Avales y caución
Garantía financiera
Garantiza una obligación de pago determinada —un flujo de arrendamiento, una línea de financiación de stock de concesionario, un precio aplazado— cuando el beneficiario necesita el respaldo de una aseguradora detrás de una contraparte que no puede evaluar por completo.
Boland's Quay, Dublín · William Murphy, CC BY-SA 2.0
Para quién es
Arrendadores, entidades financiadoras y tesoreros corporativos
Qué hace
- Cobertura de una obligación identificada con un límite máximo de responsabilidad
- Se utiliza para reforzar la solvencia de una contraparte en una operación concreta
- Solo se emite cuando la obligación subyacente es cuantificable y tiene fecha
- Sujeto a un análisis financiero completo y, por regla general, a contragarantía de la matriz
El producto en detalle
A financial guarantee stands behind a payment rather than behind a performance. The beneficiary — a lessor, a funder, a vendor taking deferred consideration — has a counterparty whose covenant it cannot fully assess, and a defined obligation it needs paid. We guarantee that obligation, up to a stated maximum, for a term matched to it.
It is the most carefully rationed instrument in the range, and the most heavily underwritten. A performance bond can be released by the contract being completed; a payment obligation is only discharged by the money arriving. So we write these only where the obligation is quantifiable, dated and capable of being tracked — a lease stream, a floorplan facility, a deferred consideration schedule — and ordinarily only with a parent counter-indemnity behind it.
What it buys the beneficiary is a change of counterparty. Instead of assessing an operating company it cannot see through, it takes the covenant of a regulated insurer with published solvency figures. That is why the instrument exists, and why the underwriting behind it has to be as thorough as a lender’s.
Documentación
La documentación de producto se facilita a los intermediarios acreditados. Pídala a su suscriptor o solicítela mediante el formulario de consulta.
- Formulario de solicitud de garantía financieraA petición
- Plantilla de resumen de la obligaciónA petición
Cómo funciona
Qué ocurre, en orden
Desde la primera consulta hasta el momento en que la cobertura, el contrato o la línea queda en vigor.
The obligation is defined
Amount, dates, payer, payee, and what constitutes non-payment. A guarantee of an obligation that cannot be stated precisely cannot be written.
Full financial review
Audited accounts, management figures, forecasts, banking covenants and group structure. Referral to the underwriting committee is the norm rather than the exception.
Security is agreed
Ordinarily a parent counter-indemnity, sometimes with cash collateral or a charge. The maximum liability is capped in the wording.
The guarantee runs with the obligation
It amortises as the obligation is paid down, and expires when the last payment is made or at the stated long-stop date.
Las cifras
Un ejemplo resuelto
Cálculos ilustrativos, para que la forma del producto se vea en lugar de describirse. Nada de lo que aquí figura es una oferta ni una proyección.
Guaranteeing a £1.2m lease stream
A lessor will fund £1.2m of plant for an operating subsidiary if the rental stream is guaranteed. The guarantee is written for the outstanding rentals over 48 months, capped at £1.2m, on our conditional wording with the parent counter-indemnifying.
The applicant is in band 3 — satisfactory, with some volatility — and management accounts are reviewed half-yearly.
- Importe del aval
- £1,200,000
- Plazo
- 48 meses
- Tasa de prima indicativa
- 1.87% anual
- Prima por el plazo
- £89,760
- Comisión de emisión y formalización
- £750
- Coste indicativo total
- £90,510
- Coste sobre el importe del aval
- 7.54% del importe del aval
Cómo se construye la tasa
- Tasa base — Garantía financiera1.50% anual
- Solidez financiera — Banda 3 — satisfactoria, con cierta volatilidad+15%
- Garantía aportada — Contragarantía de la matriz o de los administradores−10%
- Texto — Condicional: hay que acreditar el incumplimientoSin ajuste
- Beneficiario — Empleador corporativo en Irlanda, el Reino Unido o el EEE+5%
- Plazo — 37–60 meses+15%
Long-dated exposure carries a term loading because the underwriter cannot re-rate it: the guarantee is priced once and stands for four years, whatever happens to the applicant’s balance sheet in the meantime.
The guarantee amortises with the obligation
Outstanding rentals guaranteed over the 48-month lease, and the maximum liability that goes with them.
Ver estas cifras en una tabla
| Guaranteed obligation outstanding | |
|---|---|
| Issue | £1,200,000 |
| Year 1 | £900,000 |
| Year 2 | £600,000 |
| Year 3 | £300,000 |
| Year 4 | £0 |
Idoneidad
Dónde encaja Garantía financiera
Los casos que resuelve, los que no, y lo que un suscriptor necesita antes de tarificar.
Es la respuesta adecuada cuando
- A funder needs an insurer’s covenant behind a specific, dated payment obligation.
- A vendor is taking deferred consideration and wants it secured.
- A dealer floorplan or lease facility is conditional on external credit support.
Conviene mirar otra cosa cuando
- The obligation is open-ended, undated or contingent on something unquantifiable.
- The applicant cannot provide audited accounts or a counter-indemnitor.
- What is really wanted is cover for non-payment across a whole ledger — that is trade credit insurance.
Lo que necesitamos para tarificar
- 1.The underlying agreement, with the payment schedule.
- 2.Three years of audited accounts, current management figures and forecasts.
- 3.Group structure, banking covenants and the proposed counter-indemnitor.
Preguntas
Lo que los corredores nos preguntan sobre este producto
Why is the rate higher than a performance bond?
Because there is no performance that can discharge it. The obligation is money, the exposure is known, and the only ways out are payment or a claim — so it is priced as credit rather than as surety.
Will you guarantee a bank facility?
Not as a substitute for the bank’s own credit assessment. We guarantee defined commercial obligations, not general borrowings, and each case is referred.
Can the cap be increased later?
Only by re-underwriting. The cap is the maximum liability we have priced, so raising it is a new decision rather than an endorsement.
Solicitar información
Consúltenos sobre Garantía financiera
El formulario llega a un suscriptor en Dublín. Si es intermediario, indíquelo y lo dirigiremos a la mesa de corredores.