{"id":2977,"date":"2018-05-08T08:40:37","date_gmt":"2018-05-08T08:40:37","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/espanol\/?p=2977"},"modified":"2018-06-14T09:50:31","modified_gmt":"2018-06-14T09:50:31","slug":"the-end-of-the-bank-of-englands-term-funding-scheme","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/espanol\/2018\/05\/the-end-of-the-bank-of-englands-term-funding-scheme\/","title":{"rendered":"El fin del programa de financiaci\u00f3n a plazo del Banco de Inglaterra"},"content":{"rendered":"<p>A comienzos de a\u00f1o, el Banco de Inglaterra puso fin a su programa de financiaci\u00f3n a plazo (<em>Term Funding Scheme<\/em>, o TFS), con el que b\u00e1sicamente ofrec\u00eda a los bancos financiaci\u00f3n a cuatro a\u00f1os al tipo de inter\u00e9s b\u00e1sico m\u00e1s una comisi\u00f3n. A cambio, las entidades deb\u00edan prestar dinero a la econom\u00eda real (la comisi\u00f3n depend\u00eda del volumen de pr\u00e9stamo neto del banco). En entradas previas del blog ya escribimos sobre el programa, <strong><a href=\"https:\/\/bondvigilantes.com\/espanol\/2021\/12\/07\/tres-razones-por-las-que-nos-gustan-los-rmbs-britanicos\/?noredirect=es_ES\">aqu\u00ed<\/a><\/strong> y <strong><a href=\"https:\/\/bondvigilantes.com\/espanol\/2021\/12\/25\/lograra-banco-inglaterra-fomentar-credito-la-economia-real-reciente-politica-bancaria\/?noredirect=es_ES\">aqu\u00ed<\/a><\/strong>.<\/p>\n<p>Esta facilidad de financiaci\u00f3n ha gozado de gran popularidad, y a abril de 2018, la utilizaci\u00f3n agregada de fondos del TFS (pr\u00e9stamos baratos) por parte de los bancos era de 127.000 millones de libras esterlinas. El volumen de pr\u00e9stamo neto como resultado del programa alcanz\u00f3 los 68.000 millones de libras entre septiembre de 2016 y diciembre de 2017, y sus principales usuarios fueron Lloyds, RBS, Nationwide y Barclays. Dada la posibilidad aprovechada por los bancos de financiarse a trav\u00e9s del TFS, no sorprende que la emisi\u00f3n de titulizaciones de activos (ABS) experimentara un fuerte descenso en los \u00faltimos dos a\u00f1os: los prestamistas pagaban un precio relativamente alto \u2013de 35 a 60 puntos b\u00e1sicos\u2013 por emitir bonos de titulizaci\u00f3n hipotecaria sobre inmuebles residenciales (RMBS) senior con vencimientos de 3 a 5 a\u00f1os y calificaci\u00f3n AAA.<\/p>\n<p><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP.png\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2989\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>Tras el fin del programa a comienzos de a\u00f1o y a la luz del futuro vencimiento de los pr\u00e9stamos concertados en el marco del mismo, los bancos domiciliados en el Reino Unido han previsto diversificar sus canales de financiaci\u00f3n y volver a los mercados de titulizaciones. El plazo de dichos pr\u00e9stamos era de cuatro a\u00f1os desde la fecha inicial, y anticipamos muros de refinanciaci\u00f3n significativos a finales de 2020 y en 2021. Los prestamistas est\u00e1n tratando de anticiparse a tal acumulaci\u00f3n de amortizaciones \u00a0mediante la emisi\u00f3n de bonos RMBS de mayor vencimiento. Por ejemplo, Nationwide no se financiaba en los mercados de RMBS desde 2016, y emiti\u00f3 su primer bono RMBS en febrero. Y en abril, tras un par\u00e9ntesis de dos a\u00f1os, Paragon Bank emiti\u00f3 su primer RMBS <em>buy-to-let<\/em> (segmento de compra destinada al arrendamiento).<\/p>\n<p>En lo que va de a\u00f1o hemos visto un fuerte volumen de emisiones brit\u00e1nicas en el mercado RMBS (casi 3.700 millones de euros), y algunos pronostican un volumen de 8.000 a 10.000 millones en el segmento <em>prime<\/em>, y de 6.000 a 8.000 millones adicionales en el <em>non-prime<\/em> para 2018 en su conjunto. Aunque estos niveles de emisi\u00f3n todav\u00eda son bajos comparado con los previos a la introducci\u00f3n del programa TFS \u2013de 30.000 millones de euros anuales\u2013, s\u00ed superan a los vistos en los \u00faltimos dos a\u00f1os (de 8.000 millones), y nuestra previsi\u00f3n es que permanecer\u00e1n en una l\u00ednea ascendente. El retorno de las entidades de pr\u00e9stamo al mercado podr\u00eda mantener limitados los diferenciales para los emisores.