{"id":2901,"date":"2018-01-22T17:00:05","date_gmt":"2018-01-22T17:00:05","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=2901"},"modified":"2018-01-29T14:35:48","modified_gmt":"2018-01-29T14:35:48","slug":"a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/01\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\/","title":{"rendered":"Deux obligations, deux trajectoires : les fortunes diverses des obligations GKNLN 22 et 32"},"content":{"rendered":"

\u00ab\u00a0C’est le meilleur et le pire de tous les temps\u00a0\u00bb, pour paraphraser Dickens, pour les obligations \u00e9mises par le groupe GKN du secteur de l’automobile et de l\u2019a\u00e9ronautique. Apr\u00e8s l\u2019offre de rachat inamicale de GKN par Melrose Industries, une soci\u00e9t\u00e9 d’investissement sp\u00e9cialis\u00e9e dans l’achat d’entreprises manufacturi\u00e8res, le 8 janvier dernier, l\u2019obligation GKNLN 3,375\u00a0% \u00e0 \u00e9ch\u00e9ance 05\/12\/32 a vu son prix augmenter de 1,7\u00a0%, alors que celui de l\u2019obligation GKNLN 5,375\u00a0% \u00e0 \u00e9ch\u00e9ance 09\/19\/22 a perdu 2,5\u00a0%. Cette divergence d\u2019\u00e9volution para\u00eet surprenante dans la mesure o\u00f9 les deux obligations ont des caract\u00e9ristiques tr\u00e8s proches (\u00e9metteur (GKN Holdings Plc), rang dans structure de capital (titres senior non garantis), devise de r\u00e9f\u00e9rence (GBP), notation de cr\u00e9dit (BBB-)). Comment cela est-il possible\u00a0?<\/p>\n

\"\"<\/a><\/u><\/p>\n

Pour comprendre cette \u00e9volution diam\u00e9tralement oppos\u00e9e, il faut plonger au c\u0153ur des prospectus des deux obligations. Il existe trois diff\u00e9rences majeures dans les clauses (\u00ab\u00a0covenants\u00a0\u00bb) de ces deux contrats d\u2019\u00e9mission, qui favorisent largement plus les d\u00e9tenteurs de l\u2019obligation GKNLN 32 que les porteurs de l\u2019obligation GKNLN 22, et expliquent donc la r\u00e9action oppos\u00e9e des prix des deux titres face au risque d\u2019un rachat hostile de GKN par Melrose.<\/p>\n

    \n
  1. Option de vente pour changement de contr\u00f4le\u00a0:<\/strong> Si un rachat de GKN par Melrose d\u00e9clenchait la clause de changement de contr\u00f4le (ce qui entra\u00eenerait la sortie des obligations de GKN de l\u2019univers investment grade)<\/em>, les porteurs de l\u2019obligation GKNLN 32 souhaiteraient peut-\u00eatre exercer leur option de vente au pair. Comme ce titre se traitait \u00e0 des niveaux inf\u00e9rieurs au pair avant l\u2019annonce de l’offre de rachat de Melrose, son prix a augment\u00e9. En revanche, l\u2019obligation GKNLN 22, qui est aussi assortie d\u2019une option de vente au pair en cas de changement de contr\u00f4le, se traitait \u00e0 des niveaux nettement sup\u00e9rieurs au pair et l\u2019option de vente s\u2019est donc retrouv\u00e9e \u00e9loign\u00e9e de son prix d\u2019exercice (\u00ab\u00a0out-of-the-money\u00a0\u00bb).<\/li>\n
  2. Option de remboursement anticip\u00e9 (\u00ab\u00a0Make-whole call\u00a0\u00bb)\u00a0: <\/strong>Si Melrose rach\u00e8te GKN, il sera probablement d\u00e9cid\u00e9 de refinancer les obligations existantes de GKN afin d\u2019assainir son bilan. La clause relative \u00e0 l\u2019option de remboursement anticip\u00e9 de l\u2019obligation GKNLN 32 pr\u00e9voit une marge de 30\u00a0bp par rapport aux Gilts, ce qui constitue un potentiel de hausse pour les investisseurs. L\u2019obligation GKNLN 22 n\u2019est pas assortie d\u2019une option de remboursement anticip\u00e9 et il faudrait probablement une offre publique d\u2019achat – dont les modalit\u00e9s seraient \u00e0 d\u00e9terminer – pour la voir rembours\u00e9e.<\/li>\n
  3. Clause d\u2019augmentation du coupon (\u00ab\u00a0step-up\u00a0\u00bb)\u00a0:<\/strong> Si l\u2019obligation GKNLN 32 est r\u00e9trograd\u00e9e dans la cat\u00e9gorie sub-investment grade<\/em> par S&P, Moody\u2019s, voire les deux agences, le taux de coupon augmente automatiquement de 125\u00a0pb. L\u2019obligation GKNLN 22 ne b\u00e9n\u00e9ficie pas de cette caract\u00e9ristique, qui prot\u00e8ge les investisseurs contre une d\u00e9gradation de la qualit\u00e9 de cr\u00e9dit de GKN.<\/li>\n<\/ol>\n

