{"id":1917,"date":"2016-11-04T14:47:41","date_gmt":"2016-11-04T14:47:41","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=1917"},"modified":"2023-09-13T07:54:18","modified_gmt":"2023-09-13T07:54:18","slug":"three-reasons-we-like-uk-residential-mortgage-backed-securities","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2016\/11\/three-reasons-we-like-uk-residential-mortgage-backed-securities\/","title":{"rendered":"Trois raisons pour lesquelles nous appr\u00e9cions les titres adoss\u00e9s \u00e0 des cr\u00e9ances hypoth\u00e9caires r\u00e9sidentielles britanniques"},"content":{"rendered":"\n<p>Le march\u00e9 des titres adoss\u00e9s \u00e0 des cr\u00e9ances hypoth\u00e9caires r\u00e9sidentielles (RMBS) s\u2019est r\u00e9cemment bien comport\u00e9. Aussi, le secteur pr\u00e9sente-t-il toujours des opportunit\u00e9s et sa hausse peut-elle se poursuivre ?<\/p>\n\n\n\n<p>La r\u00e9ponse courte :&nbsp;oui.<\/p>\n\n\n\n<p>La r\u00e9ponse plus longue : plusieurs facteurs devraient se r\u00e9v\u00e9ler favorables aux RMBS \u00e0 l\u2019avenir, \u00e0 l\u2019image des quelques-uns abord\u00e9s ci-dessous.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Structure<\/strong><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/fr.wikipedia.org\/wiki\/The_Big_Short_:_Le_Casse_du_si%C3%A8cle\" target=\"_blank\" rel=\"noopener\"><strong>The Big Short : le Casse du si\u00e8cle<\/strong><\/a> est disponible sur Netflix depuis deux mois maintenant. Aussi, je pr\u00e9sume que les lecteurs poss\u00e8dent d\u00e9j\u00e0 une bonne connaissance des titres adoss\u00e9s \u00e0 des cr\u00e9ances hypoth\u00e9caires. Toutefois, ce que le film ne mentionne pas est que ces instruments sont g\u00e9n\u00e9ralement \u00e0 taux variable et conf\u00e8rent ainsi une protection naturelle contre la hausse des taux d\u2019int\u00e9r\u00eat dans la mesure o\u00f9 les coupons suivent les taux de r\u00e9f\u00e9rence LIBOR. En outre, ils s\u2019amortissent g\u00e9n\u00e9ralement : chaque mois, la valeur de rachat des obligations non encore rembours\u00e9es baisse dans la mesure o\u00f9 les pr\u00eats hypoth\u00e9caires auxquels sont adoss\u00e9es les obligations sont amortis (le capital est rembours\u00e9 parall\u00e8lement aux int\u00e9r\u00eats). Cela signifie que la taille de l\u2019univers se r\u00e9duit naturellement et que les investisseurs r\u00e9cup\u00e8rent de l\u2019argent qu\u2019ils ont besoin de r\u00e9investir. Cette dynamique de l\u2019offre et de la demande pourrait se r\u00e9v\u00e9ler favorable \u00e0 la classe d\u2019actifs \u2013 mais, nous y reviendrons plus tard.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Valorisation relative<\/strong><\/li>\n<\/ul>\n\n\n\n<p>En ce qui concerne les niveaux des spreads, le secteur des RMBS continue d\u2019appara\u00eetre attractif par rapport aux obligations d\u2019entreprises. A la limite sup\u00e9rieure du march\u00e9 se trouvent les obligations not\u00e9es AAA garanties par des cr\u00e9ances hypoth\u00e9caires \u00ab&nbsp;prime&nbsp;\u00bb britanniques (des pr\u00eats classiques octroy\u00e9s par les banques) et qui offrent une prime de pr\u00e8s de 30 pb par rapport aux obligations s\u00e9curis\u00e9es de m\u00eames \u00e9ch\u00e9ances, m\u00eame si ces derni\u00e8res sont pratiquement garanties par le m\u00eame collat\u00e9ral.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Prime-des-RMBS-1.png\" data-rel=\"lightbox-gallery-BGxj4w1i\" data-rl_title=\"Prime des RMBS britanniques par rapport aux obligations s\u00e9curis\u00e9es\" data-rl_caption=\"Prime des RMBS britanniques par rapport aux obligations s\u00e9curis\u00e9es\" title=\"Prime des RMBS britanniques par rapport aux obligations s\u00e9curis\u00e9es\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Prime-des-RMBS-1.png\" alt=\"\" class=\"wp-image-6296\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Prime-des-RMBS-1.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Prime-des-RMBS-1-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Prime-des-RMBS-1-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p>Les secteurs non-conforme (\u00ab&nbsp;non-conforming&nbsp;\u00bb) et acheter pour louer (\u00ab&nbsp;buy-to-let&nbsp;\u00bb) (NC &amp; BTL) sont plus risqu\u00e9s en raison du profil des emprunteurs sous-jacents et offrent ainsi un spread de cr\u00e9dit plus \u00e9lev\u00e9. Toutefois, m\u00eame apr\u00e8s la r\u00e9cente appr\u00e9ciation des RMBS, les spreads des obligations NC &amp; BTL not\u00e9es AAA continuent d\u2019\u00eatre plus proches des niveaux des spreads des obligations d\u2019entreprises not\u00e9es BBB que de ceux des obligations avec une m\u00eame notation (nous avons utilis\u00e9 les obligations not\u00e9es AA dans le graphique ci-dessous en raison de la raret\u00e9 des obligations d\u2019entreprises AAA).