Argentina Flash Notes

Economic Cabinet Shake-up

December 26, 2016BancTrust & Co. Research Team

The government Cabinet Chief Marcos Peña announced in a press conference today the resignation of Alfonso Prat-Gay as Treasury & Finance Minister, alleging differences within the economic team and its functioning. Thus, early rumors were confirmed, pointing also to important

Argentina Flash Notes

Argentina Flash Note – Tariffs Face a Decisive Week

August 17, 2016Hernán Yellati & Guillermo Quiroga

Tariffs Face a Decisive Week The Court will likely issue a ruling regarding the tariff issue this Thursday as the rise was halted last month According to official estimates, the cost of reverting the rise in tariffs would reach an

Argentina Flash Notes

Final Steps

February 23, 2016Hernán Yellati & Guillermo Quiroga

Judge Griesa ruled in favor of Argentina as he agreed to lift the pari passu injunction order on Argentine Exchange bonds if two conditions are met This allows Argentina to finally pay exchange bondholders and get out of the default

Argentina Flash Notes

Not This Week, Not This Month

January 18, 2016Hernán Yellati & Guillermo Quiroga

Macri’s government will not present an offer to holdouts this week With the previous addition of me-too funds to the case, and the needed reform of pertinent legal framework via Congress (to resume activities in March), the final resolution of

Argentina Flash Notes

Market Perceptions on Macri and Scioli

November 12, 2015Hernán Yellati & Guillermo Quiroga

As polls stand right now, Macri should prevail on the 22 November run-off In terms of reforms, the market would give Macri the benefit of the doubt A political change in itself is positive news in our view. Yes, Macri

  • Wednesday, November 15 2017


    - Amid uncertainty after the investors meeting, the attention continues to be on the interest payments which grace period expired this week (PDV’27, VENZ’19 and VENZ’24) and the call for default for both Venezuela and PdVSA. In this sense, the ISDA which is in charge since last week of assessing a credit default decision over the PDV’17 payment (which also arrived later than the day expected) said that they will meet again on Thursday with a deadline until Friday to make any decision on

  • Tuesday, November 7 2017


    - The selloff in sovereign and quasi-sovereign curves continued yesterday, with the first leading with an average 11.47% drop – thanks mostly to the whopping correction of both VENZ’18, as the old fell 51.73% and the new decreasing 48.64%. Meanwhile, the PDVSA curve closed the day with a -4% average result. This situation is likely to continue, in our view, for as long as payments of coupons in grace period are not being made, situation aggravated by the closeness of the deadlines of each gr

  • Thursday, November 2 2017


    - After yesterday’s comments of the Depository Trust Company of Venezuela’s bond payments, confirming the transaction and extra official information about some holders that already received payment on 2020 bond, the Venezuelan bonds showed positive movements. In this sense, we can use the PDV’20 experience to expect a similar process for the funds of the PDVSA 2017N to matured today for a total amount of USD1.170mn between principal and interest, with an announcement of the payment during

  • Wednesday, November 1 2017


    - Until today 01 January 2017, will be held the process to postulate for the municipal elections, which are expected for around 10 December. However, there is no clear information on the ongoing process and the opposition response has not been clear either. In detail, seven opposition parties has decided to not participate in the next electoral process, however we do not discard that some of its member could –at the very last minute- decide that they will participate as an independent candidat


Contact Us

Let us know what can we help you with

Capital MarketsGlobal MarketsResearch & Strategy

Name *

Last Name *

Phone *

Your Email *


Enter the words: captcha

* Required Fields


Our Research and Analysis Reports are not directed at or intended for use by any person resident or located in any jurisdiction where (1) the distribution of such information or functionality is contrary to the laws of such jurisdiction or (2) such distribution is prohibited without obtaining the necessary licenses or authorizations by the relevant branch, subsidiary or affiliate office of BancTrust & Co. and such licenses or authorizations have not been obtained.