    Nous avons d\u00e9j\u00e0<\/u><\/strong><\/a> \u00e9crit sur l\u2019importance des clauses des contrats d\u2019\u00e9mission des obligations, qui permettent de prot\u00e9ger les int\u00e9r\u00eats des investisseurs, et le cas de GKN vient encore une fois nous le rappeler. Dans l\u2019environnement de march\u00e9 actuel, de nombreuses obligations d\u2019entreprise pr\u00e9sentent des valorisations \u00e9lev\u00e9es (d\u2019autres diront \u00ab\u00a0parfaites\u00a0\u00bb) et le faible niveau des spreads de cr\u00e9dit ne laisse pas beaucoup de marge d\u2019erreur. Il est donc imp\u00e9ratif pour les investisseurs adeptes du cr\u00e9dit de faire toutes les recherches n\u00e9cessaires pour comprendre m\u00eame les plus petits d\u00e9tails des prospectus d\u2019\u00e9mission. En r\u00e9alisant des analyses approfondies et en faisant preuve de rigueur en mati\u00e8re de s\u00e9lection des titres, ils pourront ainsi tirer leur \u00e9pingle du jeu. <\/span><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    \u00ab\u00a0C’est le meilleur et le pire de tous les temps\u00a0\u00bb, pour paraphraser Dickens, pour les obligations \u00e9mises par le groupe GKN du secteur de l’automobile et de l\u2019a\u00e9ronautique. Apr\u00e8s l\u2019offre de rachat inamicale de GKN par Melrose Industries, une soci\u00e9t\u00e9 d’investissement sp\u00e9cialis\u00e9e dans l’achat d’entreprises manufacturi\u00e8res, le 8 janvier dernier, l\u2019obligation GKNLN 3,375\u00a0% \u00e0 \u00e9ch\u00e9ance 05\/12\/32 a vu son prix augmenter de 1,7\u00a0%, alors que celui de l\u2019obligation GKNLN 5,375\u00a0% \u00e0 \u00e9ch\u00e9ance 09\/19\/22 a perdu 2,5\u00a0%. Cette divergence d\u2019\u00e9volution para\u00eet surprenante dans la mesure o\u00f9…<\/p>\n","protected":false},"author":85,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,23],"tags":[203],"class_list":["post-2901","post","type-post","status-publish","format-standard","hentry","category-categories-obligataires","category-credit","tag-les-obligations-de-societes"],"acf":[],"yoast_head":"\nDeux obligations, deux trajectoires : les fortunes diverses des obligations GKNLN 22 et 32 - Francais<\/title>\n<meta name=\"description\" content=\"\u00ab\u00a0C'est le meilleur et le pire de tous les temps\u00a0\u00bb, pour paraphraser Dickens, pour les obligations \u00e9mises par le groupe GKN du secteur de l'automobile et\" \/>\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\/2018\/01\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Wolfgang Bauer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/01\\\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/01\\\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\\\/\"},\"author\":{\"name\":\"Wolfgang Bauer\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/9c7e5af2cd398614a69442588f7066ea\"},\"headline\":\"Deux obligations, deux trajectoires : les fortunes diverses des obligations GKNLN 22 et 32\",\"datePublished\":\"2018-01-22T17:00:05+00:00\",\"dateModified\":\"2018-01-29T14:35:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/01\\\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\\\/\"},\"wordCount\":646,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/01\\\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/FR-1-a-tale-.png\",\"keywords\":[\"les obligations de soci\u00e9t\u00e9s\"],\"articleSection\":[\"cat\u00e9gories obligataires\",\"Cr\u00e9dit\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/01\\\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/01\\\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/01\\\/a-tale-of-two-bonds-diverging-fortunes-for-gknln-22s-and-32s\\\/\",\"name\":\"Deux obligations, deux trajectoires : les fortunes diverses des obligations GKNLN 22 et 32 - 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