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  • Wednesday, March 16 2016

    - In yesterday’s parliament session, VP Aristóbulo Istúriz addressed the deputies to explain the reasons behind an extension of 60 days in the Economic Emergency Decree while insisting in the causes of the current crisis – ‘economic war’ -. Despite deputies were expecting official figures of fiscal deficit, inflation for the first months of the year, GDP, the VP speech was rather general, and when being interrogated about specific he did not answer clearly. However, he did refer to the payments PDVSA and the country have scheduled for this year

  • Wednesday, March 16 2016

    - Yesterday was quite a busy day, and tomorrow could be another one. The update on the missing miners’ case was quite an important one, as the General Prosecutor informed that 4 of these were found dead and at least 21 would still be missing. Meanwhile, the Economic Emergency Decree was extended for 60 more days as published in an official gazette. Vice-president Aristobulo Isturiz is expected to appear today in the National Assembly, so he gets to detail the motives of the extension. In other respect, the Guri dam is close to critic levels, which we be

  • Thursday, March 10 2016

    - Yesterday’s main event, the announcements on FX matters, passed and was all but detailed, and doubts will hopefully be answered in tomorrow’s official gazette. DIPRO and DICOM are the names of the 2 mechanisms that will start operating tomorrow, with the first rate at VEF10 –it will have periodic “revisions”- and the second one starting at VEF206.92. DICOM will be used for every non-essential good, while also serving for sales of basic industries, exporters and oil sector companies -it’s still unclear if this applies to PDVSA or just the for

  • Wednesday, March 9 2016

    - The high-rank of the military led by Defense Minister Vladimir Padrino Lopez addressed to the nation regarding the case of the 28 missing miners in Tumeremo. He strongly rejected any accusation of the Armed Forces being involved in the events while stating that over 1,000 members of the military are in the zone collaborating with the investigation. However, the minister insisted on a more pressing matter as he expressed his rejection of the extension of the sanctions from the United States. In related news, in an interview with the Defense vice Ministe


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

    More than a Hike in Oil Prices is Needed

    April 29 2016 Hernán Yellati, Guillermo Quiroga & Oriana Covault

    The impact of declining oil prices has hit very hard oil dependent nations, especially those where oil represents the main supplier of foreign currency. For Venezuela, this downward trend has raised alarms since last year and the outlook for this year seems highly difficult. In our view, the governments’ actions show the strong willingness to comply with international commitments. Nonetheless, in the most recent days a new concern has surged as the question of whether if only a rise in oil prices could revert the actual condition or the problem has hit the structure. Read more

  • Argentina Weekly Report


    April 29 2016 Hernán Yellati & Guillermo Quiroga

    Argentina cured its debt default and is now officially back to the markets after an USD16.5bn debt issuance in 3y (6.25%), 5y (6.875%), 10y (7.5%) and 30y (7.625%) bonds for USD2.75bn, USD4.5bn, USD6.5bn and USD2.75bn of outstanding capital respectively. These funds allowed the Republic to pay holdouts a total of USD9.3bn today, divided in USD6.2bn disbursed for the ones that agreed to settle before 29 February and the rest for the ones that settled a deal after that date, which will be paid under the schedule of each deal. 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

  • Ecuador repays debt and makes history

    Ecuador repays debt and makes history

    December 16 2015

    Full repayment of 2015 bond is landmark on road to recovery from status of serial defaulter©BloombergRafael Correa, Ecuador’s leftist Read more