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

  • Monday, September 25 2017

    - Last Friday, the government of Canada announced economic sanctions on key Venezuela’s officials which affects 40 individuals who have played a key role in Maduro´s regime. In detail, these sanctions prohibit any person in Canada or any Canadian outside the country to have any type of economic relation with these members of the Venezuelan government. We see that the consequences of this sanctions are very similar to those applied by the United States government, affecting only individuals, reason why we do not expect the conse

  • Thursday, September 21 2017


    - Yesterday rumors started of the country being late on the payment of an USD185mn coupon of the VENZ27, which had to be canceled on September 15. Nevertheless, near the end of the day the national public credit office said that it sent the money on time to the corresponding financial institutions and the delay is due to "operational changes" in order to make future financial transactions effective. Furthermore, the credit institution reiterated Venezuela’s commitment in paying its debt and ca

  • Tuesday, September 19 2017

    - According to some new information, it seems that PetroChina Americas is revising its oil for cash agreements with PDVSA after the US sanctions were imposed, which would made them unable to act as an agent to commercialize Venezuelan crude. In detail, there is no change –as the sanctions detailed- in the ongoing contracts; the effect comes for the intention to renew or to extent the terms of the existence contracts. Read More >>

  • Friday, August 25 2017

    -Yesterday, it was known that some representatives of the Venezuelan government has been trying to reach a general agreement in China that comprises the creation of a sub-fund for the repurchase of Venezuelan debt –sovereign and PDVSA’s- which will allow the government to take advantage of the savings made when buying at discount the bonds with maturities in 2017 and 2018, savings are calculated around USD700mn. The final strategy will be to swap at maturity the bonds that are repurchase for new PDVSA’s debt with maturities


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