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  • Friday, September 12 2014

    VENZ 8 1/2 14 98.500-99.500
    VENZ 5 3/4 16 86.500-87.500
    VENZ 13 5/8 18 97.500-99.500
    VENZ 7 18 74.250-75.250
    VENZ 7 3/4 19 73.250-74.250
    VENZ 6 20 65.000-66.000
    VENZ 12 3/4 22 87.500-88.500
    VENZ 9 23 71.500-72.500
    VENZ 8 1/4 24 64.500-68.500
    VENZ 7.65 25 65.000-66.000
    VENZ 11 3/4 26 81.500-82.500
    VENZ 9 1/4 27 74.250-75.250

    VENZ 9 1/4 28 70.250-71.250
    VENZ 11.95 31 81.750-82.750
    VENZ 9 3/8 34 70.500-71.500
    VENZ 7 38 59.750-60.750
    PDVSA 4.9 14 98.250-99.250
    PDVSA 5 15 86.500-87.500

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  • Wednesday, September 10 2014

    VENZ 8 1/2 14 97.750-98.750
    VENZ 5 3/4 16 85.750-86.750
    VENZ 13 5/8 18 96.500-98.500
    VENZ 7 18 73.250-74.250
    VENZ 7 3/4 19 71.500-72.500
    VENZ 6 20 63.500-64.500
    VENZ 12 3/4 22 86.500-87.500
    VENZ 9 23 70.500-71.500
    VENZ 8 1/4 24 65.250-66.250
    VENZ 7.65 25 62.750-63.750
    VENZ 11 3/4 26 80.500-81.500
    VENZ 9 1/4 27 71.750-72.750

    VENZ 9 1/4 28 68.250-69.250
    VENZ 11.95 31 80.500-81.500
    VENZ 9 3/8 34 68.500-69.500
    VENZ 7 38 57.250-58.250
    PDVSA 4.9 14 97.000-98.000
    PDVSA 5 15 85.250-86.250

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  • Tuesday, September 9 2014

    VENZ 8 1/2 14 98.000-99.000
    VENZ 5 3/4 16 86.500-87.500
    VENZ 13 5/8 18 98.000-100.000
    VENZ 7 18 73.500-74.500

    VENZ 7 3/4 19 72.000-73.000
    VENZ 6 20 64.000-65.000
    VENZ 12 3/4 22 87.000-88.000
    VENZ 9 23 71.250-72.250
    VENZ 8 1/4 24 65.500-66.500
    VENZ 7.65 25 63.000-64.000
    VENZ 11 3/4 26 80.500-81.500
    VENZ 9 1/4 27 72.250-73.250
    VENZ 9 1/4 28 68.500-69.500
    VENZ 11.95 31 80.250-81.250
    VENZ 9 3/8 34 68.250-69.250
    VENZ 7 38 57.250-58.250

    PDVSA 4.9 14 97.000-98.000
    PDVSA 5 15 85.000-86.000
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  • Monday, September 8 2014

    VENZ 8 1/2 14 97.500-98.500
    VENZ 5 3/4 16 87.500-88.500
    VENZ 13 5/8 18 97.500-99.500
    VENZ 7 18 74.000-75.000
    VENZ 7 3/4 19 72.000-73.000
    VENZ 6 20 63.750-64.750
    VENZ 12 3/4 22 87.500-88.500
    VENZ 9 23 70.500-71.500

    VENZ 8 1/4 24 65.000-66.000
    VENZ 7.65 25 62.000-63.000
    VENZ 11 3/4 26 79.500-80.500
    VENZ 9 1/4 27 70.250-71.250
    VENZ 9 1/4 28 68.000-69.000
    VENZ 11.95 31 79.000-80.000
    VENZ 9 3/8 34 69.000-70.000
    VENZ 7 38 57.000-58.000
    PDVSA 4.9 14 96.500-97.500
    PDVSA 5 15 85.000-86.000

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  • Wednesday, September 3 2014

    Venezuela

    - The World Bank Organism, CIADI,  is currently processing 28 cases against Venezuela and they predict that final decisions could force the country to make payments which amounts will certainly impact the nation´s financial stability. Calculations from Scotia Bank estimate a cost over  USD24bn ( including only 50% of the cases already processed). An inability to pay , will result in unfavorable consequences for the country economic stability; Investors could seek for seizing the assets in United

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  • Friday, August 29 2014

    Venezuela

    - Venezuela is planning to import light oil from Argelia. It is the first time in the nation´s history that a ligher crude oil is being imported. PDVSA authorities stated that light oil will contribute to the national oil dealer company´s production as in mixing it with extra heavy crude from “La Faja del Orinoco” (the largest petroleum reserve).

    - Opposition leader Leopoldo Lopez, who has been detained for six months in jail in Ramo Verde, will be taken on Thursday to the courtho

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  • Thursday, August 28 2014

    Venezuela

    - The legal representative, Joe Garcia and Venezuelan opposition leaders, currently placed in Miami, US, exhort to the President of United States, Barack Obama, to stymie Citgo Petroleum Corp´s sale. García stated that this sale would affect both, US and Venezuela political interests and pointed out that Venezuelan Government owes money to several American companies. Even though it is suspected that this sale is a financial mechanism for Venezuelan Government to cover the fiscal debt, opposition

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  • Tuesday, August 26 2014
    Venezuela: 

    - Banking credits to automobile sector drop due to the ongoing financial crises of the industry. Private bank´s authorities stand out how bank loans for vehicle purchase have lost significance in the portfolio. Manufacturing companies assembled 6,161 vehicles in 1H14, figure which represents a 83% fall in comparison to figures from 1H13. Even though a great portion of private companies are struggling with achieving standards level of production (due to the limited access to dollars), delays in payment is not a financial issue for Banks. Credits

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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

    Riding the Roller Coaster

    September 19 2014 Hernan Yellati, Guillermo Quiroga & Greys Peñaloza

    Standard & Poor´s downgraded on Venezuela´s credit ranking to CCC+ from B- raised the investor´s risk perception and as a consequence the sovereign and PDVSA bonds suffered a significant backwardness. The reasons of this downgrade lie behind the ongoing economic deterioration, including rising inflation, political polarization and the fall in foreign currency assets. According to S&P, there is a 50% chance of suffering a sovereign default if the Government does not take timely corrective measures due to a worsening in governability and external liquidity. Read more

  • Argentina weekly report

    Citibank: the last rock to conquer?

    September 19 2014 Hernan Yellati

    On 18 September, a hearing in the Court of Appeals was held to examine Citibank’s appeal of District Court Judge Griesa’s ruling made on 28 July that bans Citibank’s branch in Argentina from making payments on local-law USD-denominated exchange bonds (Par and Discounts). As an exception, Judge Griesa had allowed payments to be made on 30 July, but this exception was only valid for that particular occasion. Citibank argued that local-law exchange bonds were not within the scope of Griesa’s ruling as they had always been treated differently in the on-going litigation on the back of their local-law jurisdiction. Read more

  • Quantitative Reports

    High Beta Quantitative Chartbook Weekly Report

    April 23 2013 Hernán Yellati

    In Argentina, Par´38 continues to be cheap with a pick-up of 50bp. Also, we still see opportunity in moving to global´17 from Bonar ´17 with a potential of 220bp according to our rich/cheap model. Read more

  • La prioridad de Maduro

    La prioridad de Maduro

    September 9 2014

    La ausencia de medidas económicas será contraproducente para el gobiernoEl banco de inversión BancTrust señaló que el presidente Read more