Capital Markets Cases

Sector: Alternative Power Generation
Date: Feb 2014
Status: opened

A prestigious company in LatAm undertakes a Biomass Generation Power Projects in the Dominican Republic to provide energy to different industry private sectors. This company hired BancTrust’s Financial Advisor to analyze the business, estimate the value, provide recommendations and negotiation support in order to achieve their Biomass Generation Projects Financing.

Sector: Construction
Date: Feb 2014
Status: opened

An important construction company based in Venezuela is acquiring a peer company in Colombia. Franki approaches to BanTrust to raise needed capital to close the acquisition of 60% of the shares, taking control of the company and assuring corporate governance.

Sector: Healthcare
Date: Jan 2014
Status: opened

A Project of a new Hospital (HCM) of Santo Domingo, Dominican Republic is considering us as its financial and strategic advisor to carry out the financing for the construction and operation of the Integral Medic Services Centre.

Sector: Mining
Date: Nov 2013
Status: opened

An important heavy equipment dealer company in Venezuela and the Government Coal Mine Corporation hired BancTrust as financial Advisor to propose financing options to increase production that have recently dropped. As alternative to the different given options, BancTrust offered a Bidding Process to create a new joint venture between the named corporation and an international coal company.

Sector: Energy Generation
Date: Oct 2013
Status: opened

An international Power Generation Group is a Panama based company that aims at providing international companies in emerging markets, with a cleaner, cheaper and reliable power supply. BancTrust propose a project financing solution to the Roatan Power Plant Generation Project in Honduras.

Sector: Heavy Equipment
Date: Jun-Jul 2013
Status: performing

This is a Venezuelan company that serves as a local distributor of CAT equipment. It requested BancTrust to develop a financial structure with the objective of financing a Gas Compression Project in the country. Following this line, we developed a proposal through the usage of a Venezuelan oil company’s commercial debt with other countries in the region. In the structure we included the respective debt valuation models, project analysis, market risk and liquidity risk, in order to design a group of assumptions to guide the Venezuelan oil company on the project financing, and this company to receive the respective payments appropriately.

Sector: Energy Generation, Gas and Oil
Date: May 2013
Status: pending

Companies with major business lines, these are: geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, as well as generation and marketing of heat and electric power. Given the energy matrix in the Dominican Republic, this company is exploring the opportunity of a power plant development in the country. To reach this objective BancTrust proposed a financing structure, which includes risk mitigation elements, due diligence coordination, financial modeling of the project, credit analysis, among others.

Sector: Oil & Gas
Date: May 2013
Status: performing and opened

It is a joint venture in a  Block of the Orinoco Oil Belt (Venezuela), related to the extraction, refining, and selling of heavy crude oil and its derivatives. This joint venture seeks offers from a select group of bidders to raise financing to develop an oil exploitation, refining and transportation project in a Block, BancTrust presented a Project Finance proposal. The proposal consists on raising funds through bridge-type financing, alongside the involvement of Export Credit Agencies (ECA), with the proper analysis on Venezuelan country risk, project risk, risk mitigants and the respective coordination in the due diligence, regulatory and legal aspects.

Sector: Construction and Engineering
Date: April 2013
Status: performing and opened

It is an organization dedicated to the design, engineering, fabrication and set up of mechanic equipment and steel structures at industrial level. It requested BancTrust to develop a financial structure with the objective of financing an Oil Engineering Project in the country. Following this line, we developed a proposal through the usage of a Venezuelan oil company’s commercial debt with other countries in the region. In the structure we included the respective debt valuation models, project analysis, market risk and liquidity risk, in order to design a group of assumptions to guide the Venezuelan oil company on the project financing, and this company to receive the respective payments appropriately.

