{"id":3242,"date":"2018-10-02T10:23:15","date_gmt":"2018-10-02T10:23:15","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/espanol\/?p=3242"},"modified":"2021-12-03T16:16:48","modified_gmt":"2021-12-03T16:16:48","slug":"watch-step-cliff-edge-risk-european-high-yield","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/espanol\/2018\/10\/watch-step-cliff-edge-risk-european-high-yield\/","title":{"rendered":"Mire donde pisa: riesgo de precipicios  en deuda high yield europea"},"content":{"rendered":"<p>Este a\u00f1o no ha sido precisamente de los mejores en t\u00e9rminos de rentabilidad total en el mercado de deuda high yield europea: el ensanchamiento de los diferenciales ha conducido a peque\u00f1as p\u00e9rdidas de capital apenas compensadas por una renta relativamente baja del 3,2%, lo cual ha resultado en una rentabilidad total an\u00e9mica del 0,22% en 2018 hasta la fecha. \u00bfUn a\u00f1o insulso y aburrido, entonces? S\u00ed, pero solo a nivel superficial: las tendencias subyacentes son mucho m\u00e1s interesantes y relevantes para los inversores.<\/p>\n<p>Cada a\u00f1o, en el mercado high yield suele haber valores que experimentan fuertes ca\u00eddas de precio por motivos idiosincr\u00e1ticos. Esto es habitual, y la capacidad de un gestor para evitarlos denota su pericia. No obstante, este a\u00f1o parece que el n\u00famero y la envergadura de tales movimientos han aumentado, como puede apreciarse en la siguiente tabla:<\/p>\n<p><strong><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-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-3263\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/1-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/strong><\/p>\n<p>Como podemos ver, los sectores de comercio minorista y construcci\u00f3n destacan frente al resto. En el primero, el reto que supone la venta por internet para las cadenas minoristas est\u00e1 bien documentado y es a\u00fan palpable: los bonos de la cadena de grandes almacenes brit\u00e1nica Debenhams, del minorista de cosm\u00e9tica alem\u00e1n Douglas y del minorista franc\u00e9s IKKS han continuado rezagados, ya que m\u00e1s y m\u00e1s compradores prefieren hacer un par de clics con el rat\u00f3n que acudir a la tienda.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-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-3265\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/2-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>No obstante, esto no deber\u00eda sorprender a muchos: esta tendencia sectorial negativa es bien conocida, y las ca\u00eddas de estos t\u00edtulos han sido m\u00e1s bien lentas que abruptas, como puede verse en el gr\u00e1fico. Las viejas costumbres se resisten a morir.<\/p>\n<p>En cambio, el sector de la construcci\u00f3n ha mostrado un comportamiento diferente: las ca\u00eddas sufridas por los bonos de las constructoras italianas CMC Ravenna y Astaldi han sido considerables y se han producido en un plazo de tiempo mucho m\u00e1s reducido. Estas compa\u00f1\u00edas han acusado unos resultados mediocres y, en el caso de Astaldi, una operaci\u00f3n fallida de venta de activos y captaci\u00f3n de capital.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/3-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png\" data-rel=\"lightbox-image-2\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3266\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/3-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/3-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/3-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/3-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Esto nos da una buena idea del posible \u00abprecipicio\u00bb, y la rapidez de la ca\u00edda sugiere que quiz\u00e1 no se deba a retos fundamentales a largo plazo, que suelen abarcar un plazo de tiempo prolongado. \u00bfQu\u00e9 est\u00e1 ocurriendo? Dos aspectos vienen a la mente:<\/p>\n<ol>\n<li><strong>Lo peque\u00f1o es grande<\/strong>: los diferenciales de cr\u00e9dito llevan tiempo siendo relativamente estrechos, y las TIR totales son bajas. En este contexto, un peque\u00f1o cambio en la percepci\u00f3n de un cr\u00e9dito por parte de los inversores puede generar una fuerte ca\u00edda de su cotizaci\u00f3n. En el pasado, como revela el siguiente gr\u00e1fico, los mayores niveles de TIR y de cup\u00f3n ayudaron a amortiguar p\u00e9rdidas de capital, ya que la renta era un elemento mucho mayor de la rentabilidad total. En cambio, el precio al que cotizan muchos bonos hoy en d\u00eda descuenta un panorama fundamental \u00abperfecto\u00bb, con lo que cualquier deterioro \u2013sea cual sea su motivo\u2013 da pie a ca\u00eddas aparentemente m\u00e1s