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/RMBS-britanniques-1.png\" data-rel=\"lightbox-gallery-BGxj4w1i\" data-rl_title=\"RMBS britanniques par rapport aux obligations d\u2019entreprises en \u00a3\" data-rl_caption=\"RMBS britanniques par rapport aux obligations d\u2019entreprises en \u00a3\" title=\"RMBS britanniques par rapport aux obligations d\u2019entreprises en \u00a3\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/RMBS-britanniques-1.png\" alt=\"\" class=\"wp-image-6320\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/RMBS-britanniques-1.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/RMBS-britanniques-1-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/RMBS-britanniques-1-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p>Nous sommes conscients qu\u2019une partie de cet \u00e9cart de rendement suppl\u00e9mentaire peut \u00eatre attribu\u00e9e \u00e0 une prime d\u2019illiquidit\u00e9 (il serait n\u00e9gligent de ne pas reconna\u00eetre que ces RMBS peuvent \u00eatre moins liquides que les obligations d\u2019entreprises comparables), mais elles sont loin d\u2019\u00eatre in n\u00e9gociables. La liquidit\u00e9 est toutefois un \u00e9l\u00e9ment qu\u2019il convient de surveiller, surtout compte tenu de la baisse attendue des volumes nets d\u2019\u00e9missions \u00e0 l\u2019avenir&#8230; ce qui nous am\u00e8ne tout naturellement au troisi\u00e8me point.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dynamiques de l&rsquo;offre et de la demande<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Il y a eu une baisse significative de l\u2019offre de RMBS britanniques depuis le lancement du programme \u00ab&nbsp;Term Funding Scheme&nbsp;\u00bb (TFS) de la Banque d\u2019Angleterre qui permet aux banques d\u2019emprunter \u00e0 un taux proche du taux de base de 0,25 % afin de financer des pr\u00eats pour l\u2019\u00e9conomie r\u00e9elle. Un \u00e9metteur de longue date a explicitement annonc\u00e9 qu\u2019il n\u2019\u00e9mettra plus de RMBS dans la mesure o\u00f9 c\u2019est d\u00e9sormais moins rentable pour lui. Il pr\u00e9f\u00e8re en effet plut\u00f4t recourir au programme TFS pour ses besoins de financement. On observe une m\u00eame diminution dans la zone euro sous l\u2019effet de la TLTRO de la BCE.<\/p>\n\n\n\n<p>Sur le front de l\u2019offre, la BCE influe sur le march\u00e9 en achetant des RMBS dans le cadre de son programme de \u00ab&nbsp;QE&nbsp;\u00bb. Cette situation a conduit \u00e0 une contraction des spreads tant des obligations qui sont achet\u00e9es que de celles qui ne le sont pas dans la mesure o\u00f9 les investisseurs se tournent vers d\u2019autres segments du march\u00e9. Jusqu\u2019\u00e0 pr\u00e9sent, la Banque d\u2019Angleterre n\u2019a pas achet\u00e9 la classe d\u2019actifs dans le cadre de son propre programme de \u00ab&nbsp;QE&nbsp;\u00bb, mais elle ach\u00e8te actuellement des obligations d\u2019entreprises. Par cons\u00e9quent, il n\u2019est pas inconcevable d\u2019imaginer un \u00e9largissement de la liste des actifs \u00e9ligibles de la BoE afin d\u2019inclure les RMBS si elle estime n\u00e9cessaire davantage d\u2019assouplissement quantitatif. Une autre source de demande de RMBS britanniques est venue des grands investisseurs institutionnels qui ont r\u00e9cemment pris pied sur le march\u00e9, probablement afin de tirer avantage du niveau relativement \u00e9lev\u00e9 des spreads et de la solidit\u00e9 de la qualit\u00e9 de cr\u00e9dit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le march\u00e9 des titres adoss\u00e9s \u00e0 des cr\u00e9ances hypoth\u00e9caires r\u00e9sidentielles (RMBS) s\u2019est r\u00e9cemment bien comport\u00e9. Aussi, le secteur pr\u00e9sente-t-il toujours des opportunit\u00e9s et sa hausse peut-elle se poursuivre ? La r\u00e9ponse courte :&nbsp;oui. La r\u00e9ponse plus longue : plusieurs facteurs devraient se r\u00e9v\u00e9ler favorables aux RMBS \u00e0 l\u2019avenir, \u00e0 l\u2019image des quelques-uns abord\u00e9s ci-dessous. The Big Short : le Casse du si\u00e8cle est disponible sur Netflix depuis deux mois maintenant. Aussi, je pr\u00e9sume que les lecteurs poss\u00e8dent d\u00e9j\u00e0 une bonne connaissance des titres adoss\u00e9s \u00e0&#8230;<\/p>\n","protected":false},"author":187,"featured_media":1926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"class_list":["post-1917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-categories-obligataires"],"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>Trois raisons pour lesquelles nous appr\u00e9cions les titres adoss\u00e9s \u00e0 des cr\u00e9ances hypoth\u00e9caires r\u00e9sidentielles britanniques - Francais<\/title>\n<meta name=\"description\" content=\"Le march\u00e9 des titres adoss\u00e9s \u00e0 des cr\u00e9ances hypoth\u00e9caires r\u00e9sidentielles (RMBS) s\u2019est r\u00e9cemment bien comport\u00e9. 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