Sector: Pharmaceutical
Date: March 2013
Status: performing and opened

This is a multinational pharmaceutical corporation dedicated to develop and produce medicines and vaccines for a wide range of conditions. The market overview reveals from one side multinationals with local subsidiaries in Venezuela that have amassed considerable VEF exposure. On the another side, there are multinationals that permanently borrow funds from banks due to their current business needs in Venezuela; while the existence of a foreign exchange control regime in the Venezuelan market continues to undermine the value of the money. In this sense BancTrust structured a solution to fulfill the needs in VEF of local subsidiaries through intercompany loans. structure presents better loan conditions on maturity and interest rates, compared with bank loans and the regulations they are obliged to follow.

Sector: Pasteurized and Concentrated juices Industry
Date: Feb 2013
Status: opened

An important economic group in Venezuela wants to undertake an acquisition of a target company that produce of pasteurized, concentrated juices and essential oils proceeding from citrus fruits: lemon, orange, clementine and grapefruit. This company hired BancTrust as the Buy side Advisor to analyze the business, estimate the value, provide recommendations and negotiation support. Notwithstanding, BancTrust will raise the needed funds for this acquisition.

Sector: Distribution and Logistic
Date: Jan 2013
Status: opened

An important beverages distribution Company (alcoholic and non-alcoholic) with a strong presence in the Center-West region of Venezuela and premium brands in its portfolio. This company hired BancTrust as the lead manager for an unsecured non-convertible debt issuance for 1Q14, with a 3 years maturity and call option after the first year.

 

Sector: Home Improvement: Appliances, Tools, Hardware and Painting
Date: Jan 2013
Status: pending

A company destined to import plumbing and ironmongery articles, in a major scale. The market overview in Venezuela is related the consistent devaluation risk of the fixed exchange rate in the country, and the current regulations that provoked an enormous local currency liquidity. In this line many companies have amassed considerable VEF exposure. This is why this deal composes a structured solution, in the form of a promissory note to cover the devaluation risk and to take advantage of the spread between the official FX market exchange rate and the unofficial one.

Sector: Oil and Gas Service
Date: Jan 2013
Status: closed

It is a company which provides services for the petroleum industry in the field of drilling and the maintenance of oil wells (offshore and onshore).  The market overview reveals from one side multinationals with local subsidiaries in Venezuela that have amassed considerable VEF exposure. On the another side, there are multinationals that permanently borrow funds from banks due to their current business needs in Venezuela; while the existence of a foreign exchange control regime in the Venezuelan market continues to undermine the value of the money. In this sense BancTrust structured a solution to fulfill the needs in VEF of local subsidiaries through intercompany loans. This structure presents better loan conditions on maturity and interest rates, compared with bank loans and the regulations they are obliged to follow.

Sector: Food
Date: Dec 2012
Status: performing and opened

A food company one of the biggest operators in Latin America. The market overview in Venezuela is related the consistent devaluation risk of the fixed exchange rate in the country, and the current regulations that provoked an enormous local currency liquidity. In this line many companies have amassed considerable VEF exposure. This is why this deal composes a structured solution, in the form of a promissory note to cover the devaluation risk and to take advantage of the spread between the official FX market exchange rate and the unofficial one.

Sector: Entertainment and Television Service
Date: Nov 2012
Status: pending

This is a company which owns several cable networks in the region of Latin America. The market overview in Venezuela is related the consistent devaluation risk of the fixed exchange rate in the country, and the current regulations that provoked an enormous local currency liquidity. In this line many companies have amassed considerable VEF exposure. This is why this deal composes a structured solution, in the form of a promissory note to cover the devaluation risk and to take advantage of the spread between the official FX market exchange rate and the unofficial one.

Sector: Oil & Gas
Date: Nov 2012
Status: performing and opened

This is the national oil company. This giant company is dedicated to explore, extract, refine and sell oil and its chemical derivatives worldwide. BancTrust identified a financing opportunity in the Early Production Division in a Block. The financing proposal includes the structuring, fundraising, due diligence, contracts analysis and the closure phase of the loan.

