{"id":1517,"date":"2016-01-04T10:03:55","date_gmt":"2016-01-04T10:03:55","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/espanol\/?p=1517"},"modified":"2016-01-15T12:12:40","modified_gmt":"2016-01-15T12:12:40","slug":"high-yield-liqp-deal-with-it","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/espanol\/2016\/01\/high-yield-liqp-deal-with-it\/","title":{"rendered":"Liquidez en deuda high yield: 5 formas de gestionarla"},"content":{"rendered":"<p>Tras el\u00a0<strong><a href=\"http:\/\/www.bloomberg.com\/gadfly\/articles\/2015-12-10\/third-avenue-halts-one-high-yield-debt-spiral-but-not-others\" target=\"_blank\">cierre del fondo Third Avenue<\/a>\u00a0<\/strong>a comienzos de mes, los problemas de liquidez han vuelto a un primer plano para los inversores en cr\u00e9dito high yield. En \u00faltima instancia, las condiciones solamente mejorar\u00e1n de la mano de cambios estructurales en el mercado, pero hasta entonces, creemos que es posible tomar varias medidas para ayudar a mejorar el perfil de liquidez subyacente de una cartera de deuda high yield.<\/p>\n<p><strong>Comprar y mantener (<em>buy and hold<\/em>)<\/strong> \u2013 Mantener baja la rotaci\u00f3n de cartera, comprar valores con la intenci\u00f3n de mantenerlos en cartera a largo plazo y aceptar que habr\u00e1 cierta volatilidad en las cotizaciones son tres aspectos que reducen autom\u00e1ticamente las necesidades de liquidez en una cartera de inversi\u00f3n. De este modo, adem\u00e1s, se presta una mayor atenci\u00f3n a los fundamentales corporativos y a la solvencia de cr\u00e9dito del emisor en el momento de realizar cualquier compra. A este respecto, vale la pena hacerse la siguiente pregunta: \u00ab\u00bfDesear\u00eda mantener este bono en cartera durante fases de tensi\u00f3n en los mercados?\u00bb Si la respuesta es afirmativa, la probabilidad de encontrar un comprador durante tales periodos aumenta considerablemente.<\/p>\n<p><strong>Limitarse a emisiones de gran tama\u00f1o <\/strong>\u2013 Cuanto m\u00e1s grande es una emisi\u00f3n de deuda, mayor es su base de inversores, con lo que es m\u00e1s f\u00e1cil que un comprador encuentre a un vendedor. M\u00e1s abajo ilustramos este hecho comparando la actividad de contrataci\u00f3n registrada de un bono con un saldo vivo de 4.280 millones de d\u00f3lares con la de una emisi\u00f3n de 200 millones realizada por la misma compa\u00f1\u00eda. No obstante, esto puede ser una espada de doble filo: cuanto mayor es una emisi\u00f3n de deuda, mayor es la probabilidad de que se incluya en la cartera de un fondo cotizado (ETF), lo cual puede ser perjudicial durante fases de grandes reembolsos.<\/p>\n<p><strong><em>17 de diciembre de 2015 &#8211; Historial de cotizaci\u00f3n del bono Sprint 2023 al 7,875%, con un saldo vivo de 4.280 mill. de USD:<\/em><\/strong><\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/Historial-de-cotizacion-del-bono-Sprint-2023.png\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1537\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/Historial-de-cotizacion-del-bono-Sprint-2023.png\" alt=\"Historial de cotizacion del bono Sprint 2023\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/Historial-de-cotizacion-del-bono-Sprint-2023.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/Historial-de-cotizacion-del-bono-Sprint-2023-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p><strong><em>17 de diciembre de 2015 &#8211; Historial de cotizaci\u00f3n del bono Sprint 2022 al 9,25%, con un saldo vivo de 200 mill. de USD:<\/em><\/strong><\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/Historial-de-cotizacion-del-bono-Sprint-2022.png\" data-rel=\"lightbox-image-1\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1538\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/Historial-de-cotizacion-del-bono-Sprint-2022.png\" alt=\"Historial de cotizacion del bono Sprint 2022\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/Historial-de-cotizacion-del-bono-Sprint-2022.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/Historial-de-cotizacion-del-bono-Sprint-2022-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p><strong>Diversificar por mercados <\/strong>\u2013 Los entornos de contrataci\u00f3n suelen ser distintos en cada mercado. Una cartera capaz de invertir en todo el espectro de renta fija \u2013titulizaciones, bonos de emisores financieros, cr\u00e9dito, deuda gubernamental, mercados emergentes, t\u00edtulos a tipo fijo o variable, de Europa o de Estados Unidos\u2013 puede explotar mejores condiciones de liquidez en un mercado cuando otro est\u00e1 pasando apuros.