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¿Qué son los financiamientos de flujos futuros y sus beneficios?

Imagina que representas una compañía operacionalmente fuerte, en un país pequeño o insular, que has ayudado a crecer en un negocio en específico ligado a exportación de algún producto esencial (petróleo o cobre, por ejemplo) o al procesamiento de flujos financieros del extranjero (tarjetas de crédito o remesas, etc.) y tienen proyecciones prometedoras para el futuro. Adicionalmente, deseas diversificar tus fuentes de financiamiento actual, que provienen de fuentes más tradicionales como banca comercial o instituciones no financieras. ¿Sabías que los flujos de caja existentes y futuros de tu negocio podrían servir para obtener otra fuente de financiamiento distinta? Así funciona la titularización de flujos futuros, una alternativa conocida por pocos que tiene múltiples beneficios para las empresas de América Latina y el Caribe.

Un financiamiento de flujos futuros permite a una empresa (bancaria o corporativa) monetizar un flujo de caja predecible existente y que espera continuar generando en el curso ordinario de su negocio. Los flujos generados por la empresa se utilizan para pagar el servicio de la deuda del financiamiento a los inversionistas. Algunos ejemplos de flujos futuros de activos utilizados en los mercados de capitales incluyen: 1) Flujos futuros financieros como pagos de comprobantes de tarjetas de crédito internacionales (Visa, MasterCard, American Express, entre otros), envíos de remesas familiares, pagos de inversión extranjera directa y 2) Flujos futuros de empresas como pagos por exportaciones de aluminio o zinc, o pagos denominados en dólares generados por la venta de tiquetes aéreos, entre otros.

Generalmente, los financiamientos de flujos futuros en moneda extranjera involucran la creación de sociedades de propósito especial (SPV, por sus siglas en inglés) en una jurisdicción diferente a la de la empresa originadora de los flujos. La empresa originadora, por medio de una venta real, respaldada por una opinión legal de un despacho de abogados acreditado, vende al SPV la propiedad de los flujos futuros.

La constitución de un SPV fuera del país de la empresa originadora permite, a los inversionistas, mitigar algunos riesgos tales como el de convertibilidad y transferencia. En muchos casos, esta reducción del riesgo se materializa a través de la obtención de una calificación de riesgo internacional para el financiamiento de flujos futuros superior a la calificación de la misma empresa (que implicar una reducción en el costo de financiamiento). En otras palabras, tanto las empresas como los inversionistas se benefician.

En este gráfico se muestra el diagrama de flujos en una transacción de flujos futuros financieros:

¿Cuáles son las ventajas de los financiamientos de flujos futuros?

  1. Financiamiento de largo plazo:

Los plazos tienden a ser más extensos que los financiamientos de la banca comercial. Los plazos se pueden ubicar entre los cinco y 10 años. Recientemente, BID Invest aprobó la suscripción de una nota a ser emitida por el programa de flujos futuros de la Federación de Cajas de Crédito y Bancos de los Trabajadores (Fedecredito) por US$15 millones y un plazo de siete años.

  1. Plataforma diversificada de fondos:

Facilita la creación de una plataforma de financiamiento que permite múltiples emisiones, siempre y cuando se cumplan requisitos mínimos de cobertura de deuda y crecimiento de flujos. Abriendo la participación a múltiples inversionistas institucionales, a lo largo del tiempo.

  1. Impacto en el desarrollo en países pequeños e insulares:

La capacidad de mitigar ciertos riesgos soberanos en estas transacciones les permite a los inversionistas invertir con mayor seguridad, en actividades que generen un impacto en el desarrollo de los países de la región. En 2013, el Banco Industrial de Guatemala emitió un bono a diez años, donde el Grupo BID adquirió US$150 millones, para incrementar el acceso al financiamiento de las micro, pequeñas y medianas empresas, con enfoque especial en las áreas rurales y en los negocios liderados por mujeres en Guatemala.

Las titularizaciones de flujos futuros son una fuente de fondeo alternativa que puede ayudar a potenciar el crecimiento de tu negocio, mejorar la administración de riesgos en tu empresa y ampliar la base de fuentes de fondeo a inversionistas institucionales internacionales. Si quieres más información te invitamos a visitar nuestra página web de soluciones de mercados de capitales.


Este blog fue publicado originalmente en Negocios Sostenibles.

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