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  • Friday, September 23 2016

    - Finance Minister, Alfonso Prat Gay, informed the possibility of issuing a bond denominated in Euros as there is evidence of mayor interest to invest in Argentina from European investors. This comes after they already said they won´t issue again in USD for the rest of the year. Moreover, the minister signal they are not worry for indebtedness level, as they are issuing just to pay debt from the previous government and gradually reduce the deficit. Finally, it was also known that the country put in charge the banks: BBVA, BNP Par

  • Thursday, September 22 2016

    - The industrial production fell 4.7% y-o-y in August and scored its sixth consecutive decline, as reported by the FIEL Foundation. As for YTD figures, the industrial production accumulates a 4.4% contraction y-o-y while the steel industry shows the steepest decline with 13.5% y-o-y in the same period. In other respect, the US dollar closed unchanged yesterday at ARS15.40, as result of the recent 50 bps cut to 26.75% of the 35-day Lebacs by the Central Bank of Argentina (BCRA in Spanish), we believe.

    - President Mauricio Macri assured, in front of a group of investors in New York, that carrying away reforms and looking for funds to finance it will be priorities during his administration. Also, he affirmed that the political road will not change no matter who wins in future elections, trying to scare away investors’ concerns of repeating past times. Prat Gay, on his part, stated that Argentina will look for financing in the order of USD17bn next year, reminding that the country has “set the ground” for a stronger economy.<

  • Tuesday, September 20 2016


    - Last week the Central Bank removed some obstacles for foreign funds to exchange dollars for pesos via blue chip swaps with local banks, as long as the funds are directed towards purchasing Treasury bonds in primary market. This flip in the regulation would aim to take advantage of foreign demand, to finance a deficit which has already revised from 3.3% to 4.2% of GDP for next year. This would allow foreign funds to invest in bonds of the Treasury denominated in pesos in primary offerings only. W


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

    “Mini Davos”

    September 16 2016 Hernán Yellati & Guillermo Quiroga

    This week, Buenos Aires was the scenario for the first “Argentina Business & Investment Forum”, an initiative from the Macri’s administration to attract foreign direct investment while showing the potentialities of the Argentine economy. The Forum, which rapidly gained the “Mini Davos” nickname, centered on demonstrating the ambitious economic reform program carried out by the government which intends to re-launch Argentina as a significant emerging economy. All-in, the balance of the forum seems to be positive as early reports suggest cUSD40bn negotiations took place during the event. 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