<\/p>\n<p>\u00bfQu\u00e9 impacto tendr\u00e1 probablemente este desarrollo\u00a0 sobre los hogares y el consumidor en el futuro pr\u00f3ximo? La deshabituaci\u00f3n \u00a0de los bancos del programa TFS se traducir\u00e1 probablemente en mayores tipos hipotecarios para los clientes (pero al mismo tiempo, en mayores intereses del ahorro). No obstante, el mercado de c\u00e9dulas hipotecarias sigue siendo un canal de financiaci\u00f3n mayorista alternativo para los bancos y las sociedades de cr\u00e9dito hipotecario, en el que los costes de financiaci\u00f3n siguen siendo m\u00e1s competitivos. Ello podr\u00eda ayudar a aliviar el aumento de las presiones de costes.<\/p>\n<p><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP.png\" data-rel=\"lightbox-image-1\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2990\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>Desde un punto de vista de inversi\u00f3n, la clase de activos a\u00fan nos gusta y seguimos invirtiendo en ella, pese a las presiones sobre los diferenciales. La rentabilidad del cr\u00e9dito RMBS brit\u00e1nico en los \u00faltimos a\u00f1os ha sido estable, y hasta la fecha no se ha sufrido ninguna p\u00e9rdida en emisiones en circulaci\u00f3n.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A comienzos de a\u00f1o, el Banco de Inglaterra puso fin a su programa de financiaci\u00f3n a plazo (Term Funding Scheme, o TFS), con el que b\u00e1sicamente ofrec\u00eda a los bancos financiaci\u00f3n a cuatro a\u00f1os al tipo de inter\u00e9s b\u00e1sico m\u00e1s una comisi\u00f3n. A cambio, las entidades deb\u00edan prestar dinero a la econom\u00eda real (la comisi\u00f3n depend\u00eda del volumen de pr\u00e9stamo neto del banco). En entradas previas del blog ya escribimos sobre el programa, aqu\u00ed y aqu\u00ed. Esta facilidad de financiaci\u00f3n ha gozado de gran popularidad,&#8230;<\/p>\n","protected":false},"author":138,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[40,233],"tags":[59,144,16],"class_list":["post-2977","post","type-post","status-publish","format-standard","hentry","category-credito","category-uk","tag-banco-de-inglaterra","tag-bancos","tag-boe"],"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>El fin del programa de financiaci\u00f3n a plazo del Banco de Inglaterra - Espa\u00f1ol<\/title>\n<meta name=\"description\" content=\"A comienzos de a\u00f1o, el Banco de Inglaterra puso fin a su programa de financiaci\u00f3n a plazo (Term Funding Scheme, o TFS), con el que b\u00e1sicamente ofrec\u00eda a\" \/>\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\/2018\/05\/the-end-of-the-bank-of-englands-term-funding-scheme\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Guest contributor \u2013 Josephine Meertens (ABS Credit Analyst, M&amp;G Fixed Income Team)\" \/>\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\\\/2018\\\/05\\\/the-end-of-the-bank-of-englands-term-funding-scheme\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/05\\\/the-end-of-the-bank-of-englands-term-funding-scheme\\\/\"},\"author\":{\"name\":\"Guest contributor \u2013 Josephine Meertens (ABS Credit Analyst, M&amp;G Fixed Income Team)\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/#\\\/schema\\\/person\\\/2c1814392a2bb30e2d1bedfeff4f9fbd\"},\"headline\":\"El fin del programa de financiaci\u00f3n a plazo del Banco de Inglaterra\",\"datePublished\":\"2018-05-08T08:40:37+00:00\",\"dateModified\":\"2018-06-14T09:50:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/05\\\/the-end-of-the-bank-of-englands-term-funding-scheme\\\/\"},\"wordCount\":660,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/05\\\/the-end-of-the-bank-of-englands-term-funding-scheme\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2021\\\/12\\\/1-SP-The-end-of-the-Bank-of-Englands-Term-Funding-Scheme-SP.png\",\"keywords\":[\"Banco de Inglaterra\",\"bancos\",\"BOE\"],\"articleSection\":[\"cr\u00e9dito\",\"UK\"],\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/05\\\/the-end-of-the-bank-of-englands-term-funding-scheme\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/05\\\/the-end-of-the-bank-of-englands-term-funding-scheme\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/05\\\/the-end-of-the-bank-of-englands-term-funding-scheme\\\/\",\"name\":\"El fin del programa de financiaci\u00f3n a plazo del Banco de Inglaterra - 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