{"id":1128,"date":"2015-10-21T13:23:37","date_gmt":"2015-10-21T13:23:37","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=1128"},"modified":"2015-10-23T08:49:26","modified_gmt":"2015-10-23T08:49:26","slug":"bhp-fait-appel-aux-marches-obligataires","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/10\/bhp-fait-appel-aux-marches-obligataires\/","title":{"rendered":"BHP fait appel aux march\u00e9s obligataires"},"content":{"rendered":"<p>Les temps sont durs pour le g\u00e9ant minier BHP Billiton, dont le chiffre d&rsquo;affaires fait l&rsquo;objet de pressions persistantes face \u00e0 la baisse des prix des mati\u00e8res premi\u00e8res. En d\u00e9pit d&rsquo;un bilan qui compte parmi les plus solides des entreprises du secteur, les promesses faites aux actionnaires se r\u00e9v\u00e8lent difficiles \u00e0 tenir.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-SI_FR1.png\" data-rel=\"lightbox-gallery-bBXrPopX\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1136\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-SI_FR1.png\" alt=\"BHP fait appel aux march\u00e9s obligataires\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-SI_FR1.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-SI_FR1-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Conscient de ces engagements, le groupe s&rsquo;est adress\u00e9 en d\u00e9but de semaine \u00e0 un march\u00e9 obligataire f\u00e9brile avec l&rsquo;\u00e9mission de quelque 6,44 milliards USD d&rsquo;<strong><a href=\"https:\/\/bondvigilantes.com\/francais\/2021\/12\/19\/dette-hybride-la-nouvelle-beneficiaire-de-la-chasse-aux-rendements\/\">obligations hybrides<\/a><\/strong> comme d\u00e9taill\u00e9 ci-dessous.<\/p>\n<table style=\"width: 50%!important;margin-left: 42px!important\" align=\"center\">\n<tbody>\n<tr>\n<td bgcolor=\"#12449a\"><span style=\"color: #ffffff\">BHP Billiton a \u00e9mis l&rsquo;\u00e9quivalent de 6,44 mrd USD d&rsquo;obligations hybrides, r\u00e9parties selon les cinq tranches suivantes:<\/span><\/td>\n<\/tr>\n<tr>\n<td bgcolor=\"#3c74d4\"><span style=\"color: #ffffff\">1 mrd USD \u00e0 60 ans non remboursables avant 5 ans \u00e0 6,25 %<\/span><\/td>\n<\/tr>\n<tr>\n<td bgcolor=\"#5086e1\"><span style=\"color: #ffffff\">2,25 mrd USD \u00e0 60 ans non remboursables avant 10 ans \u00e0 6,75 %<\/span><\/td>\n<\/tr>\n<tr>\n<td bgcolor=\"#3c74d4\"><span style=\"color: #ffffff\">1,25 mrd EUR \u00e0 60,5 ans non remboursables avant 5,5 ans \u00e0 4,75 %<\/span><\/td>\n<\/tr>\n<tr>\n<td bgcolor=\"#5086e1\"><span style=\"color: #ffffff\">750 mio. EUR \u00e0 64 ans non remboursables avant 9 ans \u00e0 5,625 %<\/span><\/td>\n<\/tr>\n<tr>\n<td bgcolor=\"#3c74d4\"><span style=\"color: #ffffff\">600 mio. GBP \u00e0 62 ans non remboursables avant 7 ans \u00e0 6,5 %<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>En mai 2015, BHP a proc\u00e9d\u00e9 \u00e0 la scission de certains actifs qui ont \u00e9t\u00e9 regroup\u00e9s au sein d&rsquo;une nouvelle entit\u00e9 d\u00e9nomm\u00e9e South32, tout en donnant aux investisseurs l&rsquo;assurance de pouvoir maintenir une distribution conforme \u00e0 sa politique visant \u00e0 \u00ab\u00a0<strong><a href=\"http:\/\/www.bhpbilliton.com\/investors\/shareholderinfo\/dividends\" target=\"_blank\">l&rsquo;augmentation progressive ou au minimum au maintien du dividende par action<\/a><\/strong>\u00a0\u00bb. Au regard du niveau actuel des prix et malgr\u00e9 des mesures consid\u00e9rables de r\u00e9duction des co\u00fbts, le maintien du dividende am\u00e8nera l&rsquo;entreprise \u00e0 afficher un cash-flow n\u00e9gatif \u00e0 hauteur d&rsquo;environ -2,5 milliards USD. Alors qu&rsquo;un redressement des prix des mati\u00e8res premi\u00e8res semble peu probable \u00e0 court terme et compte tenu de l&rsquo;engagement du groupe \u00e0 maintenir sa note de cr\u00e9dit en cat\u00e9gorie \u00ab\u00a0A\u00a0\u00bb, il semblerait que ses dirigeants soient accul\u00e9s au pied du mur. Enclins au doute, les investisseurs boursiers ont vu le rapport dividende-cours implicite de BHP augmenter consid\u00e9rablement en 2014 et 2015 pour atteindre actuellement les 10\u00a0%.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-SI_FR2.png\" data-rel=\"lightbox-gallery-bBXrPopX\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1137\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-SI_FR2.png\" alt=\"BHP fait appel aux march\u00e9s obligataires\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-SI_FR2.