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Tendencias de las emisiones de bonos en el exterior de empresas en América Latina

Author

Listed:
  • Castillo, Paul
  • Luna, Miriam
  • Vega, Hugo

Abstract

Este documento analiza la tendencia reciente de las emisiones de bonos en el mercado financiero internacional de las empresas privadas en América Latina. Los datos muestran un incremento en el nivel de emisiones y del plazo de los bonos, evidenciando la mayor apertura de las empresas latinoamericanas en el mercado de capitales internacional y mejores condiciones de financiamiento. El análisis de correlaciones condicionales dinámicas de las tasas de rendimiento de los bonos y un conjunto de índices globales señalan que los recientes episodios de volatilidad financiera no han modificado las correlaciones históricas en dichos mercados. Un análisis financiero de los ratios de liquidez, rentabilidad y solvencia de las empresas emisoras muestra que hasta el momento dichos indicadores presentan un reducido deterioro como resultado del mayor endeudamiento en moneda extranjera. Ello sugiere que el riesgo del creciente acceso a los mercados internacionales sería acotado.

Suggested Citation

  • Castillo, Paul & Luna, Miriam & Vega, Hugo, 2015. "Tendencias de las emisiones de bonos en el exterior de empresas en América Latina," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 30, pages 57-72.
    • Handle: RePEc:rbp:esteco:ree-30-03
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    References listed on IDEAS

    as
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    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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