{"id":228,"date":"2014-05-27T07:35:48","date_gmt":"2014-05-27T07:35:48","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=228"},"modified":"2014-05-27T07:35:48","modified_gmt":"2014-05-27T07:35:48","slug":"le-pouvoir-de-la-duration-un-exemple-recent","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2014\/05\/le-pouvoir-de-la-duration-un-exemple-recent\/","title":{"rendered":"Le pouvoir de la duration : un exemple r\u00e9cent"},"content":{"rendered":"<p>Dans le num\u00e9ro de <a href=\"https:\/\/bondvigilantes.com\/blog\/2021\/12\/08\/panoramic-the-power-of-duration\/\" target=\"_blank\">Panoramic de 2013<\/a>\u00a0: Le pouvoir de la duration, j\u2019ai utilis\u00e9 l\u2019exemple du march\u00e9 obligataire am\u00e9ricain en 1994 pour analyser l\u2019impact de la duration lors d\u2019une hausse marqu\u00e9e des rendements. \u00c0 titre de rappel, en 1994, l\u2019embellie \u00e9conomique a incit\u00e9 la Fed \u00e0 relever les taux d\u2019int\u00e9r\u00eat \u00e0 plusieurs reprises, provoquant une grave crise obligataire.<\/p>\n<p>J\u2019utilise souvent cet exemple pour d\u00e9montrer que la ma\u00eetrise du risque de taux d\u2019int\u00e9r\u00eat sur les march\u00e9s obligataires d\u2019aujourd\u2019hui est fondamentale. Dans un fonds d\u2019obligations d\u2019entreprises investment grade sans positions de change, les mouvements des rendements (et donc la duration du fonds) prennent le dessus sur ceux des spreads de cr\u00e9dit. Autrement dit, m\u00eame si vous savez tr\u00e8s bien choisir les valeurs, toute mauvaise position sur la duration r\u00e9duit vos efforts \u00e0 n\u00e9ant.<\/p>\n<p>Nous avons \u00e0 pr\u00e9sent un exemple r\u00e9cent des effets d\u2019une hausse des rendements sur diff\u00e9rentes classes d\u2019actifs obligataires. En mai 2013, Ben Bernanke, alors pr\u00e9sident de la Fed, a mentionn\u00e9, pendant un discours, que le Conseil d\u2019administration de son institution envisageait de r\u00e9duire la quantit\u00e9 des actifs qu\u2019elle achetait chaque mois dans le cadre du programme d\u2019assouplissement quantitatif. Entre cette date et la fin de l\u2019ann\u00e9e 2013, les bons du Tr\u00e9sor am\u00e9ricain \u00e0 10\u00a0ans et les Gilts \u00e0 10\u00a0ans ont subi une chute d\u2019environ 100\u00a0points de base.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Rendements-americains-britanniques-et-allemands-a-10-ans.png\" data-rel=\"lightbox-gallery-656ymhVc\" data-rl_title=\"Rendements americains britanniques et allemands a 10 ans\" data-rl_caption=\"Rendements americains britanniques et allemands a 10 ans\" title=\"Rendements americains britanniques et allemands a 10 ans\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-336\" alt=\"Rendements am\u00e9ricains, britanniques et allemands \u00e0 10 ans\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Rendements-americains-britanniques-et-allemands-a-10-ans.png\" width=\"960\" height=\"720\" \/><\/a><\/p>\n<p>Dans quelle mesure cette hausse des rendements de 1\u00a0% a-t-elle eu des retomb\u00e9es pour les investisseurs obligataires\u00a0? Comme le montre le graphique ci-dessous, tout d\u00e9pend de la duration intrins\u00e8que de chaque classe d\u2019actifs. Si l\u2019on \u00e9value les diff\u00e9rentes classes d\u2019actifs d\u2019apr\u00e8s les indices, on voit que celles affichant la duration la plus \u00e9lev\u00e9e (barres orange) ont enregistr\u00e9 des performances bien inf\u00e9rieures \u00e0 celles des obligations d\u2019entreprise \u00e0 duration courte, dont la performance a \u00e9t\u00e9 positive (barres vertes).