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  • Wednesday, May 20 2015
    PDVSA 5 15 97.000-97.500 PDVSA 5 1/8 16 71.750-72.750 PDVSA 5 1/4 17 53.750-54.500 PDVSA 8 1/2 17 72.000-72.750 PDVSA 9 21 44.000-44.750 PDVSA 12 3/4 22 53.250-54.000 PDVSA 6 24 38.000-38.750 PDVSA 6 26 37.000-37.750 PDVSA 5 3/8 27 35.750-36.500 PDVSA 9 3/4 35 43.600-44.350 PDVSA 5 1/2 37 35.000-35.750 VENZ 5 3/4 16 82.750-83.750 VENZ 13 5/8 18 73.000-75.000 VENZ 7 18 47.000-48.000 VENZ 7 3/4 19 43.000-44.000 VENZ 6 20 39.100-40.100 VENZ 12 3/4 22 49.850-50.850 VENZ 9 23 41.500-42.500 VENZ 8 1/4 24 40.250-41.250 VENZ 7.65 25 39.250-40.250 VENZ 11 3/4 26 47.100-48.000 VENZ 9 1/4 27 45.250-46.050 VENZ 9 1/4 28 40.500-41.500 VENZ 11.95 31 46.850-47.750 VENZ 9 3/8 34 41.000-42.000 VENZ 7 38 37.750-38.750 ELECAR 8 1/2 18 47.000-49.000
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  • Thursday, May 14 2015
    PDVSA 5 15 98.000-98.500 PDVSA 5 1/8 16 75.100-76.000 PDVSA 5 1/4 17 59.500-60.000 PDVSA 8 1/2 17 77.500-78.000 PDVSA 9 21 50.750-51.250 PDVSA 12 3/4 22 59.750-60.250 PDVSA 6 24 43.500-44.000 PDVSA 6 26 42.750-43.250 PDVSA 5 3/8 27 41.350-41.850 PDVSA 9 3/4 35 49.500-50.000 PDVSA 5 1/2 37 40.450-41.000 VENZ 5 3/4 16 85.000-85.750 VENZ 13 5/8 18 78.000-80.000 VENZ 7 18 52.250-52.750 VENZ 7 3/4 19 48.350-48.850 VENZ 6 20 45.100-45.600 VENZ 12 3/4 22 57.500-58.000 VENZ 9 23 47.500-48.000 VENZ 8 1/4 24 46.350-46.850 VENZ 7.65 25 44.750-44.250 VENZ 11 3/4 26 53.250-53.750 VENZ 9 1/4 27 51.350-51.850 VENZ 9 1/4 28 46.750-47.250 VENZ 11.95 31 53.250-53.750 VENZ 9 3/8 34 47.250-47.750 VENZ 7 38 43.250-43.750 ELECAR 8 1/2 18 49.000-51.000
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  • Tuesday, May 12 2015
    PDVSA 5 15 98.000-98.500 PDVSA 5 1/8 16 75.250-75.750 PDVSA 5 1/4 17 60.500-61.000 PDVSA 8 1/2 17 77.900-78.400 PDVSA 9 21 51.350-51.850 PDVSA 12 3/4 22 60.250-60.750 PDVSA 6 24 43.850-44.350 PDVSA 6 26 43.250-43.750 PDVSA 5 3/8 27 41.500-42.000 PDVSA 9 3/4 35 49.750-50.250 PDVSA 5 1/2 37 40.750-41.250 VENZ 5 3/4 16 85.250-86.000 VENZ 13 5/8 18 77.000-79.000 VENZ 7 18 51.500-52.500 VENZ 7 3/4 19 48.350-49.000 VENZ 6 20 45.150-46.000 VENZ 12 3/4 22 58.000-58.750 VENZ 9 23 47.400-48.200 VENZ 8 1/4 24 46.750-47.500 VENZ 7.65 25 44.650-45.400 VENZ 11 3/4 26 53.400-54.100 VENZ 9 1/4 27 51.400-52.100 VENZ 9 1/4 28 47.250-48.000 VENZ 11.95 31 53.650-54.250 VENZ 9 3/8 34 47.650-48.350 VENZ 7 38 43.500-44.250 ELECAR 8 1/2 18 52.000-54.000
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  • Monday, May 11 2015
    PDVSA 5 15 98.000-98.500 PDVSA 5 1/8 16 75.000-75.500 PDVSA 5 1/4 17 60.650-61.350 PDVSA 8 1/2 17 77.850-78.350 PDVSA 9 21 51.000-51.500 PDVSA 12 3/4 22 60.150-60.650 PDVSA 6 24 44.000-44.500 PDVSA 6 26 43.000-43.500 PDVSA 5 3/8 27 41.650-42.250 PDVSA 9 3/4 35 49.750-50.250 PDVSA 5 1/2 37 40.750-41.250 VENZ 5 3/4 16 85.250-86.000 VENZ 13 5/8 18 77.000-79.000 VENZ 7 18 51.500-52.500 VENZ 7 3/4 19 47.850-48.500 VENZ 6 20 44.500-45.500 VENZ 12 3/4 22 57.750-58.500 VENZ 9 23 47.000-47.750 VENZ 8 1/4 24 46.250-47.000 VENZ 7.65 25 44.250-45.000 VENZ 11 3/4 26 52.750-53.500 VENZ 9 1/4 27 51.500-52.250 VENZ 9 1/4 28 46.500-47.250 VENZ 11.95 31 52.650-53.400 VENZ 9 3/8 34 47.000-47.750 VENZ 7 38 43.000-43.750 ELECAR 8 1/2 18 46.000-48.000
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  • Wednesday, May 6 2015
    PDVSA 5 15 98.000-98.500 PDVSA 5 1/8 16 75.250-76.000 PDVSA 5 1/4 17 60.750-61.250 PDVSA 8 1/2 17 78.750-79.750 PDVSA 9 21 51.250-51.750 PDVSA 12 3/4 22 60.500-61.000 PDVSA 6 24 44.850-45.350 PDVSA 6 26 43.750-44.250 PDVSA 5 3/8 27 42.500-43.000 PDVSA 9 3/4 35 50.750-51.250 PDVSA 5 1/2 37 42.000-42.500 VENZ 5 3/4 16 86.000-86.500 VENZ 13 5/8 18 78.000-80.000 VENZ 7 18 50.850-51.500 VENZ 7 3/4 19 48.250-49.000 VENZ 6 20 44.250-45.000 VENZ 12 3/4 22 57.850-58.500 VENZ 9 23 47.500-48.250 VENZ 8 1/4 24 46.250-47.000 VENZ 7.65 25 44.000-44.750 VENZ 11 3/4 26 53.350-54.000 VENZ 9 1/4 27 51.750-52.500 VENZ 9 1/4 28 47.150-48.000 VENZ 11.95 31 53.600-54.250 VENZ 9 3/8 34 47.850-48.500 VENZ 7 38 42.850-43.500 ELECAR 8 1/2 18 48.000-50.000
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  • Friday, May 22 2015
    Venezuela:

    According to local economists the government is evaluating the possibility of “a new FX scheme, but expecting it to be implemented by 2H15”, given the distortions between the three official rates: Cencoex (VEF/USD6.30), Sicad (VEF/USD) and Simadi (VEF/USD199.77). The negotiation goes around two rates: one around Simadi’s rate and the other one around a level of VEF/USD20, eliminating the preferential rate at VEF/USD6.30 for imports of food and medicines. Locals bet for an increase of oil prices that would give to the government a better supply of ha

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  • Thursday, May 21 2015
    Venezuela:

    The electrical matrix demand pressure had today a critical outage power at the substation that provides electricity to the north central Carabobo state and Yaracuy State. Specifically “El Palito” refinery, responsible for 146k bpd of refined oil products, was affected and had to paralyze operations. A high-ranked public official from the government said it was a large-scale power failure and was expected to be restored later. This is the second outage power in two days that affects important entities, like the one on Tuesday night that put Maiquetia´

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  • Wednesday, May 20 2015

    * Venezuela

    - Repercussions caused by the Wall Street Journal article on the alleged participation of the National Assembly (AN) President, Diosdado Cabello, among other high officials in cocaine traffic are starting to show. For instance, PSUV deputies in the AN introduced a motion to support Cabello against the “imperialistic” accusations of illegal drug trafficking. Meanwhile the 7 officials sanctioned by the White House decree introduced a lawsuit against Miranda’s Governor, Henrique Capriles, because of his “defamatory” statements. This new political

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  • Monday, May 18 2015
    Venezuela:

    -This past Sunday the MUD (opposition parties’ coalition) celebrated their primary elections. Unitary candidates were chosen at 33 constituencies in 12 states; the rest of the candidates were agreed by consensus among political factions. According to Jesus Torrelaba, MUD´s executive secretary, half million people voted, representing a 7.43% of the total national voters list, almost double 2010 primaries voters in the same constituencies. Torrealba rejected the information blackout by official media, but applaud the people assistance to vote despite “

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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

    A Prayer to the Black Gold

    May 22 2015 Hernan Yellati & Guillermo Quiroga & Elisa Pérez Rasse

    First of all, we reiterate our yearly average Venezuelan oil price for this year at a range of USD55-60. If we take our lower limit of USD55 from now on as 2015 average price, our estimates tell that the total PDVSA cash deficit this year could reach up to USD19.3bn – from USD51.9bn in cash exports last year to an estimate of USD32.3bn. Read more

  • Argentina Weekly Report

    Policy changes: How likely are they in a future administration?

    May 22 2015 Hernan Yellati & Guillermo Quiroga

    Recent polls show that it cannot be ruled out that Buenos Aires Governor Daniel Scioli wins the October presidential election with 40% of the vote if neither of his competing candidates secures at least 30% of support. On the other hand, we still consider that a runoff election between Macri and Scioli is still the most likely scenario. Read more

  • Quantitative Reports

    EM Quantitative Chartbook Weekly Report

    May 21 2015 BancTrust & Co. Market Reseach & 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

  • Ajustes obligados

    Ajustes obligados

    May 21 2015

    Advierten que el Ejecutivo tendrá que tomar medidas para evitar males mayoresEl esquema cambiario de Venezuela favorece una economía de Read more