{"id":1320,"date":"2015-12-29T15:47:54","date_gmt":"2015-12-29T15:47:54","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=1320"},"modified":"2016-01-07T15:22:15","modified_gmt":"2016-01-07T15:22:15","slug":"damsels-in-disssed-exchanges","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/12\/damsels-in-disssed-exchanges\/","title":{"rendered":"Demoiselles en d\u00e9tresse : Chesapeake et les \u00ab distressed exchanges \u00bb"},"content":{"rendered":"<p>Le march\u00e9 am\u00e9ricain du haut rendement a connu des ann\u00e9es florissantes entre\u00a02009 et\u00a02013, et le secteur de l\u2019\u00e9nergie n\u2019y faisait pas exception. Avec des rendements de\u00a051%, 13%, 9%, 12% et\u00a06% sur ces cinq ann\u00e9es, rien d\u2019\u00e9tonnant \u00e0 ce que la taille de l\u2019indice BofA Merrill Lynch US High Yield ait quasiment tripl\u00e9. La boulimie d\u2019\u00e9missions, majoritairement destin\u00e9e \u00e0 financer le d\u00e9veloppement du p\u00e9trole de schiste, a rencontr\u00e9 une demande d\u2019intensit\u00e9 comparable, et s\u2019est accompagn\u00e9e du traditionnel affaiblissement des covenants.<\/p>\n<p>Mais apr\u00e8s cet \u00e2ge d\u2019or, le secteur de l\u2019\u00e9nergie a d\u00e9chant\u00e9 \u00e0 partir de\u00a02014. Les anticipations de baisse de la demande mondiale, notamment en Extr\u00eame-Orient, associ\u00e9es \u00e0 un exc\u00e9dent d\u2019offre et un raffermissement du dollar am\u00e9ricain, ont entra\u00een\u00e9 une d\u00e9valorisation radicale des perspectives de cours.<\/p>\n<p>Vous l\u2019avez peut-\u00eatre oubli\u00e9, mais \u00e0 la mi-2014, c\u2019est-\u00e0-dire il y a seulement 18\u00a0mois, les pr\u00e9visions tablaient sur un WTI \u00e0 88\u00a0dollars dans cinq ans. Fin\u00a02014, ce chiffre \u00e9tait tomb\u00e9 \u00e0 70\u00a0dollars. Et il devrait terminer l\u2019ann\u00e9e\u00a02015 autour de 51\u00a0dollars.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Evolution-des-contrats-a-terme-sur-le-petrole-brut-WTI.png\" data-rel=\"lightbox-gallery-7HV0u7AQ\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1324\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Evolution-des-contrats-a-terme-sur-le-petrole-brut-WTI.png\" alt=\"\u00c9volution des contrats \u00e0 terme sur le p\u00e9trole brut WTI\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Evolution-des-contrats-a-terme-sur-le-petrole-brut-WTI.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Evolution-des-contrats-a-terme-sur-le-petrole-brut-WTI-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>La brutalit\u00e9 du changement de valeur future du p\u00e9trole et du gaz a eu des cons\u00e9quences radicales, notamment pour les producteurs les plus endett\u00e9s. Et, sans v\u00e9ritable perspective de rebond significatif des cours, l\u2019attention s\u2019est port\u00e9e sur la liquidit\u00e9 et sa gestion par le biais de restructurations de type \u00ab\u00a0distressed exchanges\u00a0\u00bb.<\/p>\n<p>Les \u00ab\u00a0distressed exchanges\u00a0\u00bb qui sont, selon la d\u00e9finition de Moody\u2019s, \u00ab\u00a0un \u00e9change dans le cadre duquel un \u00e9metteur propose aux cr\u00e9anciers une nouvelle dette ou une dette restructur\u00e9e, ou encore de nouveaux titres, des versements en esp\u00e8ce ou des actifs imposant une perte par rapport aux termes originaux\u00a0\u00bb, sont devenus monnaie courante en\u00a02015. Nous avons en effet d\u00e9nombr\u00e9 pas moins de onze \u00e9changes de grande ampleur cette ann\u00e9e.<\/p>\n<p>Le dernier en date, et probablement le plus important de tous, est celui de Chesapeake Energy. Le tarissement des liquidit\u00e9s guettait la soci\u00e9t\u00e9, malmen\u00e9e par l\u2019effondrement des cours du gaz naturel et la quasi-impossibilit\u00e9 de lever des capitaux. En cons\u00e9quence, Chesapeake a propos\u00e9 en d\u00e9but de mois d\u2019\u00e9changer des passifs non s\u00e9curis\u00e9s (\u00e0 hauteur de 3\u00a0milliards de dollars) contre de la dette s\u00e9curis\u00e9e de second rang, les d\u00e9tenteurs d\u2019obligations acceptant pour ce faire une d\u00e9cote sur leurs cr\u00e9ances existantes. En r\u00e9sum\u00e9, l\u2019entreprise a r\u00e9duit sa dette en \u00e9change d\u2019une relative s\u00e9curisation de sa base d\u2019actifs.