{"id":1308,"date":"2015-12-22T11:28:15","date_gmt":"2015-12-22T11:28:15","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=1308"},"modified":"2023-05-24T15:08:37","modified_gmt":"2023-05-24T15:08:37","slug":"solide-comme-du-granite-etude-de-cas-sur-les-rmbs","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/12\/solide-comme-du-granite-etude-de-cas-sur-les-rmbs\/","title":{"rendered":"Solide comme du Granite \u2013 \u00e9tude de cas sur les RMBS"},"content":{"rendered":"\n

Ce week-end, l\u2019\u00e9quipe a fait ses derni\u00e8res emplettes de No\u00ebl. Et dit adieu \u00e0 l\u2019un de ses favoris : les titres adoss\u00e9s \u00e0 des emprunts hypoth\u00e9caires r\u00e9sidentiels (RMBS) Granite.<\/p>\n\n\n\n

Granite, c\u2019est le nom donn\u00e9 par Northern Rock au v\u00e9hicule utilis\u00e9 pour titriser les emprunts hypoth\u00e9caires accord\u00e9s avant l\u2019implosion de 2007 \u2013 date \u00e0 partir de laquelle la banque n\u2019a plus pu se financer sur les march\u00e9s mon\u00e9taires de gros \u2013 et la nationalisation en 2008.<\/p>\n\n\n\n

Sans surprise, dans le chaos de la crise financi\u00e8re, les titres Granite ont \u00e9t\u00e9 malmen\u00e9s : en plus de reposer sur les actifs de la premi\u00e8re banque britannique \u00e0 avoir fait l\u2019objet d\u2019un mouvement de panique depuis un si\u00e8cle et demi, ils \u00e9taient structur\u00e9s comme les subprimes am\u00e9ricains, ces cr\u00e9dits hypoth\u00e9caires de mauvaise qualit\u00e9 dont la d\u00e9route a d\u00e9clench\u00e9 la crise financi\u00e8re.<\/p>\n\n\n\n

Les obligations de classe A de Granite, les mieux plac\u00e9es au capital et donc les plus s\u00fbres (elles \u00e9taient au d\u00e9part not\u00e9es AAA par les agences) sont tomb\u00e9es \u00e0 un prix d\u2019environ 65 d\u00e9but 2009, tandis que leurs homologues de classe C (originellement not\u00e9es BBB) sont pass\u00e9s, au pire moment, sous la barre des 10.<\/p>\n\n\n

\n
\"\"<\/a><\/figure>\n<\/div>\n\n\n

Apr\u00e8s la nationalisation, la gestion des actifs restants, titres Granite y compris, a \u00e9t\u00e9 confi\u00e9e \u00e0 l\u2019UKAR (UK Asset Resolution Limited), la structure de d\u00e9faisance de l\u2019\u00c9tat britannique. L\u2019objectif de l\u2019UKAR \u00e9tait d\u2019optimiser la valeur pour les contribuables tout en g\u00e9rant les pools d\u2019emprunts hypoth\u00e9caires des banques nationalis\u00e9es (Northern Rock et Bradford & Bingley).<\/p>\n\n\n\n

En novembre dernier, UKAR a annonc\u00e9 la cession de 13 milliards de livres sterling d\u2019actifs, en grande partie des titres Granite, \u00e0 un groupe d\u2019investisseurs. Quelques semaines plus tard, l\u2019administrateur a indiqu\u00e9 que la plupart des obligations Granite en circulation seraient rachet\u00e9es au pair ce week-end et le reste, en janvier 2016. Certains emprunts sous-jacents ont \u00e9t\u00e9 vendus \u00e0 des banques d\u00e9sireuses d\u2019augmenter leur part de march\u00e9 dans les emprunts hypoth\u00e9caires britanniques ; le solde devrait \u00eatre refinanc\u00e9 l\u2019an prochain via une vente des pr\u00eats de gros et une titrisation.<\/p>\n\n\n\n

Au plus fort de la crise, nous avons pass\u00e9 de longues heures \u00e0 analyser la qualit\u00e9 des emprunts sous-jacents, cherchant \u00e0 savoir si la structure des obligations nous prot\u00e9gerait et si nous finirions par r\u00e9cup\u00e9rer notre argent. D\u2019apr\u00e8s nos conclusions, les titres Granite \u00e9taient solides et il aurait fallu une forte d\u00e9gradation des fondamentaux du march\u00e9 immobilier r\u00e9sidentiel pour que notre investissement soit menac\u00e9. Nous pensions que ces obligations \u00e9taient porteuses de valeur et, avec le temps, Granite est devenu l\u2019une des premi\u00e8res positions de plusieurs fonds.<\/p>\n\n\n\n

Selon moi, l\u2019exemple de Granite prouve que les titres adoss\u00e9s \u00e0 des actifs (ABS) peuvent \u00eatre un investissement tr\u00e8s int\u00e9ressant pour peu que l\u2019on prenne le temps d\u2019en comprendre les subtilit\u00e9s structurelles et les collat\u00e9raux sous-jacents. Cette classe d\u2019actifs a eu tr\u00e8s mauvaise presse pendant et apr\u00e8s la crise, accus\u00e9e des m\u00eames maux que les moins performants des subprimes am\u00e9ricains ou des CDO. Or, la performance des RMBS simples est nettement meilleure et les pertes sont rares \u00e0 l\u2019heure actuelle.<\/p>\n\n\n\n

Merci pour tout Granite, ce fut une belle histoire.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ce week-end, l\u2019\u00e9quipe a fait ses derni\u00e8res emplettes de No\u00ebl. Et dit adieu \u00e0 l\u2019un de ses favoris : les titres adoss\u00e9s \u00e0 des emprunts hypoth\u00e9caires r\u00e9sidentiels (RMBS) Granite. Granite, c\u2019est le nom donn\u00e9 par Northern Rock au v\u00e9hicule utilis\u00e9 pour titriser les emprunts hypoth\u00e9caires accord\u00e9s avant l\u2019implosion de 2007 \u2013 date \u00e0 partir de laquelle la banque n\u2019a plus pu se financer sur les march\u00e9s mon\u00e9taires de gros \u2013 et la nationalisation en 2008. Sans surprise, dans le chaos de la crise financi\u00e8re, les titres Granite…<\/p>\n","protected":false},"author":187,"featured_media":5534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,7],"tags":[115,141],"class_list":["post-1308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-classes-dactifs","category-pays","tag-abs","tag-etats-unis"],"acf":[],"yoast_head":"\nSolide comme du Granite \u2013 \u00e9tude de cas sur les RMBS - Francais<\/title>\n<meta name=\"description\" content=\"Ce week-end, l\u2019\u00e9quipe a fait ses derni\u00e8res emplettes de No\u00ebl. 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