<\/p>\n<p><strong>Utilizar equivalentes l\u00edquidos <\/strong>\u2013 El volumen de contrataci\u00f3n diario en el mercado de \u00edndices CDS sint\u00e9ticos es varias veces superior al del mercado de t\u00edtulos subyacentes. Mantener parte de una cartera en tales instrumentos brinda acceso a una mayor cesta de liquidez, y puede representar un colch\u00f3n \u00fatil en periodos de deterioro del mercado de deuda. Dicho esto, existe un coste de oportunidad en t\u00e9rminos de selecci\u00f3n de valores que debe tenerse en cuenta.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/La-liquidez-del-credito-europeo-es-mas-de-10-veces-mayor-en-indices.png\" data-rel=\"lightbox-image-2\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1539\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/La-liquidez-del-credito-europeo-es-mas-de-10-veces-mayor-en-indices.png\" alt=\"La liquidez del credito europeo es mas de 10 veces mayor en indices\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/La-liquidez-del-credito-europeo-es-mas-de-10-veces-mayor-en-indices.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/La-liquidez-del-credito-europeo-es-mas-de-10-veces-mayor-en-indices-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p><strong>Mantener mayores saldos de liquidez <\/strong>\u2013 El modo m\u00e1s efectivo de impulsar la liquidez de una cartera es el m\u00e1s sencillo: mantener m\u00e1s dinero en efectivo. El 5% es el nuevo 2%. De nuevo, esta opci\u00f3n implica costes de oportunidad en t\u00e9rminos de exposici\u00f3n al mercado y selecci\u00f3n de valores, pero las ventajas en t\u00e9rminos de liquidez son inmediatas y tangibles.<\/p>\n<p>Es importante destacar que ninguna de estas medidas es una panacea, pero s\u00ed mitigan el efecto de situaciones desfavorables: pueden ayudar al inversor a ganar tiempo y lograr liquidez. En los mercados de deuda high yield de hoy en d\u00eda, la cuesti\u00f3n de c\u00f3mo se gestiona la liquidez de una cartera ha pasado a ser tan importante (o incluso m\u00e1s) que sus posiciones de inversi\u00f3n.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tras el\u00a0cierre del fondo Third Avenue\u00a0a comienzos de mes, los problemas de liquidez han vuelto a un primer plano para los inversores en cr\u00e9dito high yield. En \u00faltima instancia, las condiciones solamente mejorar\u00e1n de la mano de cambios estructurales en el mercado, pero hasta entonces, creemos que es posible tomar varias medidas para ayudar a mejorar el perfil de liquidez subyacente de una cartera de deuda high yield. Comprar y mantener (buy and hold) \u2013 Mantener baja la rotaci\u00f3n de cartera, comprar valores con la&#8230;<\/p>\n","protected":false},"author":62,"featured_media":1537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[138],"tags":[160],"class_list":["post-1517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-categorias-bond","tag-alto-rendimiento"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Liquidez en deuda high yield: 5 formas de gestionarla - Espa\u00f1ol<\/title>\n<meta name=\"description\" content=\"Tras el\u00a0cierre del fondo Third Avenue\u00a0a comienzos de mes, los problemas de liquidez han vuelto a un primer plano para los inversores en cr\u00e9dito high\" \/>\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\/2016\/01\/high-yield-liqp-deal-with-it\/\" \/>\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=\"3 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2016\\\/01\\\/high-yield-liqp-deal-with-it\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2016\\\/01\\\/high-yield-liqp-deal-with-it\\\/\"},\"author\":{\"name\":\"James Tomlins\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/#\\\/schema\\\/person\\\/191e5927bd1b373f71f0eb68646d0f9f\"},\"headline\":\"Liquidez en deuda high yield: 5 formas de gestionarla\",\"datePublished\":\"2016-01-04T10:03:55+00:00\",\"dateModified\":\"2016-01-15T12:12:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2016\\\/01\\\/high-yield-liqp-deal-with-it\\\/\"},\"wordCount\":645,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2016\\\/01\\\/high-yield-liqp-deal-with-it\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2021\\\/12\\\/Historial-de-cotizacion-del-bono-Sprint-2023.png\",\"keywords\":[\"alto rendimiento\"],\"articleSection\":[\"categor\u00edas Bond\"],\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2016\\\/01\\\/high-yield-liqp-deal-with-it\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2016\\\/01\\\/high-yield-liqp-deal-with-it\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2016\\\/01\\\/high-yield-liqp-deal-with-it\\\/\",\"name\":\"Liquidez en deuda high yield: 5 formas de gestionarla - 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