La aprobación en general del proyecto de ley que busca eliminar a la Unidad de Fomento (UF) en la comisión de Economía de la Cámara de Diputados, para los contratos de arriendos, hipotecarios, educación y salud, encendió las alarmas en el mercado financiero local.
“No hay ningún beneficio en pensar que, eliminando el instrumento que mide la inflación, ésta se va a acabar. En la práctica, lo que pasaría es que todo ese riesgo sería traspasado a los consumidores”, alertó el gerente comercial de MBI Inversiones, José Miguel Matte.
Aunque acotado a los sectores que dispone el proyecto, el gerente general de la Asociación de Bancos e Instituciones Financieras (Abif), Luis Opazo, preve impactos en el mercado de capitales.
“También se afectaría el mercado de bonos y otros instrumentos financieros utilizados por las aseguradoras y fondos de inversión, reduciendo las alternativas de inversión segura y de largo plazo para quienes dependen de pensiones o rentas vitalicias”, advirtió el líder gremial.
Esto en un contexto en que “prácticamente el 100% de las emisiones de compañías chilenas hechas en Chile son en UF, hay algunas excepciones en financieras no bancarias, pero el resto del mercado funciona en esta herramienta”, destacó el head de estrategia de renta fija de Falcom Asset Management, Ignacio Godoy.
“El 15 julio, el Banco de Chile emitió un bono en UF bullet al 2044 (por UF 1,6 millones), que va directamente a fondear la cartera de créditos hipotecarios, por lo que tiene un impacto directo en las personas de desaparecer la UF”, alertó Godoy.
Asimismo, los bonos de la Tesorería General de la República en UF, anotaron una circulación diaria de UF 1.1011 millones, es decir, unos $ 39,7 billones (millones de millones), el 15 de julio, mientras que los nominados en pesos alcanzaron un stock de $ 51,74 billones.
De esta manera, la deuda indexada en UF se ha transformado en un refugio de alta demanda para quienes “buscan la preservación de capital”, explicó Godoy. De acuerdo al último reporte mensual de la Asociación de Fondos Mutuos de Chile, los vehículos pertenecientes a las categorías de instrumentos indexados anotaron un patrimonio de $ 17,74 billones (millones de millones) a junio pasado, con 434 mil inversionistas, de un universo total de $ 85 billones en activos y 3,69 millones de partícipes.
El head de renta fija de Falcom destacó que «los inversionistas en Chile somos afortunados de tener un mercado de deuda corporativa profundo que está vinculado a la inflación».
Es por esto que los bonos en UF también reciben el impulso de una alta demanda por parte de la industria de fondos mutuos, a los que se suman las compañías de seguros, cuyos pasivos están indexados en parte importante a esta unidad financiera (rentas vitalicias), y las AFP.
FUENTE DF
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