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  • Wednesday, January 21 2015
    ELECAR 8 1/2 18 33.500-34.500 PDVSA 5 15 84.500-85.500 PDVSA 5 1/8 16 45.000-46.000 PDVSA 5 1/4 17 34.750-35.750 PDVSA 8 1/2 17 51.250-52.250 PDVSA 9 21 33.500-34.500 PDVSA 12 3/4 22 39.500-40.500 PDVSA 6 24 30.500-31.500 PDVSA 6 26 30.375-31.375 PDVSA 5 3/8 27 30.350-31.350 PDVSA 9 3/4 35 33.500-34.500 PDVSA 5 1/2 37 30.000-31.000 VENZ 5 3/4 16 54.750-55.750 VENZ 13 5/8 18 42.000-43.000 VENZ 7 18 33.000-34.000 VENZ 7 3/4 19 31.750-32.750 VENZ 6 20 30.500-31.500 VENZ 12 3/4 22 37.500-38.500 VENZ
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  • Friday, January 16 2015
    PDVSA 5 15 83.600-84.400 PDVSA 5 1/8 16 45.000-46.250 PDVSA 5 1/4 17 35.600-36.400 PDVSA 8 1/2 17 53.200-53.800 PDVSA 9 21 34.600-35.400 PDVSA 12 3/4 22 41.850-42.650 PDVSA 6 24 31.900-32.600 PDVSA 6 26 31.400-32.100 PDVSA 5 3/8 27 31.400-32.100 PDVSA 9 3/4 35 34.900-35.600 PDVSA 5 1/2 37 31.100-32.150 VENZ 5 3/4 16 56.600-57.650 VENZ 7 18 33.100-34.150 VENZ 7 3/4 19 32.350-33.150 VENZ 6 20 31.150-32.600 VENZ 12 3/4 22 37.850-38.650 VENZ 9 23 32.600-33.400 VENZ 8 1/4 24 3
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  • Thursday, January 15 2015
    ELECAR 8 1/2 18 36.000-38.000 PDVSA 5 15 85.250-86.250 PDVSA 5 1/8 16 47.500-48.500 PDVSA 5 1/4 17 37.500-38.500 PDVSA 8 1/2 17 55.500-56.500 PDVSA 9 21 36.500-37.500 PDVSA 12 3/4 22 44.500-45.500 PDVSA 6 24 33.000-34.000 PDVSA 6 26 32.750-33.750 PDVSA 5 3/8 27 32.500-33.500 PDVSA 9 3/4 35 36.750-37.500 PDVSA 5 1/2 37 32.500-33.500 VENZ 5 3/4 16 58.000-59.000 VENZ 13 5/8 18 49.000-51.000 VENZ 7 18 35.000-36.000 VENZ 7 3/4 19 34.500-35.500 VENZ 6 20 33.500-34.500 VENZ 12 3/4 22 40.250-41.250 VENZ
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  • Wednesday, January 14 2015
    Security B Px A Px ------------------------------ ELECAR 8 1/2 18 35.000-37.000 PDVSA 5 15 84.750-85.750 PDVSA 5 1/8 16 48.750-49.750 PDVSA 5 1/4 17 38.000-39.000 PDVSA 8 1/2 17 55.750-56.750 PDVSA 9 21 37.250-38.250 PDVSA 12 3/4 22 45.500-46.500 PDVSA 6 24 33.000-34.000 PDVSA 6 26 32.750-33.750 PDVSA 5 3/8 27 32.750-33.750 PDVSA 9 3/4 35 36.500-37.500 PDVSA 5 1/2 37 32.500-33.500 VENZ 5 3/4 16 57.500-58.500 VENZ 13 5/8 18 51.000-52.000 VENZ 7 18 34.750-35.750 VENZ 7 3/4 19 34.250-35.250 VENZ
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  • Friday, January 16 2015

    * Venezuela 

    - After the meeting with the Russian President, Vladimir Putin, the Venezuelan President Nicolas Maduro, alleged today that it had achieved the necessary resources for the country to maintain its pace of social investment, import operations and economic stability. The respective Ministers will promptly provide further details, according to the President. He also noted that agreed to extend the participation of Russian companies in investments projects in the Orinoco oil belt.