dram\u00e1ticas. <a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/4-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png\" data-rel=\"lightbox-image-3\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3267\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/5\/2021\/12\/4-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/4-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png 960w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/4-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP-300x225.png 300w, https:\/\/bondvigilantes.com\/espanol\/wp-content\/uploads\/sites\/5\/2021\/12\/4-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/li>\n<li><strong>Todo o nada<\/strong>: el entorno de TIR bajas tambi\u00e9n aumenta el riesgo de \u00abgaps bajistas\u00bb de otra forma: la mayor\u00eda de estos bonos podr\u00edan ver estabilizados sus precios cuando compradores marginales \u2013como por ejemplo los inversores en deuda <em>distressed<\/em>\u2013 comienzan a detectar valor. Dado que los inversores tienden a ver el valor de recuperaci\u00f3n en una situaci\u00f3n de impago como un suelo de valoraci\u00f3n (en lugar de renta), el descenso de precio de un bono con una TIR baja pero solvente a su valor nominal hasta un bono moroso que cotice a su valor de recuperaci\u00f3n puede ser mucho mayor.<\/li>\n<\/ol>\n<p>Estas situaciones revelan que el entorno actual de TIR bajas, diferenciales estrechos y ralentizaci\u00f3n del crecimiento en Europa hace que los bonos high yield se comporten de forma distinta a lo que hemos visto en el pasado. Por este motivo, creo que los inversores en deuda high yield europea deber\u00edan ser m\u00e1s conscientes de lo habitual del riesgo asim\u00e9trico a la baja. Los intentos de lograr de 50 a 100 puntos b\u00e1sicos de renta adicional aqu\u00ed y all\u00e1 pueden verse f\u00e1cilmente anulados por una ca\u00edda repentina del 25% en el precio de una sola posici\u00f3n. Como siempre, el mercado high yield requiere un enfoque<em> bottom-up<\/em>, y una selecci\u00f3n rigurosa es de crucial importancia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Este a\u00f1o no ha sido precisamente de los mejores en t\u00e9rminos de rentabilidad total en el mercado de deuda high yield europea: el ensanchamiento de los diferenciales ha conducido a peque\u00f1as p\u00e9rdidas de capital apenas compensadas por una renta relativamente baja del 3,2%, lo cual ha resultado en una rentabilidad total an\u00e9mica del 0,22% en 2018 hasta la fecha. \u00bfUn a\u00f1o insulso y aburrido, entonces? S\u00ed, pero solo a nivel superficial: las tendencias subyacentes son mucho m\u00e1s interesantes y relevantes para los inversores. Cada a\u00f1o,&#8230;<\/p>\n","protected":false},"author":62,"featured_media":3263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[222,277],"tags":[33,279],"class_list":["post-3242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bonos-corporativos","category-europa","tag-high-yield","tag-mercado-high-yield-europeo"],"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>Mire donde pisa: riesgo de precipicios en deuda high yield europea - Espa\u00f1ol<\/title>\n<meta name=\"description\" content=\"Este a\u00f1o no ha sido precisamente de los mejores en t\u00e9rminos de rentabilidad total en el mercado de deuda high yield europea: el ensanchamiento de los\" \/>\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\/10\/watch-step-cliff-edge-risk-european-high-yield\/\" \/>\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=\"4 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/10\\\/watch-step-cliff-edge-risk-european-high-yield\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/10\\\/watch-step-cliff-edge-risk-european-high-yield\\\/\"},\"author\":{\"name\":\"James Tomlins\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/#\\\/schema\\\/person\\\/191e5927bd1b373f71f0eb68646d0f9f\"},\"headline\":\"Mire donde pisa: riesgo de precipicios en deuda high yield europea\",\"datePublished\":\"2018-10-02T10:23:15+00:00\",\"dateModified\":\"2021-12-03T16:16:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/10\\\/watch-step-cliff-edge-risk-european-high-yield\\\/\"},\"wordCount\":763,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/10\\\/watch-step-cliff-edge-risk-european-high-yield\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2021\\\/12\\\/1-SP-Watch-Your-Step-Cliff-Edge-risk-in-European-High-Yield-SP.png\",\"keywords\":[\"high yield\",\"Mercado high yield europeo\"],\"articleSection\":[\"Bonos corporativos\",\"Europa\"],\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/10\\\/watch-step-cliff-edge-risk-european-high-yield\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/10\\\/watch-step-cliff-edge-risk-european-high-yield\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/espanol\\\/2018\\\/10\\\/watch-step-cliff-edge-risk-european-high-yield\\\/\",\"name\":\"Mire donde pisa: riesgo de precipicios en deuda high yield europea - 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