03 características de los bonos - ucm-universidad complutense...

Monografías de Juan Mascareñas sobre Finanzas Corporativas ISSN: 1988-1878

08. Características de los Activos Financieros de Renta Fija

Características de los Activos Características de los Activos Financieros de Renta FijaFinancieros de Renta Fija

© Juan Mascareñas

Universidad Complutense de Madrid

Versión inicial: mayo 1991 - Última versión: febrero 2013

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15

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df!/(-/1=!&'(7*>!-(!*'(7$3$'(&+!.*+3'&$7+!7'1!Adf?!H$!&*/(%0-**$7+%!%'$%!3'%'%!%-!.*'0$+!7'!3'*0/7+!/%80$'(7'!:! %-! *'(7$3$'(&+!C/%&/!'1! )'(0$3$'(&+! &+3/!-(!)/1+*!7'1! \=hdf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df!7'!1+%!3$%3+%=!'&0?=!0+(!1+%!,-'!0+(%&*-$*>!-(/%!9*>2$0/%!0+3+!1/%!,-'!/./*'0'(!'(!1/!2$9-*/!G?!"(!1/!,-'!%'!.-'87'!)'*!0+3+!T!&$'('!-(/!3'(+*!7$%.'*%$4(!J3'(+*!*$'%9+K!:!.+*!1+!&/(&+!3'(+*!*'(7$83$'(&+!*'/1$</7+N!3$'(&*/%!,-'!'1!&;&-1+!u!&$'('!-(!3/:+*!*$'%9+!J3/:+*!7$%.'*%$4(K!:!-(!3/:+*!*'(7$3$'(&+?!H'9-$7/3'(&'!0/10-1/*>! 1/!3'7$/!.+(7'*/7/!7'!7$0C+%!*'(7$83$'(&+%!*'/1$</7+%!0+(!1+!,-'!+6&'(7*>!'1!+*,)-.-*,/("*5:*+3)(?!B+*!%-.-'%&+=!'1!*'(87$3$'(&+! '%.'*/7+! 0+$(0$7$*>! 0+(! '1! .*+3'&$7+! %$! %'! '%.'*/! ,-'! 1/! '3.*'%/! 0-3.1/!0+(!&+7+%!%-%!./9+%=!.'*+!7'!(+!%'*!/%;!'1!*'(7$3$'(&+!'%.'*/7+!%'*>!%$'3.*'!$(2'*$+*!/1!.*+3'&$7+!.+*!'1!'3$%+*?!!

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16

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d = y + ! p1 - p

- y = p (y + ! )1 - p

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17

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18

H'!0/1$2$0/(!0+3+!z$()'*%$4({!%$!%-!(+&/!'%!$9-/1!+!%-.'*$+*!/!u//P!./*/!Y++7:~%!+!7'!uuu8!./*/!H|B!:!q$&0CN!%$!'%&-)$'*/!.+*!7'6/@+!%'!0/1$2$0/*;/(!0+3+!z(+!$()'*%$4({?!H$!%'!&*/&/!7'!)/1+*/*!'1!*$'%9+!7'!$(%+1)'(0$/!/!0+*&+!.1/<+!J./.'1!0+3'*0$/1!C/%&/!P`d!7;/%K!H|B!&$'('! 1/%!%$9-$'(&'%!0/1$2$0/0$+('%!7'!3'@+*!/!.'+*R!T8A=!T8G=!T8P=!u=!Z!:!Q! JI%&/%!7+%!51&$3/%!$(7$0/(!/1&/!.*+6/6$1$7/7!7'!$(%+1)'(0$/K?!

MOODY'S STANDARD & POOR'S FITCH-IBCA

Aaa Calidad superior AAA La mejor calificación Inversión

Aa1 AA+

Aa2 Alta calidad AA Calificación alta

Aa3 AA-

A1 A+

A2 Superior al grado medio A Por encima de la media

A3 A-

Baa1 BBB+

Baa2 De grado medio BBB Calificación media

Baa3 BBB-

Ba1 BB+ No

Ba2 Posee elementos especulativos BB Por debajo de la media-Especulativa

inversión

Ba3 BB-

B1 B+ B2 Le faltan características in-

versoras B Muy especulativa

B3 B-

CCC+

Caa Riesgo de impago CCC Totalmente especulativa

CCC- Ca Muy especulativa. Casi seguro

impago de intereses CC En proceso de quiebra pero

aún paga intereses

C Muy arriesgado C Impago, con calificación indicativa del valor de liquidación relativo.

CI Bonos que no pagan ningún cupón

DDD-D Insolvencia

Tabla 4. Los grados de calificación de Moody's, Standard & Poor's y Fitch-IBCA

!@"S#$%#4,)&+7)#*+#&D%.M.&D&.5-#*+#%D#*+(*D!S/! 0/1$2$0/0$4(! 7'! 1/! 7'-7/! 7'! -(/! 0+3./O;/! 0+(%$%&'! 6>%$0/3'(&'! '(! '1! /(>1$%$%! 7'!0-/&*+!&$.+%!7'!*$'%9+R!!!

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19

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03 características de los bonos - ucm-universidad complutense...

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