    * Argentina

    - Congress CPI registered a 38.5% during 2014 after

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  • Friday, January 16 2015

    * Venezuela

    - Maduro announced a visit to Russia out of the planned schedule and after those made by the Venezuelan President to Algeria, Iran and Saudi Arabia and China, as part of the international roadshow focused on financing and the oil price crisis. The president´s intention this time is to discuss with President Vladimir Putin the development of bilateral cooperation, including the implementation of major bilateral projects in the energy and agricultural areas, and finally to discuss the oil price situation. Signals have not been that hopeful so far, in our

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  • Wednesday, January 14 2015

    * Venezuela

    - Moody´s Investors Service lowered Venezuela´s government bond rating to Caa3 from Caa1 and modified the outlook to stable from negative, placing it at the same level as Argentina grade by S&P (CCC-). Such rating illustrates a higher perceived probability of default. However, if Venezuela is categorized as unable to meet financial liabilities, it should be under a scenario where the damages of the continuing oil prices plummet are irretrievable, in our view. True, oil prices are breaking five-year lows in past days, but Venezuela still has capaci

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  • Tuesday, January 13 2015

     

    Venezuela

    - President Nicolas Maduro, stated that the financing provided by private banks from the Arabian country, Qatar, would ensure financial resources for the development of Venezuela.  According to maduro, Qatar is giving enough resources to cover the national budget, external liabilities and exports operations. He also emphasized that such financing is not only for the current year but for 2016, thus there should not be concerns about the payment of liabilities in the short term. In our view, Maduro is exaggerating the results of the summit, un

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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

    The Devil Is In the Details

    January 23 2015 Hernan Yellati, Guillermo Quiroga & Greys Peñaloza

    President Nicolas Maduro addressed the nation in his annual speech which came out within our general expectations, that is, with insufficient reforms to compensate the cUSD30bn shortfall in hard currency inflows due to oil price decline. One of the main economic measures announced was related to the FX system, but we remain skeptical about the actual structure and impact, as it left many distortions dancing in the party. Read more

  • Argentina weekly report

    The Last Straw

    January 23 2015 Hernan Yellati

    Latest political events come as a shock to the Cristina Kirchner administration. Prosecutor Alberto Nisman denounced a pact between the Kirchner government and Iran to conceal the latter´s involvement in a bombing against a Jewish institution back in 1994 in exchange for cheap oil. However, last Monday Prosecutor Nisman turned up dead in his Puerto Madero apartment. The possibility of him committing suicide is unlikely given the latest available police evidence on the case. Read more

  • Quantitative Reports

    Tick Tock, Tick Tock

    January 16 2015 Hernan Yellati, Guillermo Quiroga & Greys Peñaloza

    In the roadshow currently taking place in several OPEC states as well as China and Russia, President Nicolas Maduro, agreed financing plans with Saudi Arabia and important banks from Qatar. According to Maduro, these plans would ensure financial assets for the national budget, debt service and trade operations of Venezuela, in order to guarantee the resources needed to face the adverse effects of the ongoing oil prices crisis. We highly doubt it. The lack of exact details with respect to the size of these loans just leaves everyone distrustful of the success of the trip. Realistically speaking, we think Maduro must be exaggerating the size of the loan and the impact on the local economic recession, tying to ease tension from Venezuelans and bondholders alike. Read more

  • Urgen ajustes rápidos

    Urgen ajustes rápidos

    October 27 2014 Greys Peñaloza

    Señalan que Pdvsa debe tomar medidas de contingencia frente a baja de precios del crudoEl banco de inversión BancTrust señaló que la Read more