{"id":1172,"date":"2015-08-11T13:56:13","date_gmt":"2015-08-11T13:56:13","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/espanol\/?p=1172"},"modified":"2015-08-20T14:30:39","modified_gmt":"2015-08-20T14:30:39","slug":"caso-practico-sobre-covenants-cambio-de-control","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/espanol\/2015\/08\/caso-practico-sobre-covenants-cambio-de-control\/","title":{"rendered":"Caso pr\u00e1ctico sobre \u00abcovenants\u00bb: cambio de control"},"content":{"rendered":"

En el pasado<\/a> ya hemos expresado nuestra preocupaci\u00f3n en torno al debilitamiento gradual de los llamados \u00abcovenants\u00bb de las emisiones de deuda (las disposiciones jur\u00eddicas que protegen los derechos del inversor en bonos) durante los \u00faltimos a\u00f1os. Sin embargo, hoy hemos sido testigos del funcionamiento de una de estas cl\u00e1usulas en beneficio de los inversores existentes, relacionada con el cambio de control del emisor. Esto ilustra de qu\u00e9 forma y por qu\u00e9 tales disposiciones pueden ayudar a proteger los intereses de los inversores.<\/p>\n

Esta ma\u00f1ana se anunci\u00f3 la fusi\u00f3n de Lowell Group \u2013una firma brit\u00e1nica de servicios financieros especializados\u2013 con un competidor alem\u00e1n. La operaci\u00f3n implica un cambio de propiedad del capital de la compa\u00f1\u00eda, lo cual activa la cl\u00e1usula de protecci\u00f3n de \u00abcambio de control\u00bb. Esta opci\u00f3n otorga al inversor el derecho, pero no la obligaci\u00f3n, de vender sus bonos a la empresa emisora a un 101% de su valor nominal.<\/p>\n

Los bonos de Lowell de vencimiento 2019 al 5,875% denominados en libras llevan cotizando por debajo de este nivel desde mediados de 2014. Como puede apreciarse en el gr\u00e1fico, la noticia de hoy ha provocado una subida de su precio algo superior al 3%, hasta este nivel del 101%. Dado que la nueva entidad fusionada estar\u00e1 m\u00e1s apalancada, cabe afirmar que sin esta protecci\u00f3n, los bonos habr\u00edan ca\u00eddo para reflejar el mayor riesgo de cr\u00e9dito que ello implica. Esto demuestra claramente el valor econ\u00f3mico que puede tener esta cl\u00e1usula.<\/p>\n

\"2015-08<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

En el pasado ya hemos expresado nuestra preocupaci\u00f3n en torno al debilitamiento gradual de los llamados \u00abcovenants\u00bb de las emisiones de deuda (las disposiciones jur\u00eddicas que protegen los derechos del inversor en bonos) durante los \u00faltimos a\u00f1os. Sin embargo, hoy hemos sido testigos del funcionamiento de una de estas cl\u00e1usulas en beneficio de los inversores existentes, relacionada con el cambio de control del emisor. Esto ilustra de qu\u00e9 forma y por qu\u00e9 tales disposiciones pueden ayudar a proteger los intereses de los inversores. Esta ma\u00f1ana…<\/p>\n","protected":false},"author":62,"featured_media":1177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[138,40],"tags":[78],"class_list":["post-1172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-categorias-bond","category-credito","tag-bonos-corporativos"],"acf":[],"yoast_head":"\nCaso pr\u00e1ctico sobre \u00abcovenants\u00bb: cambio de control - Espa\u00f1ol<\/title>\n<meta name=\"description\" content=\"En el pasado ya hemos expresado nuestra preocupaci\u00f3n en torno al debilitamiento gradual de los llamados \u00abcovenants\u00bb de las emisiones de deuda (las\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/espanol\/2015\/08\/caso-practico-sobre-covenants-cambio-de-control\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Tomlins\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minuto\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2015\\\/08\\\/caso-practico-sobre-covenants-cambio-de-control\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2015\\\/08\\\/caso-practico-sobre-covenants-cambio-de-control\\\/\"},\"author\":{\"name\":\"James Tomlins\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/#\\\/schema\\\/person\\\/191e5927bd1b373f71f0eb68646d0f9f\"},\"headline\":\"Caso pr\u00e1ctico sobre \u00abcovenants\u00bb: cambio de control\",\"datePublished\":\"2015-08-11T13:56:13+00:00\",\"dateModified\":\"2015-08-20T14:30:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2015\\\/08\\\/caso-practico-sobre-covenants-cambio-de-control\\\/\"},\"wordCount\":265,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2015\\\/08\\\/caso-practico-sobre-covenants-cambio-de-control\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2021\\\/12\\\/2015-08-blog-JT-SP.png\",\"keywords\":[\"bonos corporativos\"],\"articleSection\":[\"categor\u00edas Bond\",\"cr\u00e9dito\"],\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2015\\\/08\\\/caso-practico-sobre-covenants-cambio-de-control\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2015\\\/08\\\/caso-practico-sobre-covenants-cambio-de-control\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2015\\\/08\\\/caso-practico-sobre-covenants-cambio-de-control\\\/\",\"name\":\"Caso pr\u00e1ctico sobre \u00abcovenants\u00bb: cambio de control - 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