En la última década se han venido desarrollando una gran variedad de instrumentos financieros que permiten a los diversos agentes de la economía obtener recursos a menores costos. Uno de estos mecanismos está constituido por la titularización de los activos de las empresas. La idea que subyace de estos esquemas es lograr la transformación de activos ilíquidos (no susceptibles de negociación) en recursos actuales (anticipar a valores actuales flujos de caja de futuros), permitiendo de este modo su libre aplicación a las necesidades reales de las empresas. Es a este proceso lo que la doctrina más autorizada denomina la “metamorfosis de los activos” (Steven L. Schwarcz).
La titularización de activos envuelve fundamentalmente la emisión de títulos valores garantizados, o de cualquier forma asegurados, por una masa de activos financieros debidamente agrupados en un pool de activos y en algunos casos medien otras garantías bancarias, tales como las fianzas o las cartas de crédito stand-by. Tales activos deben ser transferidos a un “vehículo de propósito especializado” quien procedería a emitir los títulos valores correspondientes. Estos activos pueden incluir, entre otros, préstamos hipotecarios, préstamos para vehículos, créditos derivados de tarjetas de crédito y, cualquier otra factura comercial de la cual se desprenda un crédito o un derecho y genere un flujo de caja periódico. En general, los poseedores de los títulos valores emitidos adquieren los títulos no tanto por la seguridad que les ofrece el emisor de los mismos, sino por la naturaleza de los activos financieros que soporta la operación. La fuente de pago de los referidos títulos valores estaría determinada por el flujo de caja que generen las cuentas por cobrar o derechos que forman el pool de activos.
Imagen: Andrea Boldizsar – Unsplash
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