{"id":3016,"date":"2018-04-17T10:13:52","date_gmt":"2018-04-17T10:13:52","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3016"},"modified":"2018-07-06T11:08:02","modified_gmt":"2018-07-06T11:08:02","slug":"the-impact-of-the-technology-tantrum-on-u-s-corporate-bond-valuations","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/04\/the-impact-of-the-technology-tantrum-on-u-s-corporate-bond-valuations\/","title":{"rendered":"L\u2019impact de la correction du secteur technologique sur les valorisations des obligations d\u2019entreprises am\u00e9ricaines"},"content":{"rendered":"<p>Il n\u2019est pas exag\u00e9r\u00e9 de dire que les march\u00e9s sont r\u00e9cemment devenus plus anim\u00e9s. Un secteur en particulier a \u00e9t\u00e9 l\u2019\u00e9picentre du regain de volatilit\u00e9 des march\u00e9s : la technologie.<\/p>\n<p>Sur le march\u00e9 \u00e0 haut rendement am\u00e9ricain, le secteur technologique a sous-perform\u00e9 l\u2019ensemble du march\u00e9 \u00e0 haut rendement. Compte tenu de bilans plus endett\u00e9s, les \u00e9metteurs \u00e0 haut rendement ont tendance \u00e0 \u00eatre plus sensibles aux difficult\u00e9s propres \u00e0 un secteur particulier.<\/p>\n<p>Le graphique illustre l\u2019\u00e9cart de rendement suppl\u00e9mentaire offert par le secteur technologique am\u00e9ricain par rapport \u00e0 l\u2019ensemble du march\u00e9 \u00e0 haut rendement am\u00e9ricain. Bien que toujours n\u00e9gatif, le diff\u00e9rentiel de spread de cr\u00e9dit s\u2019est contract\u00e9 en passant de -115 points de base (pb) d\u00e9but d\u00e9cembre \u00e0 -81 pb. Mais, ce serait une conclusion h\u00e2tive que d\u2019\u00e9tablir des parall\u00e8les avec la correction des actions des groupes technologiques qui \u00e9tait li\u00e9e \u00e0 des inqui\u00e9tudes en mati\u00e8re de protection de la vie priv\u00e9e. Le secteur technologique \u00e0 haut rendement a en effet eu son propre lot d\u2019\u00e9v\u00e9nements idiosyncratiques, comme des changements de strat\u00e9gie (Dell), des discussions en vue d\u2019une fusions-acquisition (NXP), des r\u00e9sultats moins bons que pr\u00e9vu (Veritas) ou encore des d\u00e9gradations de notation (Lexmark), pour n\u2019en citer que quelques-uns. En d\u00e9pit du r\u00e9cent acc\u00e8s de faiblesse, les spreads des \u00e9metteurs technologiques \u00e0 haut rendement am\u00e9ricains continuent de s\u2019\u00e9tablir \u00e0 des niveaux peu \u00e9lev\u00e9s par rapport au march\u00e9 \u00e0 haut rendement am\u00e9ricain sur une p\u00e9riode de trois ans.<\/p>\n<p><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF.png\" data-rel=\"lightbox-gallery-kfRHdpXQ\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3025\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>L\u2019aggravation du diff\u00e9rend commercial demeure certes un risque extr\u00eame, mais la Chine reste un march\u00e9 important pour de nombreuses multinationales technologiques, tant en termes de produits que de chiffres d\u2019affaires (par exemple, 30 % du chiffre d\u2019affaires d\u2019Apple sont r\u00e9alis\u00e9s en Chine). Par cons\u00e9quent, il ne serait pas d\u00e9raisonnable de penser que les spreads de cr\u00e9dit des \u00e9metteurs \u00ab\u00a0investment grade\u00a0\u00bb (IG) technologiques ont r\u00e9cemment sous-perform\u00e9 le march\u00e9 plus large des obligations d\u2019entreprises \u00ab\u00a0investment grade\u00a0\u00bb.<\/p>\n<p>En r\u00e9alit\u00e9, c\u2019est tout le contraire. Le secteur technologique IG am\u00e9ricain a surperform\u00e9 l\u2019indice IG am\u00e9ricain au cours du tout dernier \u00e9pisode de volatilit\u00e9, le suppl\u00e9ment de spread de cr\u00e9dit du secteur technologique repassant au-dessus de la courbe d\u2019un \u00e9cart type et (sur la base des niveaux de spread historiques) au d\u00e9but de 2018 et en passe de rejoindre la moyenne mobile sur 3 ans.