{"id":2932,"date":"2018-02-06T16:04:14","date_gmt":"2018-02-06T16:04:14","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=2932"},"modified":"2018-02-09T13:17:30","modified_gmt":"2018-02-09T13:17:30","slug":"can-esg-analysis-help-improve-high-yield-returns","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/02\/can-esg-analysis-help-improve-high-yield-returns\/","title":{"rendered":"L\u2019analyse ESG peut-elle accro\u00eetre les performances des obligations \u00e0 haut rendement?"},"content":{"rendered":"<p>Selon MSCI, les obligations \u00e0 haut rendement les moins performantes du march\u00e9 europ\u00e9en en 2017 pr\u00e9sentaient toutes des notations ESG (Environnemental, Social et Gouvernance) d\u00e9favorables.\u00a0 S\u2019agit-il d\u2019une co\u00efncidence ou ce constat montre-t-il qu\u2019il existe une relation entre de mauvais indicateurs ESG et les performances d\u00e9cevantes des obligations\u00a0?<\/p>\n<p>Pour r\u00e9pondre \u00e0 cette question, nous avons analys\u00e9 les performances totales sur 2017 de 365 obligations europ\u00e9ennes \u00e0 haut rendement auxquelles MSCI attribuent des notations ESG.\u00a0 Cette analyse montre que les performances n\u2019\u00e9taient pas corr\u00e9l\u00e9es, avec une corr\u00e9lation inf\u00e9rieure \u00e0 0,1.<\/p>\n<p><u><\/u><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-1-ESG.png\" data-rel=\"lightbox-gallery-PSypG7C4\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2935\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-1-ESG.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-1-ESG.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-1-ESG-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-1-ESG-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>Toutefois, malgr\u00e9 la dispersion importante des obligations dans le graphique ci-dessus, on observe clairement que les trois titres les moins performants affichaient tous de mauvais scores ESG.\u00a0Nous avons pouss\u00e9 l\u2019analyse en peu plus loin en nous int\u00e9ressant aux 30 titres ayant enregistr\u00e9 les performances totales les plus faibles. Nous avons constat\u00e9 que leur score ESG moyen pond\u00e9r\u00e9 de l\u2019indice n\u2019\u00e9tait que de 2,6 sur une \u00e9chelle allant de 1 \u00e0 10, contre une moyenne pond\u00e9r\u00e9e de 4,2 pour l\u2019indice.\u00a0 En revanche, les 30 obligations les plus performantes sur la m\u00eame p\u00e9riode pr\u00e9sentaient une moyenne pond\u00e9r\u00e9e de 4,2, en ligne avec l&rsquo;indice.\u00a0 Il semble donc exister une relation entre les titres les moins performants et les mauvais scores ESG, malgr\u00e9 la petite taille de l\u2019\u00e9chantillon analys\u00e9.<\/p>\n<p>Si l\u2019on classe les titres de l\u2019indice selon leur score ESG, les 30 obligations affichant les meilleurs profils ESG ont enregistr\u00e9 une performance totale moyenne pond\u00e9r\u00e9e de 6,5\u00a0%. A l&rsquo;inverse, les 30 obligations affichant les moins bons scores ESG ont g\u00e9n\u00e9r\u00e9 une performance totale de 3,6\u00a0%.\u00a0 A titre de comparaison, l\u2019indice a enregistr\u00e9 une progression de 4,9\u00a0%. En d\u2019autres termes, le fait d\u2019appliquer un filtre ESG \u00e0 un portefeuille d\u2019obligations europ\u00e9ennes \u00e0 haut rendement aurait permis \u00e0 un investisseur de surperformer largement l\u2019indice en 2017.<\/p>\n<p><u><\/u><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-2-ESG.png\" data-rel=\"lightbox-gallery-PSypG7C4\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2936\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-2-ESG.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-2-ESG.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-2-ESG-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-2-ESG-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>Le profil de l\u2019indice am\u00e9ricain est assez similaire \u00e0 celui de son homologue europ\u00e9en puisque les titres les moins performants pr\u00e9sentaient \u00e9galement un score ESG moyen assez faible.<\/p>\n<p><u><\/u><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-3-ESG.png\" data-rel=\"lightbox-gallery-PSypG7C4\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2937\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-3-ESG.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-3-ESG.