Fynsa
The private credit market faces a more challenging landscape in 2026, characterized by greater selectivity, lower liquidity, and a more demanding financial environment. However, attractive opportunities continue to emerge in Chile in segments where traditional banks have reduced their presence, particularly in infrastructure, energy, and corporate financing. For investors with a long-term horizon, the market now offers better structures, competitive spreads, and a growing focus on credit quality.
The February Imacec once again showed a year-over-year decline (-0.3%), which, unlike the previous month, came as a complete surprise. Now is the time to put our skills to work and try to minimize these effects on our performance.
Subordinated debt appears to be a middle ground: it costs more in coupons than a traditional bond, yes, but it buys financial flexibility and, in many cases, improves capital readings due to its subordination, long term, and certain contractual options.
The world is becoming electrified, AI is growing, and clean energy is advancing. Can copper keep pace?
Looking ahead to 2026, Chile continues to stand out for its attractive risk-return ratio. Improved terms of trade, greater macroeconomic stability, and still attractive valuations position us for another positive year for local assets.
Inflation cannot be controlled with a magic wand; it is controlled by working every day to achieve this. Even when others do not cooperate.
Mortgage subsidies and a gradual adjustment in inventory are driving new signs of recovery in the housing market.
We believe Chile continues to offer a good entry point toward 2026, with historically attractive real rates, equity valuations below their long-term averages and a discount relative to emerging markets, as well as catalysts that could favor a gradual re-rating of local assets.