<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Limportance-de-la-duration.png\" data-rel=\"lightbox-gallery-656ymhVc\" data-rl_title=\"Limportance de la duration\" data-rl_caption=\"Limportance de la duration\" title=\"Limportance de la duration\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-337\" alt=\"L\u2019importance de la duration\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Limportance-de-la-duration.png\" width=\"960\" height=\"720\" \/><\/a><\/p>\n<p>C\u2019est vrai pour les march\u00e9s en dollars US et en livres sterling. En revanche, les indices europ\u00e9ens \u00e0 plus longue \u00e9ch\u00e9ance ont plut\u00f4t tir\u00e9 leur \u00e9pingle du jeu au cours de cette p\u00e9riode. La raison en est simple\u00a0: il y a eu un d\u00e9couplage des Bunds par rapport aux Gilts et aux bons du Tr\u00e9sor am\u00e9ricain, \u00e0 mesure qu\u2019il \u00e9tait de plus en plus probable que la zone euro adopte des mesures de relance mon\u00e9taire au cours des mois \u00e0 venir.\u00a0Le rendement du Bund \u00e0 10\u00a0ans n\u2019a donc gagn\u00e9 que 0,5\u00a0% au deuxi\u00e8me semestre 2013.<\/p>\n<p>Quelle que soit leur opinion sur le durcissement de la politique mon\u00e9taire, notamment sa date et ses modalit\u00e9s, les investisseurs obligataires doivent constamment surveiller leur exposition \u00e0 la duration au niveau de chaque obligation et de chaque fonds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dans le num\u00e9ro de Panoramic de 2013\u00a0: Le pouvoir de la duration, j\u2019ai utilis\u00e9 l\u2019exemple du march\u00e9 obligataire am\u00e9ricain en 1994 pour analyser l\u2019impact de la duration lors d\u2019une hausse marqu\u00e9e des rendements. \u00c0 titre de rappel, en 1994, l\u2019embellie \u00e9conomique a incit\u00e9 la Fed \u00e0 relever les taux d\u2019int\u00e9r\u00eat \u00e0 plusieurs reprises, provoquant une grave crise obligataire. J\u2019utilise souvent cet exemple pour d\u00e9montrer que la ma\u00eetrise du risque de taux d\u2019int\u00e9r\u00eat sur les march\u00e9s obligataires d\u2019aujourd\u2019hui est fondamentale. Dans un fonds d\u2019obligations d\u2019entreprises investment&#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":[26,13],"tags":[52,141,45,73],"class_list":["post-228","post","type-post","status-publish","format-standard","hentry","category-duration","category-taux-dinteret","tag-banques-centrales","tag-etats-unis","tag-macro-economie-et-politique","tag-royaume-uni"],"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>Le pouvoir de la duration : un exemple r\u00e9cent - Francais<\/title>\n<meta name=\"description\" content=\"Dans le num\u00e9ro de Panoramic de 2013\u00a0: Le pouvoir de la duration, j\u2019ai utilis\u00e9 l\u2019exemple du march\u00e9 obligataire am\u00e9ricain en 1994 pour analyser l\u2019impact de\" \/>\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\/2014\/05\/le-pouvoir-de-la-duration-un-exemple-recent\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matthew Russell\" \/>\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\\\/2014\\\/05\\\/le-pouvoir-de-la-duration-un-exemple-recent\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/05\\\/le-pouvoir-de-la-duration-un-exemple-recent\\\/\"},\"author\":{\"name\":\"Matthew Russell\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/c1d71fd07fb0856453e47210ef3db976\"},\"headline\":\"Le pouvoir de la duration : un exemple r\u00e9cent\",\"datePublished\":\"2014-05-27T07:35:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/05\\\/le-pouvoir-de-la-duration-un-exemple-recent\\\/\"},\"wordCount\":485,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/05\\\/le-pouvoir-de-la-duration-un-exemple-recent\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/Rendements-americains-britanniques-et-allemands-a-10-ans.png\",\"keywords\":[\"banques centrales\",\"\u00c9tats-Unis\",\"macro \u00e9conomie et politique\",\"Royaume-Uni\"],\"articleSection\":[\"duration\",\"Taux d'int\u00e9r\u00eat\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/05\\\/le-pouvoir-de-la-duration-un-exemple-recent\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/05\\\/le-pouvoir-de-la-duration-un-exemple-recent\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/05\\\/le-pouvoir-de-la-duration-un-exemple-recent\\\/\",\"name\":\"Le pouvoir de la duration : un exemple r\u00e9cent - 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