{"id":11096,"date":"2022-12-21T11:27:14","date_gmt":"2022-12-21T11:27:14","guid":{"rendered":"https:\/\/www.martinsdelima.com\/derivados\/"},"modified":"2026-02-08T20:03:32","modified_gmt":"2026-02-08T20:03:32","slug":"derivados","status":"publish","type":"page","link":"https:\/\/www.martinsdelima.com\/pt-pt\/derivados\/","title":{"rendered":"Derivados"},"content":{"rendered":"\t\t
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Assessoria Financeira (Advisory)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Derivados<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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O nosso cliente, um fundo que detinha uma participa\u00e7\u00e3o maiorit\u00e1ria numa concession\u00e1ria de autoestradas, percebeu que o financiamento do projeto (Project Finance) tinha dois tipos de permutas (swaps): uma de infla\u00e7\u00e3o e outra de taxa de juro. O fundo viu uma oportunidade de realizar v\u00e1rias dezenas de milh\u00f5es de euros do investimento. <\/p>

O nosso cliente, ao realizar certos c\u00e1lculos, percebeu que a permuta de infla\u00e7\u00e3o estava a ganhar mais de 70 milh\u00f5es de euros, enquanto as de taxa de juro estavam a perder um valor ligeiramente superior.<\/p>

A sua ideia consistia em cancelar a permuta de infla\u00e7\u00e3o, deixando sem cancelar as de taxa de juro. Efetivamente, cancelar essa permuta permitiria o ingresso em dinheiro de uma quantia muito significativa. Mas isso n\u00e3o significava que fosse algo positivo para a concession\u00e1ria. <\/p>

Os derivados t\u00eam de ser valorizados ao valor de mercado. Realizar esse valor do derivado n\u00e3o implicava que a concession\u00e1ria entrasse em lucros. O motivo \u00e9 que realizar o benef\u00edcio da permuta de infla\u00e7\u00e3o n\u00e3o implicava que a perda do derivado de taxa de juro deixasse de existir. Pelo que, do ponto de vista da gera\u00e7\u00e3o de benef\u00edcios, a opera\u00e7\u00e3o proposta era neutra. <\/p>

Mas, al\u00e9m disso, o cancelamento de uma permuta implica custos de cancelamento que incluem custos de comiss\u00f5es banc\u00e1rias e notariais. Esses custos, logicamente, t\u00eam impacto na conta de resultados. Pelo que a opera\u00e7\u00e3o proposta implicava piores resultados do que deixar a permuta (swap) de infla\u00e7\u00e3o sem cancelar. <\/p>

Finalmente, convencemos o cliente de que a estrutura concebida anteriormente era perfeita do ponto de vista da cobertura de riscos. O motivo \u00e9 que a permuta de infla\u00e7\u00e3o cobria as situa\u00e7\u00f5es em que as portagens n\u00e3o tinham subido nada, j\u00e1 que a infla\u00e7\u00e3o tinha passado por \u00e9pocas de valor 0 e negativo. A permuta de taxas de juro fazia o mesmo com as taxas de juro, fixando-as num valor fixo invari\u00e1vel face aos movimentos das taxas. <\/p>

Ou seja, a concession\u00e1ria tinha benef\u00edcios fixos independentes dos movimentos de infla\u00e7\u00e3o ou taxas de juro. Pelo que a concession\u00e1ria gozava da situa\u00e7\u00e3o de riscos ideal num neg\u00f3cio, j\u00e1 que era imut\u00e1vel ao que ocorresse nas vari\u00e1veis macroecon\u00f3micas e dependia apenas dos carros que circulavam pela autoestrada. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\"\"<\/figure>

Rafael Martins de Lima<\/h3>

S\u00f3cio Diretor<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\trafael@martinsdelima.com\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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O nosso contacto<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Martinsdelima\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Na martinsdelima<\/strong> podemos ajudar!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tVer mais<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Assessoria Financeira (Advisory) Derivados O nosso cliente, um fundo que detinha uma participa\u00e7\u00e3o maiorit\u00e1ria numa concession\u00e1ria de autoestradas, percebeu que o financiamento do projeto (Project Finance) tinha dois tipos de permutas (swaps): uma de infla\u00e7\u00e3o e outra de taxa de juro. O fundo viu uma oportunidade de realizar v\u00e1rias dezenas […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/template-pagebuilder-full-width.php","meta":{"footnotes":""},"class_list":["post-11096","page","type-page","status-publish","hentry"],"yoast_head":"\nDerivados - Martinsdelima<\/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:\/\/www.martinsdelima.com\/pt-pt\/derivados\/\" \/>\n<meta property=\"og:locale\" content=\"pt_PT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Derivados - Martinsdelima\" \/>\n<meta property=\"og:description\" content=\"Assessoria Financeira (Advisory) Derivados O nosso cliente, um fundo que detinha uma participa\u00e7\u00e3o maiorit\u00e1ria numa concession\u00e1ria de autoestradas, percebeu que o financiamento do projeto (Project Finance) tinha dois tipos de permutas (swaps): uma de infla\u00e7\u00e3o e outra de taxa de juro. 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