• Wednesday, March 29 2017

    - Venezuela’s Supreme Court sets limits on parliamentary immunity for lawmakers, according to a ruling issued this Tuesday. For the judiciary institution, parliamentary immunity is a benefit, thus is limited by the acts promoted through the National Assembly which was declared in contempt. Moreover, the ruling orders Nicolas Maduro to take the necessary actions – ranging from civilian measures to legal actions – in order to avoid a “state of commotion”.


    - The US dollar conti

  • Tuesday, March 28 2017

    - A US Federal Court in Washington DC upheld the USD1.4bn award favoring Crystallex on its case against Venezuela for the expropriation of their assets in Las Cristinas mining project. The Judge Rudolph Contreras considered that Venezuela’s arguments were not sufficient to vacate the award granted by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). The ruling also considered moot Crystallex’s motion against the bonds issued as part of PDVSA’s swap operation carried away in October 2016 a

  • Thursday, March 23 2017

    - President Nicolas Maduro announced that the Expo Venezuela Potencia 2017 will be held from Thursday 23 to Sunday 26 March in Caracas. In detail, more than 300 public, private and joint venture enterprises are expected to participate in the event that aims to show the country's productive progress. In this vein, Arnoldo García, president of the National Association of Granites and spokesman for the "Exportation Engine" within the National Council of Economy, said that non-traditional exports from Venezuela have doubled in the fi

  • Wednesday, March 22 2017

    - Finance Minister Ramon Lobo reaffirmed the government’s position of honoring the upcoming debt commitments, as in his view the improved panorama for oil prices will make possible achieving it more easily than in “a harder and more complicated” 2016. This doesn’t represent a surprise in our view, although it would certainly provide at least a little bit of relief right when default concerns are once again spiking. Even though 2H17 could get a little harsher especially if the cut in oil supply fails to provoke a more signif


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 Consolidated Debt

    March 17 2017 BancTrust & Co. Research Team

    This week Petroleos de Venezuela SA. (better known as PDVSA) published on its website the consolidated financial debt balance for 2016. The report signed by a local affiliate of KPMG shows consolidated financial debt falling to USD41.08bn from USD43.72bn in 2015. This represents the secondconsecutive year of decline 2014’s high (USD46.) and reflects the difficulties the company has faced to access financing amid low oil prices. As laid out in the report, PDVSA carried out three financing operations for USD4.75bn throughout its US subsidiary CITGO pre-sales operations and previously undisclosed operations with Banco San Juan Internacional and GE Capital for a combined USD494mn. Read more

  • Argentina Weekly Report

    Relying on Lebac’s to Counter Inflation

    March 17 2017 BancTrust & Co. Research & Strategy Team

    The Central Bank of the Argentine Republic (BCRA in Spanish) faced the maturity of ARS274.4bn in Lebac notes this week, and managed to fully renew the maturities while raising an additional ARS8.08bn. The entity received proposals for ARS304.6bn and awarded AR282.7bn. 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