Cambios en la Rentabilidad en una Reestructuración de Obligaciones

Jean Paul Loffredo

X-pedientes_Económicos, 2018, vol. 2, issue 2, 37-55

Abstract: When a bonds issuer proposes a restructuring of the financial conditions the investor faces a trade-off and, for taking a supported decision, he needs to know all the involved aspects, specially its profitability. Nevertheless, this aspect has not been considered in the restructuring processes made in the Ecuadorian stock markets. In this paper it is demonstrated that the yield of a bond that is restructured could be affected and if it is related with the potential new term the investor will have a better criteria for taking his decision. Moreover, it’s proposed a methodology to measure this effect and it’s proposed its use when an issuer is going to make a restructuring which has to be approved by the "Superintendencia de Compañías, Valores y Seguros" of Ecuador.

Date: 2018
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