{"id":27439,"date":"2017-11-21T16:41:55","date_gmt":"2017-11-21T16:41:55","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=27439"},"modified":"2023-05-26T12:24:40","modified_gmt":"2023-05-26T10:24:40","slug":"tipos-interes-renta-fija-europa","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/tipos-interes-renta-fija-europa\/","title":{"rendered":"Tipos de inter\u00e9s y renta fija en Europa"},"content":{"rendered":"<p>\u00bfQu\u00e9 esperamos para el 2018?<!--more--><\/p>\n<p>Despu\u00e9s de un a\u00f1o m\u00e1s que aceptable en las rentabilidades de las carteras, la mayor\u00eda de los gestores debemos agradecer a los bancos centrales sus pol\u00edticas monetarias porque si no fuera as\u00ed, sus inversiones no habr\u00edan sido tan positivas.<\/p>\n<p>A principio de a\u00f1o la mayor\u00eda de los inversores apostaba por Europa vs. EEUU, y los mismos apuntaban como gran perdedora a la renta fija. Nada m\u00e1s lejos de la realidad.<\/p>\n<p>Pero dejemos atr\u00e1s el 2017 para centrarnos en el 2018 y valorar qu\u00e9 nos van a deparar los tipos de inter\u00e9s y el comportamiento de los bonos el pr\u00f3ximo a\u00f1o. Busquemos en primer lugar el punto de partida:<\/p>\n<p>&#8211; El BCE ha empezado a reducir las compras de bonos pasando de 60.000 a 30.000 millones mensuales, pero ampliando las compras hasta septiembre de 2018 (algunos analistas piensan que ser\u00e1 hasta final de a\u00f1o). Tampoco debemos olvidar que Draghi confirm\u00f3 que despu\u00e9s del final del QE los tipos se mantendr\u00edan pr\u00f3ximos a cero durante un largo periodo de tiempo.<\/p>\n<p>La primera conclusi\u00f3n que podemos sacar es que hasta el a\u00f1o 2020 no veremos las tan comentadas subidas de tipos de inter\u00e9s.<\/p>\n<p>Veamos un gr\u00e1fico de los tipos a 3 a\u00f1os del verano pasado y las rentabilidades actuales.<\/p>\n<h6><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-27440\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/graf1.png\" alt=\"\" width=\"1459\" height=\"873\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/graf1.png 1459w, https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/graf1-300x180.png 300w, https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/graf1-1024x613.png 1024w, https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/graf1-768x460.png 768w\" sizes=\"(max-width: 1459px) 100vw, 1459px\" \/><\/h6>\n<p><center><\/p>\n<h6>Datos tomados a trav\u00e9s de los futuros del Euribor<\/h6>\n<p><\/center><br \/>\n&nbsp;<\/p>\n<p>La parte m\u00e1s larga de la curva tiene otras consideraciones. Los datos econ\u00f3micos en Europa, tanto a nivel empresarial como en los datos macro, son francamente buenos: reducci\u00f3n del desempleo europeo, crecimientos de ventas y beneficios de las empresas, PIB cada vez m\u00e1s consistentes&#8230;<\/p>\n<p>Veamos c\u00f3mo se han comportado las curvas de tipos de inter\u00e9s hasta el plazo de 10 a\u00f1os, en enero 2017 y la curva actual.<\/p>\n<h6><img decoding=\"async\" class=\"aligncenter size-full wp-image- 27441\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/grafico2.png\" alt=\"\" width=\"1607\" height=\"879\" \/><\/h6>\n<p><center><\/p>\n<h6>Datos tomados a trav\u00e9s de Bloomberg<\/h6>\n<p><\/center><br \/>\n&nbsp;<\/p>\n<p>Como pueden observar la positivaci\u00f3n de la curva no ha sido tan significativa como cabr\u00eda esperar esperar si nos basamos en los datos macro y empresariales que estamos observando durante este a\u00f1o. Y esta ausencia de positivaci\u00f3n se debe a la falta de inflaci\u00f3n en Europa.