• Thursday, December 14 2017


    - Yesterday, it took place the final auction of the ISDA in order to determine the payout for holders of credit-default swaps of PdVSA, which resulted in a valuation of the company bonds of 17.625 cents per dollar. We highlight that this means USD6.9 cents on the dollar less than the results of the auction for sovereign bonds – USD24.5 cents per dollar. This would mean that the bond holders will receive as payment USD8.24mn for every USD10mn insured.

    -The L

  • Wednesday, December 13 2017


    - The debt dispute between the Chinese company Sinopec and PDVSA was solved quite quickly as, according to the Financial Times, the parties would have agreed to settle for a total amount of USD21.5mn, slightly less than the USD23.7mn (plus punitive damages) that the first company would have asked. The newspaper quotes document files where PDVSA would have, allegedly, affirmed that they were trying to end the controversy rather than recognizing a fault. The debt will be converted into Chinese ren

  • Tuesday, December 12 2017


    - The National Electoral Council (CNE), through its website, presented the final results of the mayoral elections. According to this information from the total of 335 mayoralties, the government achieved a 92% victory –however, final results are not available yet. As we mentioned yesterday these results reflects the distrust citizens have in the Venezuelan electoral system. We consider that the above shows a more complicated scenario for the opposition, with a government that has managed to ga

  • Monday, December 11 2017


    - According to the first bulletin issued by the national electoral council, participation rate -as we stated in our Last Weekly Report- was below the 50% with 47.3% of the voters participating in yesterday’s electoral event. The low participation was totally evident throughout the whole Sunday, where electoral centers were significantly empty when compared to other ocassions. Only the results of the main mayoral offices were announced, of a total of 43 mayorships, only one was won by the oppos


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

    Shakeups are the Order of the Day

    December 4 2017 BancTrust & Co. Research Team

    We have had a couple of busy weeks after President Nicolas Maduro ordered a revamp of the oil industry to fight corruption. First, the President decided to name Asdrubal Chavez as the new head of CITGO after Jose Pereira, the company’s acting president (at the time), and other 5 vice-presidents were detained – for more details, check our 24 November Weekly Report PDVSA’s Calling Out its Peers. Nonetheless, one of the most important announcements was the one of Major General Manuel Quevedo as Oil Minister and President of PDVSA. Read more

  • Argentina Weekly Report

    First Phase of Fiscal Reform: Achieved.

    November 17 2017 BancTrust & Co. Research Team

    This week, Macri's government continued moving forward with economic reforms and we would like to emphasize that this is an important victory for the government, which has shown, once again, its renewed political strength to negotiate a delicate issue for the provinces and that allows the current administration to continue with its plans to reform Argentina, even more now that has support in the Congress 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

  • May 10 2017

    Venezuela: – Yesterday took place the first meeting summoned by the Presidential Commission for the Constituent with some Read more