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-SI_FR2-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>S&rsquo;astreindre \u00e0 un co\u00fbt de financement en dette hybride (capital et int\u00e9r\u00eats r\u00e9unis) de 6\u00a0% pour une p\u00e9riode de cinq ans au minimum, principalement pour maintenir le dividende face \u00e0 la baisse des prix des mati\u00e8res premi\u00e8res, pourrait se r\u00e9v\u00e9ler \u00eatre une erreur co\u00fbteuse. Face \u00e0 une charge d&rsquo;int\u00e9r\u00eat appel\u00e9e \u00e0 augmenter de 160 millions USD par an (avant prise en compte des avantages fiscaux), il est probable qu&rsquo;une r\u00e9duction \u00e0 court terme du dividende e\u00fbt \u00e9t\u00e9 une r\u00e9action plus ad\u00e9quate, d&rsquo;ailleurs d\u00e9j\u00e0 int\u00e9gr\u00e9e par le march\u00e9 en tout \u00e9tat de cause. Les entreprises versent bien souvent un dividende extraordinaire lorsqu&rsquo;elles ont le vent en poupe, et se tournent vers les march\u00e9s obligataires lorsque les temps sont durs. Cette strat\u00e9gie tient au fait que r\u00e9duire le dividende peut se r\u00e9v\u00e9ler on\u00e9reux pour les actionnaires existants, ce qui selon nous rel\u00e8ve d&rsquo;un manque de clairvoyance. Les entreprises cycliques comme BHP devraient s&rsquo;assurer la possibilit\u00e9 de r\u00e9agir aussi bien aux ralentissements qu&rsquo;aux reprises cycliques. De fait, nul ne peut dompter le cycle des mati\u00e8res premi\u00e8res.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Les temps sont durs pour le g\u00e9ant minier BHP Billiton, dont le chiffre d&rsquo;affaires fait l&rsquo;objet de pressions persistantes face \u00e0 la baisse des prix des mati\u00e8res premi\u00e8res. En d\u00e9pit d&rsquo;un bilan qui compte parmi les plus solides des entreprises du secteur, les promesses faites aux actionnaires se r\u00e9v\u00e8lent difficiles \u00e0 tenir. Conscient de ces engagements, le groupe s&rsquo;est adress\u00e9 en d\u00e9but de semaine \u00e0 un march\u00e9 obligataire f\u00e9brile avec l&rsquo;\u00e9mission de quelque 6,44 milliards USD d&rsquo;obligations hybrides comme d\u00e9taill\u00e9 ci-dessous. BHP Billiton a \u00e9mis&#8230;<\/p>\n","protected":false},"author":4,"featured_media":1136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30],"tags":[124],"class_list":["post-1128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marches-et-acteurs","tag-obligations-de-societes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BHP fait appel aux march\u00e9s obligataires - Francais<\/title>\n<meta name=\"description\" content=\"Les temps sont durs pour le g\u00e9ant minier BHP Billiton, dont le chiffre d&#039;affaires fait l&#039;objet de pressions persistantes face \u00e0 la baisse des prix des\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/francais\/2015\/10\/bhp-fait-appel-aux-marches-obligataires\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stefan Isaacs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/10\\\/bhp-fait-appel-aux-marches-obligataires\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/10\\\/bhp-fait-appel-aux-marches-obligataires\\\/\"},\"author\":{\"name\":\"Stefan Isaacs\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/e4366565557f551f390bdfae4f71bbab\"},\"headline\":\"BHP fait appel aux march\u00e9s obligataires\",\"datePublished\":\"2015-10-21T13:23:37+00:00\",\"dateModified\":\"2015-10-23T08:49:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/10\\\/bhp-fait-appel-aux-marches-obligataires\\\/\"},\"wordCount\":498,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/10\\\/bhp-fait-appel-aux-marches-obligataires\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/2015-10-blog-SI_FR1.png\",\"keywords\":[\"obligations de soci\u00e9t\u00e9s\"],\"articleSection\":[\"march\u00e9s et acteurs\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/10\\\/bhp-fait-appel-aux-marches-obligataires\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/10\\\/bhp-fait-appel-aux-marches-obligataires\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/10\\\/bhp-fait-appel-aux-marches-obligataires\\\/\",\"name\":\"BHP fait appel aux march\u00e9s obligataires - 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