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-3-ESG-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/FR-3-ESG-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>Ces analyses montrent donc que les scores ESG et les performances totales des obligations \u00e0 haut rendement ne pr\u00e9sentent pas une corr\u00e9lation prononc\u00e9e. Ce constat est peut-\u00eatre d\u00fb \u00e0 la nature de la distribution des performances des titres \u00e0 haut rendement en 2017. Les performances de la plupart des obligations \u00e9taient regroup\u00e9es dans une fourchette tr\u00e8s \u00e9troite, dans un environnement marqu\u00e9 par une volatilit\u00e9 relativement faible, avec une queue de distribution \u00e9paisse compos\u00e9e de performances tr\u00e8s n\u00e9gatives (en d\u2019autres termes, l\u2019asym\u00e9trie des performances dans un contexte marqu\u00e9 par des spreads faibles t\u00e9moigne d\u2019un biais leptokurtique). Ce qui sugg\u00e8re qu\u2019une analyse traditionnelle de la corr\u00e9lation n\u2019offre peut-\u00eatre pas d\u2019\u00e9clairages significatifs.<\/p>\n<p>On observe toutefois que l\u2019utilisation d&rsquo;un filtre ESG permet d\u2019\u00e9viter les titres les moins performants. L\u2019analyse ESG peut donc aider les investisseurs \u00e0 s\u2019isoler en partie du risque idiosyncratique pr\u00e9sent sur le march\u00e9 des obligations d\u2019entreprise \u00e0 haut rendement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Selon MSCI, les obligations \u00e0 haut rendement les moins performantes du march\u00e9 europ\u00e9en en 2017 pr\u00e9sentaient toutes des notations ESG (Environnemental, Social et Gouvernance) d\u00e9favorables.\u00a0 S\u2019agit-il d\u2019une co\u00efncidence ou ce constat montre-t-il qu\u2019il existe une relation entre de mauvais indicateurs ESG et les performances d\u00e9cevantes des obligations\u00a0? Pour r\u00e9pondre \u00e0 cette question, nous avons analys\u00e9 les performances totales sur 2017 de 365 obligations europ\u00e9ennes \u00e0 haut rendement auxquelles MSCI attribuent des notations ESG.\u00a0 Cette analyse montre que les performances n\u2019\u00e9taient pas corr\u00e9l\u00e9es, avec une corr\u00e9lation&#8230;<\/p>\n","protected":false},"author":130,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,221],"tags":[230,182,231],"class_list":["post-2932","post","type-post","status-publish","format-standard","hentry","category-categories-obligataires","category-haut-rendement","tag-europeen","tag-high-yield","tag-marche"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>L\u2019analyse ESG peut-elle accro\u00eetre les performances des obligations \u00e0 haut rendement? - Francais<\/title>\n<meta name=\"description\" content=\"Selon MSCI, les obligations \u00e0 haut rendement les moins performantes du march\u00e9 europ\u00e9en en 2017 pr\u00e9sentaient toutes des notations ESG (Environnemental,\" \/>\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\/02\/can-esg-analysis-help-improve-high-yield-returns\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lu Yu\" \/>\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\\\/02\\\/can-esg-analysis-help-improve-high-yield-returns\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/02\\\/can-esg-analysis-help-improve-high-yield-returns\\\/\"},\"author\":{\"name\":\"Lu Yu\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/c8315cf57b012de42d581d6e5eefa848\"},\"headline\":\"L\u2019analyse ESG peut-elle accro\u00eetre les performances des obligations \u00e0 haut rendement?\",\"datePublished\":\"2018-02-06T16:04:14+00:00\",\"dateModified\":\"2018-02-09T13:17:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/02\\\/can-esg-analysis-help-improve-high-yield-returns\\\/\"},\"wordCount\":526,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/02\\\/can-esg-analysis-help-improve-high-yield-returns\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/FR-1-ESG.png\",\"keywords\":[\"Europeen\",\"High yield\",\"march\u00e9\"],\"articleSection\":[\"cat\u00e9gories obligataires\",\"Haut rendement\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/02\\\/can-esg-analysis-help-improve-high-yield-returns\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/02\\\/can-esg-analysis-help-improve-high-yield-returns\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/02\\\/can-esg-analysis-help-improve-high-yield-returns\\\/\",\"name\":\"L\u2019analyse ESG peut-elle accro\u00eetre les performances des obligations \u00e0 haut rendement? 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