{"id":7235,"date":"2012-06-28T19:45:33","date_gmt":"2012-06-28T19:45:33","guid":{"rendered":"https:\/\/cartesio.com\/?post_type=noticia&p=7235"},"modified":"2025-05-15T08:23:47","modified_gmt":"2025-05-15T08:23:47","slug":"bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo","status":"publish","type":"noticia","link":"https:\/\/cartesio.com\/en\/noticia\/bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo\/","title":{"rendered":"Bolsa y cr\u00e9dito espa\u00f1ol se divorcian\u2026 por poco tiempo"},"content":{"rendered":"

Estamos asistiendo este Junio de la Eurocopa a una divergencia muy fuerte entre la evoluci\u00f3n de la bolsa Espa\u00f1ola, un 9% arriba, y el cr\u00e9dito, deuda p\u00fablica y en especial corporativa, que est\u00e1 con diferenciales en m\u00e1ximos respecto al bono alem\u00e1n y en CDS. Como ejemplo vemos que el CDS de cinco a\u00f1os de Telef\u00f3nica est\u00e1 en 558 bps, m\u00e1ximo hist\u00f3rico, y su bono cotiza al 7% (5% a finales de Mayo) mientras la acci\u00f3n ha subido un 9% en el mes. Es verdad que la bolsa espa\u00f1ola o Telef\u00f3nica llevan arrastrando ca\u00eddas muy superiores durante m\u00e1s tiempo y que el mercado est\u00e1 empezando a descontar un posible rescate de Espa\u00f1a con tipos iguales o mayores que los de Irlanda y con tipos en Portugal Telecom, por ejemplo, s\u00f3lo un poco por encima de los de Telef\u00f3nica.<\/p>\n\n\n\n

Est\u00e1 claro que ni el fondo ni la forma de la pol\u00edtica econ\u00f3mica espa\u00f1ola convence a propios o extra\u00f1os y que por mucho que echemos la culpa a Europa nos queda mucho por hacer y demostrar. Creemos que las rentabilidades actuales de la renta fija de grandes empresas con una significativa presencia de activos y cash flow en el exterior (Telef\u00f3nica, Repsol, Gas Natural, Iberdrola, BBVA, Santander) son una gran oportunidad de inversi\u00f3n y est\u00e1n demasiado contaminados por la prima de riesgo espa\u00f1ola. Tambi\u00e9n creemos que la bolsa no puede seguir subiendo si el cr\u00e9dito de nuestras empresas y de nuestro gobierno mantiene la evoluci\u00f3n que estamos viendo estos d\u00edas.<\/p>","protected":false},"excerpt":{"rendered":"

Estamos asistiendo este Junio de la Eurocopa a una divergencia muy fuerte entre la evoluci\u00f3n de la bolsa Espa\u00f1ola, un 9% arriba, y el cr\u00e9dito, deuda p\u00fablica y en especial corporativa, que est\u00e1 con diferenciales en m\u00e1ximos respecto al bono alem\u00e1n y en CDS. Como ejemplo vemos que el CDS de cinco a\u00f1os de Telef\u00f3nica […]<\/p>","protected":false},"author":4,"parent":0,"template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_mo_disable_npp":"","inline_featured_image":false,"_uag_custom_page_level_css":""},"noticias-categoria":[31],"class_list":["post-7235","noticia","type-noticia","status-publish","hentry","noticias-categoria-opiniones"],"acf":{"title_img":{"ID":7236,"id":7236,"title":"Bolsa y cre\u0301dito espan\u0303ol se divorcian\u2026 por poco 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m\u00e1s ideas y noticias de Cartesio."},"yoast_head":"\nBolsa y cr\u00e9dito espa\u00f1ol se divorcian\u2026 por poco tiempo - cartesio<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cartesio.com\/en\/noticia\/bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bolsa y cr\u00e9dito espa\u00f1ol se divorcian\u2026 por poco tiempo\" \/>\n<meta property=\"og:description\" content=\"Estamos asistiendo este Junio de la Eurocopa a una divergencia muy fuerte entre la evoluci\u00f3n de la bolsa Espa\u00f1ola, un 9% arriba, y el cr\u00e9dito, deuda p\u00fablica y en especial corporativa, que est\u00e1 con diferenciales en m\u00e1ximos respecto al bono alem\u00e1n y en CDS. 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Como ejemplo vemos que el CDS de cinco a\u00f1os de Telef\u00f3nica […]","og_url":"https:\/\/cartesio.com\/en\/noticia\/bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo\/","og_site_name":"cartesio","article_modified_time":"2025-05-15T08:23:47+00:00","twitter_card":"summary_large_image","twitter_site":"@Cartesioinv","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/cartesio.com\/noticia\/bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo\/","url":"https:\/\/cartesio.com\/noticia\/bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo\/","name":"Bolsa y cr\u00e9dito espa\u00f1ol se divorcian\u2026 por poco tiempo - cartesio","isPartOf":{"@id":"https:\/\/cartesio.com\/#website"},"datePublished":"2012-06-28T19:45:33+00:00","dateModified":"2025-05-15T08:23:47+00:00","breadcrumb":{"@id":"https:\/\/cartesio.com\/noticia\/bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cartesio.com\/noticia\/bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cartesio.com\/noticia\/bolsa-y-credito-espanol-se-divorcian-por-poco-tiempo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cartesio.com\/"},{"@type":"ListItem","position":2,"name":"Bolsa y cr\u00e9dito espa\u00f1ol se divorcian\u2026 por poco tiempo"}]},{"@type":"WebSite","@id":"https:\/\/cartesio.com\/#website","url":"https:\/\/cartesio.com\/","name":"cartesio","description":"","publisher":{"@id":"https:\/\/cartesio.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cartesio.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/cartesio.com\/#organization","name":"cartesio","url":"https:\/\/cartesio.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cartesio.com\/#\/schema\/logo\/image\/","url":"https:\/\/cartesio.com\/wp-content\/uploads\/2025\/05\/favicon.svg","contentUrl":"https:\/\/cartesio.com\/wp-content\/uploads\/2025\/05\/favicon.svg","width":128,"height":128,"caption":"cartesio"},"image":{"@id":"https:\/\/cartesio.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/Cartesioinv"]}]}},"uagb_featured_image_src":[],"uagb_author_info":{"display_name":"Carmen Martinez","author_link":"https:\/\/cartesio.com\/en\/author\/carmen\/"},"uagb_comment_info":0,"uagb_excerpt":"Estamos asistiendo este Junio de la Eurocopa a una divergencia muy fuerte entre la evoluci\u00f3n de la bolsa Espa\u00f1ola, un 9% arriba, y el cr\u00e9dito, deuda p\u00fablica y en especial corporativa, que est\u00e1 con diferenciales en m\u00e1ximos respecto al bono alem\u00e1n y en CDS. Como ejemplo vemos que el CDS de cinco a\u00f1os de Telef\u00f3nica…","_links":{"self":[{"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/noticia\/7235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/noticia"}],"about":[{"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/types\/noticia"}],"author":[{"embeddable":true,"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:attachment":[{"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/media?parent=7235"}],"wp:term":[{"taxonomy":"noticias-categoria","embeddable":true,"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/noticias-categoria?post=7235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}