<\/p>\n<p>En cualquier caso, la curva tender\u00e1 a subir cuanto m\u00e1s crezca la inflaci\u00f3n. Y si no fuera el caso, nos deberemos apoyar en la curva americana si la FED mantiene la pol\u00edtica de subidas de tipos. Por tanto, si nos debemos posicionar en el largo plazo la posici\u00f3n deber\u00eda ser subida de rentabilidades en el corto-medio plazo.<\/p>\n<p>Veamos una curva de los tipos de inter\u00e9s a 10 a\u00f1os desde el inicio de la crisis:<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-27442\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/grafico3.png\" alt=\"\" width=\"736\" height=\"529\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/grafico3.png 736w, https:\/\/www.tressis.com\/wp-content\/uploads\/2017\/11\/grafico3-300x216.png 300w\" sizes=\"(max-width: 736px) 100vw, 736px\" \/><\/p>\n<p>Actualmente el 10 a\u00f1os est\u00e1 a 0,82%. Si el crecimiento futuro se mantiene y mejora la inflaci\u00f3n deberemos buscar la primera resistencia en 1,30%.<\/p>\n<p>Seg\u00fan lo comentado, la gesti\u00f3n de Tressis se basar\u00e1 en la misma gesti\u00f3n que este a\u00f1o, pero siendo, y esto es lo m\u00e1s importante, muy selectivos en las inversiones a realizar valorando aquellas que tienen mayor recorrido v\u00eda precio, buscando mayor estrechamiento contra su <i>benchmark<\/i> y el comportamiento con sus comparables:<\/p>\n<p>&#8211; En el corto-medio plazo (hasta 4-5 a\u00f1os): buscar rentabilidades &gt; 2% con <i>carrys<\/i> positivos a trav\u00e9s de bonos\u00a0<i>high yield,<\/i>\u00a0emergentes e h\u00edbridos financieros.<\/p>\n<p>&#8211; En el largo plazo la inversi\u00f3n se har\u00e1 en bonos variables utilizando tanto para inversi\u00f3n como cobertura los futuros. Pensamos, por poner un ejemplo, que una rentabilidad del 10 a\u00f1os del bono alem\u00e1n en el 0,33% nos parece escasa seg\u00fan los datos macro y los beneficios empresariales de este a\u00f1o. Es cierto que los tipos se pueden relajar a\u00fan m\u00e1s, pero no es menos cierto que tenemos m\u00e1s que ganar que perder si pensamos que los tipos deben subir.<\/p>\n<p>&#8211; Y como hemos comentado antes, lo m\u00e1s importante es valorar correctamente el diferencial de cr\u00e9dito y sus comparables para saber cu\u00e1les son los bonos m\u00e1s baratos para invertir.<\/p>\n<p>En definitiva, otro a\u00f1o muy positivo para la renta fija y preparados para que el 2018 nos depare las mismas alegr\u00edas.<\/p>\n<p>&nbsp;<\/p>\n<p><center><strong>Gonzalo Ram\u00edrez<\/strong><br \/>\nDirector de Renta Fija y Estructurados<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00bfQu\u00e9 esperamos para el 2018?<\/p>\n","protected":false},"author":4,"featured_media":27444,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8554],"tags":[508,559,721,1054,1496,1766,2024,2556,2720,4876,5026,5313,5614,5693,6401,6782],"class_list":["post-27439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisis-e-inversiones","tag-bancos-centrales","tag-bce","tag-bonos","tag-carteras","tag-corto-medio-plazo","tag-datos-macro","tag-diferencial-de-credito","tag-europa","tag-fed","tag-pibs","tag-politicas-monetarias","tag-qe","tag-renta-fija","tag-rentabilidades","tag-subidas-tipos-de-interes","tag-usa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tipos de inter\u00e9s y renta fija en Europa<\/title>\n<meta name=\"description\" content=\"Los datos 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