{"id":217,"date":"2014-03-28T08:39:47","date_gmt":"2014-03-28T08:39:47","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=217"},"modified":"2014-03-28T08:39:47","modified_gmt":"2014-03-28T08:39:47","slug":"des-opportunites-sur-les-abs-espagnols","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/","title":{"rendered":"Des opportunit\u00e9s sur les ABS espagnols"},"content":{"rendered":"<p>En tant que g\u00e9rants de fonds, il nous incombe de prendre des risques lorsque nous sommes pay\u00e9s (de pr\u00e9f\u00e9rence surpay\u00e9s) \u00e0 cet effet. Il m\u2019est avis que le march\u00e9 europ\u00e9en des titres adoss\u00e9s \u00e0 des cr\u00e9ances hypoth\u00e9caires r\u00e9sidentielles (<i>residential mortgage backed securities<\/i> \u2013 RMBS), et notamment les RMBS espagnols, nous commande actuellement de prendre ce genre de risques.<\/p>\n<p>A l\u2019heure actuelle, il est assez facile d\u2019acheter des RMBS espagnols senior pour un prix sup\u00e9rieur de 100 points de base \u00e0 celui des obligations s\u00e9curis\u00e9es assimilables. Le collat\u00e9ral pour les RMBS \u00e9mane des m\u00eames banques qui ont \u00e9mis les obligations s\u00e9curis\u00e9es. Les RMBS permettent aux investisseurs de recouvrer le capital investi sur un horizon de temps comparable \u00e0 celui des obligations s\u00e9curis\u00e9es et sont structur\u00e9s de sorte \u00e0 ce que les investisseurs puissent profiter de tout nouveau recul du march\u00e9 de l\u2019immobilier espagnol.<\/p>\n<p>Le graphique ci-apr\u00e8s illustre bien cette corr\u00e9lation. Il repr\u00e9sente trois obligations s\u00e9curis\u00e9es \u00e0 court terme \u00e9mises par trois banques espagnoles (sans indiquer le nom des obligations individuelles) et ce que nous consid\u00e9rons \u00eatre des RMBS senior de qualit\u00e9 similaire. La hausse que j\u2019ai mentionn\u00e9e pr\u00e9c\u00e9demment est manifeste dans la zone de maturit\u00e9 2,5-5 ans\/maturit\u00e9 moyenne pond\u00e9r\u00e9e\u00a0:<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-securisees-espagnoles-vs-RMBS-senior.png\" data-rel=\"lightbox-gallery-GxNn3DQ1\" data-rl_title=\"Obligations securisees espagnoles vs RMBS senior\" data-rl_caption=\"Obligations securisees espagnoles vs RMBS senior\" title=\"Obligations securisees espagnoles vs RMBS senior\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-218\" alt=\"Obligations s\u00e9curis\u00e9es espagnoles vs RMBS senior\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-securisees-espagnoles-vs-RMBS-senior.png\" width=\"960\" height=\"720\" \/><\/a><\/p>\n<p>La principale raison qui explique cet \u00e9cart est la r\u00e9glementation. Les r\u00e9gulateurs financiers ont jug\u00e9 que les RMBS sont plus risqu\u00e9s que les obligations s\u00e9curis\u00e9es et ont exig\u00e9 des banques et des soci\u00e9t\u00e9s d\u2019assurance qu\u2019elles d\u00e9tiennent davantage de fonds propres dans leur bilan en retour.<\/p>\n<p>J\u2019entends bien l\u2019argument selon lequel les obligations s\u00e9curis\u00e9es offrent aux investisseurs un double recours et je comprends que la l\u00e9gislation r\u00e9gissant ce type d\u2019obligations est tr\u00e8s contraignante en Espagne. Cependant, je ne suis pas s\u00fbr que le montant de l\u2019indemnisation accord\u00e9e aux d\u00e9tenteurs d\u2019obligations senior non s\u00e9curis\u00e9es en cas de faillite d\u2019une banque espagnole serait tr\u00e8s \u00e9lev\u00e9. Ainsi, je pr\u00e9f\u00e8re en g\u00e9n\u00e9ral me positionner sur les tranches senior des RMBS offrant une bonne visibilit\u00e9 du collat\u00e9ral et r\u00e9gie par des dispositions structurelles qui permettent aux d\u00e9tenteurs de ce genre de titres de r\u00e9cup\u00e9rer le capital qu\u2019ils ont investi plus t\u00f4t en cas de baisse du march\u00e9 immobilier.<\/p>\n<p>La BCE partage visiblement l\u2019avis des r\u00e9gulateurs et applique un taux d\u2019int\u00e9r\u00eat sur les RMBS donn\u00e9s en pension livr\u00e9e (<i>repurchase agreement<\/i> ou repo) sup\u00e9rieur \u00e0 celui qu\u2019elle applique pour les obligations s\u00e9curis\u00e9es. La BCE applique ainsi une d\u00e9cote de 10\u00a0% pour les RMBS quand celle-ci n\u2019est que de 4,5\u00a0\u2013\u00a06\u00a0% pour les obligations s\u00e9curis\u00e9es investment grade avec une maturit\u00e9 allant de 5 \u00e0 7 ans. Je ne partage pas l\u2019avis des r\u00e9gulateurs et il me semble qu\u2019ils ont trouv\u00e9 par l\u00e0 le moyen d\u2019\u00eatre davantage r\u00e9mun\u00e9r\u00e9s pour un degr\u00e9 de risque encouru similaire.<\/p>\n<p>Il est int\u00e9ressant de constater que la Banque d\u2019Angleterre applique la m\u00eame d\u00e9cote, comprise entre 12 et 15\u00a0%, aux RMBS \u00e0 maturit\u00e9 courte et aux obligations s\u00e9curis\u00e9es. L\u2019\u00e9cart de taux existe \u00e9galement dans ce cas \u2013 bien que ces titres se n\u00e9gocient \u00e0 des cours nettement inf\u00e9rieurs sur leur march\u00e9 respectif \u2013 ce qui tend \u00e0 prouver que c\u2019est la r\u00e9gulation qui biaise ces march\u00e9s.