{"id":3126,"date":"2018-08-21T15:34:45","date_gmt":"2018-08-21T15:34:45","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/espanol\/?p=3126"},"modified":"2018-09-11T10:44:10","modified_gmt":"2018-09-11T10:44:10","slug":"hy-spreads-the-story-behind-the-story","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/espanol\/2018\/08\/hy-spreads-the-story-behind-the-story\/","title":{"rendered":"Diferenciales HY: leyendo entre l\u00edneas"},"content":{"rendered":"<p>Se est\u00e1 hablando mucho sobre lo estrechos que son actualmente los diferenciales del cr\u00e9dito high yield (HY) de Estados Unidos, sobre todo comparados con los del segmento con grado de inversi\u00f3n (IG). La diferencia entre ambos, de 241 puntos b\u00e1sicos (pb), es menos de la mitad que hace una d\u00e9cada, lo cual ha llevado a algunos observadores del mercado a concluir que el cr\u00e9dito HY estadounidense parece caro, con lo que los inversores deber\u00edan inclinarse por los bonos IG. Pero, \u00bfqueda con esto todo dicho?<\/p>\n<p>Nosotros pensamos que no. Como puede verse en el primer gr\u00e1fico, el diferencial entre estas dos clases de activo se ha estrechado en los \u00faltimos diez a\u00f1os (l\u00ednea naranja), pero esta reducci\u00f3n tambi\u00e9n refleja un cambio sustancial en el perfil de ambas: el <strong>riesgo de tipos de inter\u00e9s <\/strong>del cr\u00e9dito IG ha aumentado respecto al cr\u00e9dito HY a lo largo de este periodo (l\u00ednea azul), con lo que los inversores en bonos IG est\u00e1n m\u00e1s expuestos en un entorno de tipos al alza como el que atraviesa Estados Unidos. Esto ha ayudado a reducir la brecha entre ambos segmentos.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/slide1-1.png\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3153 alignnone\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/slide1-1.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide1-1.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide1-1-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide1-1-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>El estrechamiento del diferencial HY-IG tambi\u00e9n obedece a cambios significativos en la <strong>calidad crediticia<\/strong>: tal como muestra el siguiente gr\u00e1fico, el rango de calidad m\u00e1s bajo de cr\u00e9dito IG (BBB) representaba un 33% de la clase de activos hace diez a\u00f1os, pero este porcentaje ha aumentado hasta el 48%. En cambio, la nota HY m\u00e1s baja (CCC) representa actualmente un 11,8% del universo HY estadounidense, frente al 16,2% en 2008.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/slide2-1.png\" data-rel=\"lightbox-image-1\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3154 alignnone\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/slide2-1.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide2-1.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide2-1-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide2-1-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Adem\u00e1s de correr m\u00e1s riesgo de tipos de inter\u00e9s y de cr\u00e9dito, los inversores en deuda con grado de inversi\u00f3n tambi\u00e9n se enfrentan a un <strong>reto t\u00e9cnico<\/strong>: como puede verse en el tercer gr\u00e1fico, <strong>la emisi\u00f3n de bonos IG ha aumentado con fuerza <\/strong>en la \u00faltima d\u00e9cada, ya que las compa\u00f1\u00edas han acudido al mercado atra\u00eddas por tipos ultrabajos. Al mismo tiempo, la emisi\u00f3n de deuda HY ha permanecido estable o ha disminuido ante los reveses sufridos por la clase de activos, como por ejemplo el desplome de los precios del petr\u00f3leo a finales de 2014 (la energ\u00eda representa cerca de un 15% del universo HY estadounidense).<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/slide3-1.png\" data-rel=\"lightbox-image-2\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3155 alignnone\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/slide3-1.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide3-1.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide3-1-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/slide3-1-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Nada de lo anterior pretende poner en duda la b\u00fasqueda de rentabilidad que ha tenido lugar durante un periodo de est\u00edmulo monetario sin precedentes, pero esperamos haber demostrado que una comparaci\u00f3n directa de los diferenciales de deuda IG e HY durante la d\u00e9cada pasada es excesivamente simplista. Como siempre, la clave est\u00e1 en los detalles. Los diferenciales de la deuda HY son relativamente m\u00e1s estrechos respecto al cr\u00e9dito IG, debido \u2013al menos en parte\u2013 a que la calidad crediticia de la clase de activos ha mejorado, el riesgo de tipos de inter\u00e9s ha permanecido b\u00e1sicamente inalterado y los factores t\u00e9cnicos no han planteado obst\u00e1culos significativos.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Se est\u00e1 hablando mucho sobre lo estrechos que son actualmente los diferenciales del cr\u00e9dito high yield (HY) de Estados Unidos, sobre todo comparados con los del segmento con grado de inversi\u00f3n (IG). La diferencia entre ambos, de 241 puntos b\u00e1sicos (pb), es menos de la mitad que hace una d\u00e9cada, lo cual ha llevado a algunos observadores del mercado a concluir que el cr\u00e9dito HY estadounidense parece caro, con lo que los inversores deber\u00edan inclinarse por los bonos IG. Pero, \u00bfqueda con esto todo dicho?&#8230;<\/p>\n","protected":false},"author":4,"featured_media":3153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[138],"tags":[112],"class_list":["post-3126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-categorias-bond","tag-estados-unidos"],"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>Diferenciales HY: leyendo entre l\u00edneas - Espa\u00f1ol<\/title>\n<meta name=\"description\" content=\"Se est\u00e1 hablando mucho sobre lo estrechos que son actualmente los diferenciales del cr\u00e9dito high yield (HY) de Estados Unidos, sobre todo comparados con\" \/>\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\/08\/hy-spreads-the-story-behind-the-story\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stefan Isaacs\" \/>\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\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/\"},\"author\":{\"name\":\"Stefan Isaacs\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/#\\\/schema\\\/person\\\/e4366565557f551f390bdfae4f71bbab\"},\"headline\":\"Diferenciales HY: leyendo entre l\u00edneas\",\"datePublished\":\"2018-08-21T15:34:45+00:00\",\"dateModified\":\"2018-09-11T10:44:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/\"},\"wordCount\":512,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2021\\\/12\\\/slide1-1.png\",\"keywords\":[\"Estados Unidos\"],\"articleSection\":[\"categor\u00edas Bond\"],\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/\",\"name\":\"Diferenciales HY: leyendo entre l\u00edneas - 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