{"id":3039,"date":"2018-04-26T09:00:32","date_gmt":"2018-04-26T09:00:32","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3039"},"modified":"2018-06-14T09:50:29","modified_gmt":"2018-06-14T09:50:29","slug":"the-end-of-the-bank-of-englands-term-funding-scheme","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/04\/the-end-of-the-bank-of-englands-term-funding-scheme\/","title":{"rendered":"La fin du programme \u00ab Term Funding Scheme \u00bb (\u00ab TFS \u00bb) de la Banque d’Angleterre"},"content":{"rendered":"

Le programme de financement \u00e0 long terme (\u00ab\u00a0Term Funding Scheme\u00a0\u00bb ou \u00ab\u00a0TFS\u00a0\u00bb) de la Banque d’Angleterre (BoE) a pris fin en d\u00e9but d\u2019ann\u00e9e. Rappelons bri\u00e8vement que ce programme permettait aux banques de se financer sur 4 ans au taux de base de la BoE major\u00e9 d’une commission. Les banques \u00e9taient ensuite tenues de pr\u00eater \u00e0 l’\u00e9conomie r\u00e9elle (le niveau de la commission d\u00e9pendant du volume de pr\u00eats nets accord\u00e9s par ces derni\u00e8res). Nous avions pr\u00e9c\u00e9demment r\u00e9dig\u00e9 des articles sur ce dispositif. Vous les trouverez ici<\/strong> <\/a>et ici<\/strong><\/a>.<\/p>\n

Ce programme de financement s’est av\u00e9r\u00e9 tr\u00e8s populaire. Ainsi, \u00e0 fin avril 2018, le total des tirages en cours accord\u00e9s aux banques au titre du TFS (pr\u00eats \u00ab\u00a0bon march\u00e9\u00a0\u00bb) s\u2019\u00e9levait \u00e0 127 milliards de livres sterling. En outre, le volume des pr\u00eats nets r\u00e9sultant du TFS a atteint 68 milliards de livres sterling entre septembre 2016 et d\u00e9cembre 2017. Parmi les plus grands utilisateurs de ce dispositif figurent LLoyds, RBS, Nationwide et Barclays. En cons\u00e9quence, du fait du recours des banques aux financements TFS, la forte baisse du volume d\u2019\u00e9missions d\u2019ABS au cours des deux derni\u00e8res ann\u00e9es n\u2019a pas constitu\u00e9 une surprise, les pr\u00eateurs devant s\u2019acquitter d\u2019une marge relativement on\u00e9reuse de 35 \u00e0 60 points de base pour \u00e9mettre des RMBS senior not\u00e9s AAA de maturit\u00e9s 3 \u00e0 5 ans.<\/p>\n

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

Les derniers tirages sur ce programme ayant eu lieu fin f\u00e9vrier, et en amont des prochains remboursements, les banques domicili\u00e9es au Royaume-Uni se sont organis\u00e9es afin de diversifier leurs sources de financement et de recourir \u00e0 nouveau aux march\u00e9s de la titrisation. La maturit\u00e9 des emprunts au titre du TFS est de quatre ans \u00e0 compter de la date de tirage et nous anticipons ainsi d\u2019\u00e9normes montants de dette \u00e0 refinancer vers la fin 2020 et en 2021. Les pr\u00eateurs tentent d\u00e9sormais d’anticiper le refinancement de cette dette et cherchent \u00e0 \u00e9mettre des RMBS \u00e0 plus longue \u00e9ch\u00e9ance. Par exemple, la banque Nationwide ne s\u2019\u00e9tait plus financ\u00e9e au moyen de RMBS depuis 2016, mais a de nouveau \u00e9mis ce type de papiers en f\u00e9vrier dernier. De m\u00eame, apr\u00e8s deux ans d\u2019inactivit\u00e9 sur ce segment de march\u00e9, la Paragon Bank a \u00e9mis en avril son premier RMBS \u00ab\u00a0Acheter pour Louer\u00a0\u00bb (\u00ab\u00a0Buy-to-Let\u00a0\u00bb).<\/p>\n

