• Tuesday, February 21 2017
    Argentina

    - Continuing with the “Correos” debacle, the Commercial Chamber convoked to a new audience between the State and the company “Correo Argentino S.A” for 16 March, after Macri’s administration submitted a letter withdrawing the initial agreement where the State accepted the paying offer from the company. In our opinion, this move is intended to represent a proper management of this situation in order to minimize damage in an important electoral year, as we stated in out last Friday weekly report.

    Ecuador

    - The Finance Minister announced the reopening of the issuance made past 08 February by the Treasury, when they sold ARS25bn worth in bonds to Banco Nacion. According to the resolution issued today, the Treasury will sell up to ARS16.7bn to Banco Nacion in 13 tranches starting next 23 February. This transaction is part of the financing programming stablished by the Treasury for this year.

    Ecuador

    - According to the latest elections results in Ecuador, the National Electoral Council reported tha

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  • Thursday, February 16 2017
    Argentina:

    - The Finance Ministry made official the reopening of two issuances of Treasury Bonds (BOTES, in Spanish) maturing in 2021 and 2026 for maximum amounts of ARS12.5bn for the first and ARS6.12bn for the later, both carrying the original 18.2% and 15.5% coupons. The 2026’s amount would be complemented by another ARS6.38bn issued under the same instrument but not awarded in 2016, which the Ministry ordered adding to the budget for its execution this year. Meanwhile, ARS17.2bn in BOTES maturing in 2023 and carrying a 16% coupon were

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  • Wednesday, February 15 2017
    Argentina

    - The Central Bank carried away its first monthly Lebac issuance on the same day that matured another tranche of these instruments for a total of ARS235bn. Nevertheless, what would have been a massive liquidity injection was almost entirely absorbed by the renewal of these instruments in accordance with the anti-inflationary policy, while the rate was cut 100bps now standing at 22.75%. As for the reference monetary policy rate, the BCRA left unchanged this rate at 24.75%. Overall, the monetary institution sold ARS244.4bn of notes d

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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

    PDVSA’s Debt Reduction Strategy

    January 20 2017 BancTrust & Co. Research Team

    The state-owned oil company PDVSA released its Consolidated Debt Statement for 2016, which shows a USD2.7bn reduction y-o-y –a 6.5% change from 2015. The statement is made under the International Financial Reporting Standards and was issued through regional newspapers, such as Panorama in Zulia state after a press release published in PDVSA’s website. Although the notes of the statement are not yet available, we consider the reduction of PDVSA’s total debt responds to the full payment of 2016 debt service, and the set of liability management operations carried by the company. Read more

  • Argentina Weekly Report

    Where There is Protectionism, Some See an Opportunity

    February 10 2017 BancTrust & Co. Research Team

    The recent victory of Donald Trump as President of the United States has brought increasing uncertainty due to promises of a surge in protectionism. Although President Mauricio Macri has stated that this announcement does not represent a major concern for Argentina, a more protectionist approach by the United States may open opportunities to trade outside the US. Both President Michel Temer from Brazil and Macri have identified this opportunity in a recent meeting. In addition, Brazil’s economic performance is crucial for Argentina’s own performance. If the former accomplishes a GDP growth of 1.6% in 2017, it will boost a recovery from the Argentine industry (see Forecasts 2017: Will Argentina Reap What it Sowed? dated 16 December 2016). Thus, the meeting between the two leaders draws optimism amid an uncertain geopolitical scenario. 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