Opening Commission
This fee is usually stated as a percentage of the amount of the loan or credit if the credit limit and is paid once a formalization of the credits Operation. very short term (less than one year) and small amounts, some banks do not charge interest, so these bank charges are the cornerstone of their cost.

Credit availability Commission
Recurring Commission is a percentage of average balance is not available during the period of payment of the same, usually every quarter.

Commission for modification of conditions
The entities are often paid a commission when a customer’s request, to amend any of the loan.

Commission of early termination
In the case of a credit for private expenses, the early cancellation fee may not exceed 3% of the advance of credit in case of fixed rate operation. The previous percentage drops to 1.5% for variable interest (Article 10 of Law 7 / 1995 of March 23, Consumer Credit).

Commission for reimbursement of effects
Whenever a company or an individual makes a deposit into a bank or a savings through a check or other order to pay must pay a commission to the financial institution for collection management. If, moreover, that check has no funds or is not satisfied by the debtor will have to pay a second commission for return of effects, to retrieve the check or bill.

The recession is forcing the governments of developed countries to put the machine in emissions at full capacity. Banks Société Générale and Goldman Sachs provide a placement of paper backed by states close to a billion euros in 2009 in the euro area, and around 2 trillion U.S. dollars. Regardless of how the market digested this avalanche of sovereign bonds (see attached information), the supply of these assets-usually regarded as a safe-is expanding dramatically, opening up investment choices for savers.

What time is the most interesting? What are the areas most attractive? What keys should be fixed? There is no single answer: it depends, as always, needs and objectives of each investor.

The first thing that is useful to distinguish whether the investment is made-to-maturity in which case it is payback plus interest (the coupon) that is received annually, or with intent to undo it before, which is being exposed the risks of trading on the market and the trend in interest rates.

The managers are incorporating small percentages of holdings of fixed income at risk

In the first case, that would be most suitable for the risk-averse savers, experts believe that the profitability of long-term bonds starting at 5 years is quite appealing in some European countries including Spain . Bonds Spanish ten years offer a return of 4197%. It is true that the Spanish government bond yield, which moves in the opposite direction to prices, has risen considerably by the reduction of the debt rating of the Kingdom of Spain (-AAA to AA +) – from the rating agency Risk Standard & Poor’s on January 19.

Low risk
However, professionals discarded the Spanish, despite going to take to address problems in the future to pay its debt, so do not hesitate to recommend these claims on the bonds of other European countries maintain the highest credit rating, such as Germany. “The spread between the bond and the German-Spanish around 110 basis points, not seen since before the launch of the euro, and more likely to be indicating that Spain could not remain in the single currency as it happened , “explains José Manuel Villamor, investment director of A & G.

Professionals “barely see value in bonds, the U.S. 10 years offers a 2759% – and the Germans-a 3087% for the same period and the highest point on the interest, after the Spanish assets of a French – 3566% – 4325% a-Italians – and a 5722 Greek-% -. And out the debt of countries exposed to Eastern Europe-area that is going to happen bad, like Austria.

In any case, experts say the long-term debt “is no longer active as a refuge,” says Ignacio Victoriano, an analyst at Renta 4. “If sales of equities and looking refugiarte in debt, it is better to do on short notice,” says this expert. This despite the fact that returns on these products is currently low. U.S. bonds to two years offer a return of 0875%, the Germans of 1298%%, and the Spaniards of 1452%.

Choosing a short term investment in government bonds given more leeway with regard to changes in interest rates.

Currently, expected cuts in the official price of European money, which is 2% – which would produce downward adjustments of the profitability of current emissions, which come together the resulting spike in prices. “What remains for lower rates in Europe is what we can gain from short-term debt,” said Ruben Garcia Paez, general manager of Threadneedle to Iberia, Italy and Latin America. This would be a bet on the appreciation of the title, something similar to investing in the stock market you are buying an asset at a price to sell more expensive.

Through funds
Whatever the time frame that works best in the interests of savers, and although the public debt market is perfectly accessible to the subject (see attached information), most experts recommend going into debt through the funds investment. However, one should bear in mind that these operators are betting on revaluations in both price and income via coupons, which invest in government bonds through funds may result in losses.

However, you can take advantage of movements in the curve of interest rates with less risk because it is managed by professionals, “said Marie Fernandez, manager of Bank Inversis. Investment in such assets through investment fund can also add a small percentage of exposure to fixed income with a higher risk but higher expected return, such as public debt of some emerging .

However, with “great care”, as stressed by Villamor. “We must be very selective, but some emerging countries are even stronger balance sheets than their counterparts. What is happening now is that with risk aversion, suffer more, but are an interesting option in the long term, local currency, “says Sasha Evers, director of BNY Mellon AM Iberia.

In this sense, Brazil is a market favorite of the experts and the public debt of the South American giant is the most weight in the BNY Mellon Emerging Markets Local Currency Debt Fund, which also includes the sovereign debt of nine other emerging countries . The fund accumulates some of the gains of 3.7% so far this year.

Another option proposed by the fund managers is to tap the opportunities of corporate bonds of high quality, incorporating a small percentage of these assets in the portfolios of bonds to try to scrape hints of profitability. This is how, for example, Threadneedle Target Return Fund, a “very conservative” (earns 8.26% in the last twelve months), composed of a majority of government debt – “a few months ago was totally debt” García-points, of which 67% is AAA, which is adding debt to investment grade corporate. It should be noted that this product is aimed at institutional investors.

Effects of paper that comes
What will happen with all that paper coming? “Everything depends on the team return and risk. Cost increases for government simply because it has a peak circulation of paper. But if he offers something interesting, buy, “says Ignacio Victoriano, an analyst at Renta 4.

Experts agree that, theoretically, with more paper in the market, states should launch emissions at lower prices and thus higher returns. But Marian Fernandez, manager of Bank Inversis that “should not mislead. With expected growth of world economies so low, should not be surprising that yields remain too low. This happened in Japan. ”

Other experts stress that the measures being taken by governments can stop generating inflation, which “will continue even if emissions, interest rates also will rise,” said José Manuel Villamor, investment director of A & G. But neither are missing who are convinced that the recession will be long and deep, are beginning to warn of a risk you are creating an irrational demand for government debt to finish creating a new bubble.