Nous avons observ\u00e9 un volume \u00e9toff\u00e9 de nouvelles \u00e9missions de RMBS britanniques depuis le d\u00e9but de l\u2019ann\u00e9e (environ 3,7 milliards d’euros), certains pr\u00e9voyant pour l’ensemble de l\u2019ann\u00e9e un volume estim\u00e9 entre 8 et 10 milliards d\u2019euros de titres \u00ab\u00a0prime\u00a0\u00bb (auquel s\u2019ajoutent 6 \u00e0 8 milliards d\u2019euros d’\u00e9missions \u00ab\u00a0non prime\u00a0\u00bb). Bien qu’encore faible par rapport \u00e0 la p\u00e9riode pr\u00e9-TFS o\u00f9 les nouvelles \u00e9missions repr\u00e9sentaient 30 milliards d’euros par an, ce volume est sup\u00e9rieur \u00e0 ce que nous avions observ\u00e9 sur chacune des ann\u00e9es de la p\u00e9riode 2016-2017 (total de 8 milliards d’euros), et nous anticipons une poursuite de cette tendance. Le retour des pr\u00eateurs sur le march\u00e9 pourrait limiter le niveau des spreads de financement pay\u00e9s par les \u00e9metteurs.<\/p>\n

Quels sont les impacts probables sur les m\u00e9nages et les consommateurs dans un proche avenir\u00a0? La r\u00e9duction progressive du recours aux financements TFS par les banques va probablement se traduire par une hausse des taux d\u2019emprunts immobiliers pour les particuliers (mais d’un autre c\u00f4t\u00e9, par des taux d’\u00e9pargne plus \u00e9lev\u00e9s). Toutefois, gr\u00e2ce \u00e0 des co\u00fbts d\u2019emprunt qui demeurent plus comp\u00e9titifs, les march\u00e9s d’obligations s\u00e9curis\u00e9es restent une source alternative de financement de gros pour les banques et les entreprises de construction. Cela peut contribuer \u00e0 att\u00e9nuer la pression croissante sur les co\u00fbts de financement.<\/p>\n

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

Du point de vue de l’investisseur, malgr\u00e9 les pressions sur les spreads, nous continuons d\u2019appr\u00e9cier cette classe d’actifs et d\u2019y investir. La performance des RMBS britanniques a \u00e9t\u00e9 stable au cours des derni\u00e8res ann\u00e9es et aucune perte en capital n\u2019a jusqu\u2019ici \u00e9t\u00e9 d\u00e9plor\u00e9e sur les titres en circulation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Le programme de financement \u00e0 long terme (\u00ab\u00a0Term Funding Scheme\u00a0\u00bb ou \u00ab\u00a0TFS\u00a0\u00bb) de la Banque d’Angleterre (BoE) a pris fin en d\u00e9but d\u2019ann\u00e9e. Rappelons bri\u00e8vement que ce programme permettait aux banques de se financer sur 4 ans au taux de base de la BoE major\u00e9 d’une commission. Les banques \u00e9taient ensuite tenues de pr\u00eater \u00e0 l’\u00e9conomie r\u00e9elle (le niveau de la commission d\u00e9pendant du volume de pr\u00eats nets accord\u00e9s par ces derni\u00e8res). Nous avions pr\u00e9c\u00e9demment r\u00e9dig\u00e9 des articles sur ce dispositif. Vous les trouverez ici…<\/p>\n","protected":false},"author":138,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[23,240],"tags":[245,51,63],"class_list":["post-3039","post","type-post","status-publish","format-standard","hentry","category-credit","category-uk","tag-banque","tag-banque-dangleterre","tag-boe"],"acf":[],"yoast_head":"\nLa fin du programme \u00ab Term Funding Scheme \u00bb (\u00ab TFS \u00bb) de la Banque d'Angleterre - Francais<\/title>\n<meta name=\"description\" content=\"Le programme de financement \u00e0 long terme (\u00ab\u00a0Term Funding Scheme\u00a0\u00bb ou \u00ab\u00a0TFS\u00a0\u00bb) de la Banque d'Angleterre (BoE) a pris fin en d\u00e9but d\u2019ann\u00e9e. 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