<\/p>\n<p>Ce qui suscite imm\u00e9diatement un certain nombre de questions. Quel avenir pour la compagnie ? Qu\u2019est-ce que cela signifie pour ses investisseurs, en particulier ceux qui ont achet\u00e9 ses obligations\u00a0? Et, enfin, cet \u00e9change suffira-t-il \u00e0 \u00ab\u00a0recalibrer\u00a0\u00bb le bilan de l\u2019entreprise\u00a0?<\/p>\n<p>Apr\u00e8s avoir vu le rendement de sa dette \u00e0 cinq ans flamber \u00e0 pr\u00e8s de\u00a050% au second semestre (voir graphique ci-dessous), Chesapeake n\u2019est pas r\u00e9ellement en mesure de refinancer le milliard et demi de dollars d\u2019obligations arrivant \u00e0 \u00e9ch\u00e9ance dans les 18\u00a0prochains mois. Mais elle peut encore contracter de la dette s\u00e9curis\u00e9e. En proposant d\u2019\u00e9changer des titres \u00e0 maturit\u00e9 courte contre de la dette \u00e0 plus long terme tout en demandant aux d\u00e9tenteurs d\u2019obligations d\u2019accepter une d\u00e9cote sur leurs cr\u00e9ances, Chesapeake r\u00e9ussit \u00e0 r\u00e9duire son passif et \u00e0 s\u2019offrir un temps pr\u00e9cieux, tout en priant pour un rebond des cours du gaz.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-Chesapeake.png\" data-rel=\"lightbox-gallery-7HV0u7AQ\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1325\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-Chesapeake.png\" alt=\"Obligations Chesapeake 6.625%\u00a02020 \" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-Chesapeake.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-Chesapeake-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Les cons\u00e9quences pour les partenaires de l\u2019entreprise, notamment pour les d\u00e9tenteurs d\u2019obligations, sont moins \u00e9videntes. Sans rentrer dans les d\u00e9tails du m\u00e9canisme de l\u2019\u00e9change et sans exp\u00e9rience, il est difficile de savoir quelle est la meilleure option. Fondamentalement \u2013 et cela vaut pour la plupart de ces \u00e9changes \u2013, les d\u00e9tenteurs d\u2019obligations doivent comparer les perspectives de l\u2019activit\u00e9, les diff\u00e9rentes propositions de l\u2019entreprise et les co\u00fbts y aff\u00e9rents. Les r\u00e9sultats potentiels \u00e9tant aussi vari\u00e9s qu\u2019incertains, la d\u00e9cision ne sera pas facile \u00e0 prendre.<\/p>\n<p>Au final, seul le temps nous dira si l\u2019\u00e9change propos\u00e9 par Chesapeake (et la dizaine d\u2019autres que nous avons vus cette ann\u00e9e) suffira \u00e0 recalibrer le bilan de la soci\u00e9t\u00e9. Mais ce dont nous pouvons \u00eatre certains, c\u2019est que les \u00ab\u00a0distressed exchanges\u00a0\u00bb et l\u2019ing\u00e9nierie financi\u00e8re devraient figurer au programme de\u00a02016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le march\u00e9 am\u00e9ricain du haut rendement a connu des ann\u00e9es florissantes entre\u00a02009 et\u00a02013, et le secteur de l\u2019\u00e9nergie n\u2019y faisait pas exception. Avec des rendements de\u00a051%, 13%, 9%, 12% et\u00a06% sur ces cinq ann\u00e9es, rien d\u2019\u00e9tonnant \u00e0 ce que la taille de l\u2019indice BofA Merrill Lynch US High Yield ait quasiment tripl\u00e9. La boulimie d\u2019\u00e9missions, majoritairement destin\u00e9e \u00e0 financer le d\u00e9veloppement du p\u00e9trole de schiste, a rencontr\u00e9 une demande d\u2019intensit\u00e9 comparable, et s\u2019est accompagn\u00e9e du traditionnel affaiblissement des covenants. Mais apr\u00e8s cet \u00e2ge d\u2019or, le&#8230;<\/p>\n","protected":false},"author":4,"featured_media":1324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30],"tags":[141],"class_list":["post-1320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marches-et-acteurs","tag-etats-unis"],"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>Demoiselles en d\u00e9tresse : Chesapeake et les \u00ab distressed exchanges \u00bb - Francais<\/title>\n<meta name=\"description\" content=\"Le march\u00e9 am\u00e9ricain du haut rendement a connu des ann\u00e9es florissantes entre\u00a02009 et\u00a02013, et le secteur de l\u2019\u00e9nergie n\u2019y faisait pas exception. 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