<\/p>\n<p>Je ne pr\u00e9tends pas qu\u2019investir dans le march\u00e9 de l\u2019immobilier espagnol est exempt de risque. Cependant, je pense sinc\u00e8rement que les investisseurs qui, comme nous, ne donnent pas leur obligations en pension livr\u00e9e ou qui ont besoin de d\u00e9tenir du capital peuvent et devraient profiter des opportunit\u00e9s que leur offrent bien malgr\u00e9 elles ce genre de d\u00e9cisions r\u00e9glementaires.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>En tant que g\u00e9rants de fonds, il nous incombe de prendre des risques lorsque nous sommes pay\u00e9s (de pr\u00e9f\u00e9rence surpay\u00e9s) \u00e0 cet effet. Il m\u2019est avis que le march\u00e9 europ\u00e9en des titres adoss\u00e9s \u00e0 des cr\u00e9ances hypoth\u00e9caires r\u00e9sidentielles (residential mortgage backed securities \u2013 RMBS), et notamment les RMBS espagnols, nous commande actuellement de prendre ce genre de risques. A l\u2019heure actuelle, il est assez facile d\u2019acheter des RMBS espagnols senior pour un prix sup\u00e9rieur de 100 points de base \u00e0 celui des obligations s\u00e9curis\u00e9es assimilables&#8230;.<\/p>\n","protected":false},"author":187,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[52,57],"class_list":["post-217","post","type-post","status-publish","format-standard","hentry","category-pays","tag-banques-centrales","tag-espagne"],"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>Des opportunit\u00e9s sur les ABS espagnols  - Francais<\/title>\n<meta name=\"description\" content=\"En tant que g\u00e9rants de fonds, il nous incombe de prendre des risques lorsque nous sommes pay\u00e9s (de pr\u00e9f\u00e9rence surpay\u00e9s) \u00e0 cet effet. 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Il m\u2019est avis que le","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/","twitter_misc":{"Written by":"Matthew Russell","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/#article","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/"},"author":{"name":"Matthew Russell","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/c1d71fd07fb0856453e47210ef3db976"},"headline":"Des opportunit\u00e9s sur les ABS espagnols","datePublished":"2014-03-28T08:39:47+00:00","mainEntityOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/"},"wordCount":669,"commentCount":0,"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-securisees-espagnoles-vs-RMBS-senior.png","keywords":["banques centrales","Espagne"],"articleSection":["Pays"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/","url":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/","name":"Des opportunit\u00e9s sur les ABS espagnols - Francais","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/#primaryimage"},"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-securisees-espagnoles-vs-RMBS-senior.png","datePublished":"2014-03-28T08:39:47+00:00","author":{"@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/c1d71fd07fb0856453e47210ef3db976"},"description":"En tant que g\u00e9rants de fonds, il nous incombe de prendre des risques lorsque nous sommes pay\u00e9s (de pr\u00e9f\u00e9rence surpay\u00e9s) \u00e0 cet effet. Il m\u2019est avis que le","breadcrumb":{"@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/#primaryimage","url":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-securisees-espagnoles-vs-RMBS-senior.png","contentUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Obligations-securisees-espagnoles-vs-RMBS-senior.png","width":960,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/bondvigilantes.com\/francais\/2014\/03\/des-opportunites-sur-les-abs-espagnols\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/bondvigilantes.com\/francais\/"},{"@type":"ListItem","position":2,"name":"Des opportunit\u00e9s sur les ABS espagnols"}]},{"@type":"WebSite","@id":"https:\/\/bondvigilantes.com\/francais\/#website","url":"https:\/\/bondvigilantes.com\/francais\/","name":"Francais","description":"M&amp;G","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bondvigilantes.com\/francais\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/c1d71fd07fb0856453e47210ef3db976","name":"Matthew Russell","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/afb381c484add78d39a200dcf11de68be2f198653d74f46f5bdc6cf52709a6c2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/afb381c484add78d39a200dcf11de68be2f198653d74f46f5bdc6cf52709a6c2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/afb381c484add78d39a200dcf11de68be2f198653d74f46f5bdc6cf52709a6c2?s=96&d=mm&r=g","caption":"Matthew Russell"},"url":"https:\/\/bondvigilantes.com\/francais\/author\/matthewrussellnew\/"}]}},"_links":{"self":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/users\/187"}],"replies":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/comments?post=217"}],"version-history":[{"count":0,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/217\/revisions"}],"wp:attachment":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media?parent=217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/categories?post=217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/tags?post=217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}