Sector: Entertainment and Television Service
Date: Oct 2012
Status: performing and opened

A Latin American pay television network. It runs several film and television series channels. The market overview in Argentina is related the increasing devaluation risk of the fixed exchange rate in the country, and the current regulations that are provoking an important ARS exposure. This is why this deal composes a structured solution, in the form of a promissory note to cover the devaluation risk, satisfy USD demand and to take advantage of the spread between the official FX market exchange rate and the unofficial one.

Sector: Refractory producer supplier
Date: Oct 2012
Status: performing and opened

It is integrated refractory producer that supplies raw materials to various other industries. BancTrust identified a business opportunity based on receivables owed to it by a Venezuelan steel industry. In this sense, we developed an alternative to purchase the receivables owed to this company, to sell them later to potential investors. The structuring process took into consideration the credit risk of the Venezuelan steel company, the receivable generation steps, the design of a Special Vehicle to coordinate accounting and legal teams, besides assistance on the due diligence and closing phases.

Sector: LatAm Government
Date: Sep 2012
Status: closed

This is a country located in Central America. In 2011, It accounted a total debt of USD 5,822 MM, of which USD 3,310 was external debt (56%). This debt represented 18% of its GDP. Following this line, BancTrust recommended three different structured proposals to effectively service its debt.

Sector: Oil & Gas Services
Date: Sep 2012
Status: closed

This is the world’s largest oilfield services company, with a local subsidiary in Venezuela. BancTrust identified a business opportunity based on receivables owed to it by a Venezuelan oil company. In this sense, we developed an alternative to purchase the receivables owed to it, to sell them later to potential investors. The structuring process took into consideration the credit risk of the Venezuelan oil and gas company, the receivable generation steps, the design of a Special Vehicle to coordinate accounting and legal teams, besides assistance on the due diligence and closing phases.

Sector: Logistic
Date: July 2012
Status: performing and opened

A company that provides Integral Logistic Operation Services in Venezuela. The market overview in Venezuela is related the consistent devaluation risk of the fixed exchange rate in the country, and the current regulations that provoked an enormous local currency liquidity. In this line many companies have amassed considerable VEF exposure. This is why this deal composes a structured solution, in the form of a promissory note to cover the devaluation risk and to take advantage of the spread between the official FX market exchange rate and the unofficial one.

Sector: Construction and Engineering
Date: July 2012
Status: closed

An important construction and engineering company that develops relevant size projects in Latin America. The market overview in Venezuela is related to the current FX market regulations in Venezuela, in which exchanging USD to get VEF at the official rate, may not be beneficial for this kind of companies. In this sense, BancTrust developed a structured solution in the form of a promissory note, to attend currency exchange necessities.

Sector: Technology
Date: Jul 2012
Status: performing and opened

This is an innovative technology company that works with major equipment manufacturers, application developers and service providers, to create new products and solutions in telecom and industrial sector in LatAm. BancTrust identified a business opportunity, based on a direct loan to ICO. The structuring process of the loan, included credit risk analysis, collateral instruments to secure the loan, and general coordination in legal aspects.

Sector: Commercial Printing
Date:  Jun 2012
Status: performing and opened

A multinational company, related to the printing of numerous magazines such as BusinessWeek, Time and People. The market overview in Venezuela is related the consistent devaluation risk of the fixed exchange rate in the country, and the current regulations that provoked an enormous local currency liquidity. In this line many companies have amassed considerable VEF exposure. This is why this deal composes a structured solution, in the form of a promissory note to cover the devaluation risk and to take advantage of the spread between the official FX market exchange rate and the unofficial one.

  • Wednesday, November 15 2017

    Venezuela:

    - 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

    Read More >>
  • Tuesday, November 7 2017

    Venezuela:

    - 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

    Read More >>
  • Thursday, November 2 2017

    Venezuela:

    - 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

    Read More >>
  • Wednesday, November 1 2017

    Venezuela:

    - 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

    Read More >>

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