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  • Friday, May 20 2016
    Venezuela:

    - State-owned oil company, PDVSA informed that the productions level has remained stable in the first quarter of 2016, despite financial pressure for low prices. They argue that the achievement is thanks to continue production growth on Orinoco´s Oil Belt through incorporation of new drilling equipment and improvement on logistic process. However, PDVSA said that the “Economic War” affected the recruitment process for all main activities but they have survived to this. 

    - Former President of Spain, José Rodríguez Zapatero, assure he has been

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  • Friday, May 20 2016
    Venezuela:

    - Tensions continued to arise as the opposition once again tried to march to the electoral council in Caracas. Opposition leader, Henrique Capriles Radonski, alongside with the Democratic Unity Roundtable (MUD) summoned the people for yesterday to go out to the streets and demand the electoral council abides by the lapses established in the norms. Nonetheless, as last week, the march was broken up before it got the chance to start. The situation escalated in other regions in the country and the message from opposition leaders was clear, they will continue

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  • Friday, May 20 2016
    Venezuela:

    - Yesterday, President Nicolas Maduro held a press conference. As he avoided providing any economic figure of relevance, he warned about a possible, imminent disappearance of the opposition-led Congress since it has lost “political validity,” in his view. Such statement could bring more political instability to the current situation. Moreover, Maduro stated the recall referendum is optional and not compulsory as “some opposition leaders seem to believe”.

    - Economy VP Pérez Abad claimed the government plans to reduce imports to USD16bn in 20

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  • Friday, May 20 2016
    Venezuela:

    - Venezuelan Economy Vice-President Miguel Perez Abad stated that conditions on Chinese credit lines were improved, giving “oxygen” to the government before facing heavy external debt payments. In spite of details not yet being specified, we believe that better conditions come as very good news given actual currency shortages, and definitely remove some of the doubts that are currently clouding short and mid-term debt payments. Perez Abad also added that PDVSA’s refinancing would be good for bondholders and hinted at the possibility of Venezuela off

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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

    PDVSA Reported Stable 1Q16 Production

    May 20 2016 Hernán Yellati & Oriana Covault

    Though official figures are still missing, PDVSA issued this week an official statement to face ongoing rumors of a plummeting fall in oil production. According to the information posted in the company’s website, oil production has remained stable over the 1Q16 – without giving specific numbers -, despite the tight financial situation that results from lower oil prices. Moreover, the company argued that the so-called economic war is apparently hitting the local oil industry through disruptions of services. In our view, the lack of official figures and the argument of the economic war won’t change the market’s opinion about the private production figures reported by different organizations, which have generated increasing concerns over the status of oil production of Venezuela. Read more

  • Argentina Weekly Report

    Wholesale Prices Index Decelerating

    May 20 2016 Hernán Yellati & Guillermo Quiroga

    Reaffirming the view of the present month, Indec confirmed the deceleration of core inflation through its first release of the wholesales CPI. Accumulating a 19.1% YTD as of April, one of the most important aspects to highlight when disentangling month by month, is the stark contrast between January’s 9% CPI increase m-o-m versus April’s 1.5% CPI increase m-o-m (February’s and March’s results ended at 5% and 2.4% respectively). True, January’s dynamic captured much of the pass-through effect of the FX control elimination, yet in our view it makes sense to expect lower-than 1% m-o-m wholesale inflation levels by the end of 3Q16, as the interest rate policy of the Central Bank finishes to sink in – considering that CPI registers often reflect a 4-6 months lag. 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