<\/p>\n<p><u><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF.png\" data-rel=\"lightbox-gallery-kfRHdpXQ\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3026\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-French-The-impact-of-the-technology-tantrum-on-U.S.-corporate-bond-valuations.FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/u><\/p>\n<p>L\u2019\u00e9volution surprenante des cours au sein du secteur technologique IG am\u00e9ricain peut s\u2019expliquer par l\u2019examen des principaux \u00e9metteurs d\u2019obligations d\u2019entreprises. En effet, le secteur technologique est domin\u00e9 par Apple, Microsoft et Oracle, trois \u00e9metteurs obligataires majeurs avec un encours de dette de pr\u00e8s de 250 milliards de dollars, soit 41 % de l\u2019indice technologique. Ces soci\u00e9t\u00e9s sont tr\u00e8s bien not\u00e9es et disposent d\u2019importants niveaux de tr\u00e9sorerie afin d\u2019assurer le service de leur dette. En cons\u00e9quence, ces \u00e9metteurs de grande qualit\u00e9 ont r\u00e9ussi \u00e0 bien r\u00e9sister \u00e0 la mont\u00e9e de l\u2019aversion au risque qui a eu un impact sur l\u2019ensemble du march\u00e9 du cr\u00e9dit.<\/p>\n<p>Si d\u2019abondants niveaux de tr\u00e9sorerie rassurent les investisseurs \u00e0 court et \u00e0 moyen terme, les implications \u00e0 long terme sont cependant plus difficiles \u00e0 saisir. D\u2019un c\u00f4t\u00e9, le secteur encourt le risque de r\u00e9glementations plus strictes en mati\u00e8re de donn\u00e9es, de r\u00e9formes\u00a0 de la fiscalit\u00e9 en ligne et de barri\u00e8res douani\u00e8res &#8211; avec autant de cons\u00e9quences qu\u2019il est bien difficile de quantifier pour le moment. D\u2019un autre c\u00f4t\u00e9, la r\u00e9forme fiscale de Donald Trump mise en place en d\u00e9cembre dernier devrait rassurer les investisseurs dans les obligations d\u2019entreprises en ce sens o\u00f9 des flux de tr\u00e9sorerie disponible plus importants peuvent \u00eatre utilis\u00e9s pour r\u00e9duire les niveaux d\u2019endettement si n\u00e9cessaire.<\/p>\n<p>Comme toujours, le profil de cr\u00e9dit d\u2019une entreprise se doit d\u2019\u00eatre analys\u00e9 afin de d\u00e9terminer si de tels risques \u00e0 long terme se refl\u00e8tent de mani\u00e8re appropri\u00e9e dans le spread de cr\u00e9dit. Les march\u00e9s actions ont vivement r\u00e9agi et r\u00e9\u00e9valu\u00e9 le potentiel de croissance des entreprises technologiques, mais les march\u00e9s du cr\u00e9dit ne semblent quant \u00e0 eux pas trop inquiets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Il n\u2019est pas exag\u00e9r\u00e9 de dire que les march\u00e9s sont r\u00e9cemment devenus plus anim\u00e9s. Un secteur en particulier a \u00e9t\u00e9 l\u2019\u00e9picentre du regain de volatilit\u00e9 des march\u00e9s : la technologie. Sur le march\u00e9 \u00e0 haut rendement am\u00e9ricain, le secteur technologique a sous-perform\u00e9 l\u2019ensemble du march\u00e9 \u00e0 haut rendement. Compte tenu de bilans plus endett\u00e9s, les \u00e9metteurs \u00e0 haut rendement ont tendance \u00e0 \u00eatre plus sensibles aux difficult\u00e9s propres \u00e0 un secteur particulier. Le graphique illustre l\u2019\u00e9cart de rendement suppl\u00e9mentaire offert par le secteur technologique am\u00e9ricain&#8230;<\/p>\n","protected":false},"author":107,"featured_media":3026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[229,241],"tags":[182,148],"class_list":["post-3016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-high-yield","category-les-obligations-de-societes","tag-high-yield","tag-technologie"],"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\u2019impact de la correction du secteur technologique sur les valorisations des obligations d\u2019entreprises am\u00e9ricaines - Francais<\/title>\n<meta name=\"description\" content=\"Il n\u2019est pas exag\u00e9r\u00e9 de dire que les march\u00e9s sont r\u00e9cemment devenus plus anim\u00e9s. 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