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Garantía Total de Crédito: la nueva herramienta para apoyar a los mercados de capitales en América Latina

Durante la última década se ha visto una expansión considerable de proyectos de energía renovable en América Latina y el Caribe, que ha ayudado no solo a equilibrar la matriz energética, sino también a abaratar el costo de la energía renovable. Sin embargo, esta expansión es aún relativa, y se necesita inversión y recursos adicionales para reducir la brecha existente, calculada en unos US$50.000 millones al año, y financiar de forma competitiva proyectos de energía renovable en la región. Así, resulta clave desarrollar eficientemente el mercado de capitales, movilizando la liquidez de inversores institucionales locales, fondos de pensiones y multifamily offices para llevar a cabo las inversiones necesarias.

Así nació la Garantia Total de Crédito (TCG) un instrumento diseñado por BID Invest, para reducir el riesgo de emisiones de bonos que se realizan para financiar proyectos de infraestructura y energía, mediante la cual BID Invest garantiza al bonista el pago de principal e intereses durante la vida del bono.

La primera TCG se emitió exitosamente en Brasil, para dar una cobertura total a la emisión de bonos para financiar el parque eólico Santa Vitoria do Palmar, construido por el fondo británico ACTIS y situado en la región de Rio Grande do Sul. El parque tiene una capacidad de 295 megavatios (MW) y con un costo total de $1.400 millones de reales, fue financiado parcialmente a través de préstamos a largo plazo de bancos de desarrollo locales (BNDES y BRDE) de $680 millones de reales y capital de su sponsor y caja generada durante la construcción de $615 millones de reales.

El financiamiento se completó a través de la emisión de un bono de infraestructura incentivado — conocido también como debenture de infraestructura– por R$105 millones en el mercado de capitales local; para asegurar la suscripción del bono, a un plazo y precio competitivo, era clave cubrirlo con una garantía. Así BID Invest emitió la TCG para la emisión de Santa Vitoria, garantizando el pago principal e intereses a los inversores de la debenture. La TCG a su vez incorpora un colchón adicional de cobertura, llegando en este caso a una cobertura de $125 millones de reales para una emisión de $105 millones de reales, para así proteger a los bonistas de posibles cambios macroeconómicos que puedan incrementar drásticamente la inflación.

¿Cómo funciona la garantía total de crédito?

Mediante la TCG, BID Invest cubre las obligaciones de pago de principal e intereses durante el plazo del bono, lo que disminuye sustancialmente el riesgo de la emisión. Así se incentiva la sobresuscripción de los inversores y por tanto la competitividad del precio. En el supuesto de ser llamada la garantia, BID Invest tiene la obligación de realizar el pago a los bonistas; ya sea parcial, en el supuesto de que el Proyecto incumpla hasta dos fechas de pago consecutivas o tres no consecutivas, o un pago total, cuando el proyecto ha incumplido más de dos pagos de forma consecutiva o tres pagos de forma no consecutiva; o bien cuando BID Invest determine que se ha dado un evento de aceleración y es pertinente proteger a los bonistas prepagándoles, y entrar en la transacción como prestamista senior. Los pagos realizados por BID Invest a los bonistas, generan a su vez una obligación de repago del Proyecto a BID Invest, estructurada a lo largo de la vida remanente del bono.

La emisión de Santa Vitoria, cubierta por la TCG de BID Invest tuvo una sobre suscripción cinco veces mayor del monto que se necesitaba para el proyecto (con ofertas de hasta $525 millones de reales para una emisión de $105 millones de reales) a un plazo de 13,5 años, lo que está muy por encima del estándar de mercado. La emisión además obtuvo un rating crediticio AAA (local) por Fitch Ratings, el más alto posible en el mercado local, lo que generó un efecto catalizador muy significativo. Así, la emisión se cerró con un total de 16 inversores, entre los cuales hay fondos de inversión locales, bancos brasileños, bancos internacionales con presencia local y multifamily offices.

Cuando el inversor compra un bono de un proyecto cubierto por la TCG de BID Invest, lo hace sabiendo que no está comprando riesgo proyecto, sino el riesgo del Grupo BID (el BID tiene un rating de AAA Internacional y BID Invest de AA+ Internacional), lo cual le da visibilidad clara de repago durante la vida del bono. Además, como la garantía de BID Invest se emite bajo ley de Nueva York, el pago es independiente de cualquier coyuntura política o macroeconómica que se produzca en el país donde está emplazado el proyecto.

La TCG es un instrumento innovador replicable en la región que no solo ayuda al desarrollo de proyectos de infraestructura y energía, sino también a desarrollar de manera eficiente el mercado de capitales de la región. BID Invest sigue innovando con este fin, y hay otras herramientas que ya están en estructuración, como la posibilidad de suscribir directamente las debentures o la creación de un fondo de deuda para invertir en proyectos de infraestructura y energía.


Acerca del Autor / Rafael Matas

Rafael Matas
Experto en financiamiento de proyectos estructurados de energía e infraestructura, Rafael Matas Trillo es Oficial de Inversiones Líder de BID Invest. Rafael, de nacionalidad española, ha recibido varios premios a la innovación en la ejecución de proyectos, entre los cuales el 2016 Latin Finance Deal of the Year por el Mejor Proyecto de Energía Renovable (Proyecto Eólico Colonia Arias en Uruguay), el 2017 IJ Global Global Latin America Transmission Deal of the Year (Línea de Transmisión Melo-Tacuarembó en Uruguay) y el 2017 Bond and Loans Deal of the Year (Proyecto Eólico el Corti en Argentina). Rafael tiene sólida experiencia en originación y estructuración de complejas, multimillonarias transacciones financieras en Latinoamérica y en el Caribe. Antes de BID Invest trabajó como Analista de Crédito y Relationship Manager en BBVA. Posee un Máster en Relaciones Internacionales por la Universidad de Georgetown, y Licenciatura y Máster en Derecho por ESADE.

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