 Greys Peñaloza

    Señalan que Pdvsa debe tomar medidas de contingencia frente a baja de precios del crudoEl banco de inversión BancTrust señaló que la Read more