{"id":3251,"date":"2018-08-21T08:46:56","date_gmt":"2018-08-21T08:46:56","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3251"},"modified":"2018-09-11T10:44:10","modified_gmt":"2018-09-11T10:44:10","slug":"hy-spreads-the-story-behind-the-story","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/08\/hy-spreads-the-story-behind-the-story\/","title":{"rendered":"Spreads des obligations \u00e0 haut rendement : au-del\u00e0 de l\u2019histoire racont\u00e9e"},"content":{"rendered":"<p>Les niveaux comprim\u00e9s des spreads des obligations am\u00e9ricaines \u00e0 haut rendement, en particulier par rapport \u00e0 leurs pairs Investment Grade (IG), suscitent de nombreux d\u00e9bats. La diff\u00e9rence entre les deux s&rsquo;\u00e9l\u00e8ve \u00e0 241 points de base (pb), soit moins de la moiti\u00e9 du niveau observ\u00e9 10 ans auparavant. Certains observateurs ont ainsi conclu avec h\u00e2te que les obligations am\u00e9ricaines \u00e0 haut rendement sont sur\u00e9valu\u00e9es et ils incitent les investisseurs \u00e0 privil\u00e9gier les titres IG. Mais est-ce l\u00e0 toute l&rsquo;histoire\u00a0?<\/p>\n<p>Il semble que l&rsquo;on puisse chercher au-del\u00e0. Comme l\u2019indique le premier graphique, s&rsquo;il est vrai que le spread entre les deux classes d&rsquo;actifs s\u2019est contract\u00e9 au cours des dix derni\u00e8res ann\u00e9es (ligne orange), cette compression est avant tout le reflet d\u2019un profond changement de leurs profils respectifs. En effet, par rapport au haut rendement, le <strong>risque de taux d&rsquo;int\u00e9r\u00eat<\/strong> des obligations IG s\u2019est renforc\u00e9 sur les dix derni\u00e8res ann\u00e9es (ligne bleue), exposant davantage les investisseurs d\u00e9tenant de tels titres dans un environnement de taux en hausse (\u00e0 l\u2019instar de l\u2019environnement actuellement observ\u00e9 aux \u00c9tats-Unis). Ce qui a permis de r\u00e9duire le diff\u00e9rentiel.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/slide1.png\" data-rel=\"lightbox-gallery-ERvp2Iqe\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3279 alignnone\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/slide1.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide1.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide1-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide1-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>D\u2019importants changements dans la <strong>qualit\u00e9 du cr\u00e9dit<\/strong> expliquent \u00e9galement le resserrement de ce spread. Selon le graphique ci-apr\u00e8s, la notation de cr\u00e9dit la plus faible affect\u00e9e aux titres IG, \u00e0 savoir BBB, repr\u00e9sentait 33\u00a0% de la classe d&rsquo;actifs il y a 10 ans, tandis qu\u2019elle compte aujourd&rsquo;hui pour 48\u00a0%. \u00c0 l\u2019inverse, la notation CCC, la plus faible du segment \u00e0 haut rendement, repr\u00e9sente aujourd\u2019hui 11,8\u00a0% de l\u2019univers des obligations am\u00e9ricaines \u00e0 haut rendement, contre 16,2\u00a0% en 2008.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/slide2.png\" data-rel=\"lightbox-gallery-ERvp2Iqe\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3280 alignnone\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/slide2.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide2.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide2-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide2-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Outre la hausse des risques de taux et de qualit\u00e9 de cr\u00e9dit, les investisseurs en obligations IG sont \u00e9galement confront\u00e9s \u00e0 des <strong>facteurs techniques<\/strong> difficiles. Le troisi\u00e8me graphique montre en effet que les <strong>volumes d&rsquo;\u00e9missions d\u2019obligations Investment Grade ont gonfl\u00e9<\/strong> durant ces dix derni\u00e8res ann\u00e9es alors que les entreprises se sont pr\u00e9cipit\u00e9es sur le march\u00e9, attir\u00e9es par des taux extr\u00eamement bas. Parall\u00e8lement, les \u00e9missions d&rsquo;obligations \u00e0 haut rendement sont rest\u00e9es stables, voire ont diminu\u00e9, la classe d&rsquo;actifs ayant \u00e9t\u00e9 p\u00e9nalis\u00e9e par un certain nombre d&rsquo;\u00e9v\u00e9nements d\u00e9favorables tels que l\u2019effondrement des cours p\u00e9troliers fin 2014 (le secteur \u00e9nerg\u00e9tique repr\u00e9sente pr\u00e8s de 15\u00a0% de l\u2019univers des obligations am\u00e9ricaines \u00e0 haut rendement).<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/slide3.png\" data-rel=\"lightbox-gallery-ERvp2Iqe\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3281 alignnone\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/slide3.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide3.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide3-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/slide3-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Ces \u00e9l\u00e9ments ne cherchent pas \u00e0 remettre en cause la qu\u00eate de rendement qui a eu lieu lors d\u2019un plan de relance mon\u00e9taire sans pr\u00e9c\u00e9dent. Mais nous esp\u00e9rons avoir montr\u00e9 qu&rsquo;une simple comparaison des spreads des obligations IG et \u00e0 haut rendement ces dix derni\u00e8res ann\u00e9es n\u2019est pas repr\u00e9sentative. Apr\u00e8s tout, le diable est dans les d\u00e9tails. Les spreads du haut rendement sont relativement plus serr\u00e9s que les spreads IG car la qualit\u00e9 de cr\u00e9dit de la classe d&rsquo;actifs s\u2019est am\u00e9lior\u00e9e, le risque de taux d&rsquo;int\u00e9r\u00eat est rest\u00e9 sensiblement le m\u00eame et les facteurs techniques n\u2019ont pas engendr\u00e9 de turbulences significatives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Les niveaux comprim\u00e9s des spreads des obligations am\u00e9ricaines \u00e0 haut rendement, en particulier par rapport \u00e0 leurs pairs Investment Grade (IG), suscitent de nombreux d\u00e9bats. La diff\u00e9rence entre les deux s&rsquo;\u00e9l\u00e8ve \u00e0 241 points de base (pb), soit moins de la moiti\u00e9 du niveau observ\u00e9 10 ans auparavant. Certains observateurs ont ainsi conclu avec h\u00e2te que les obligations am\u00e9ricaines \u00e0 haut rendement sont sur\u00e9valu\u00e9es et ils incitent les investisseurs \u00e0 privil\u00e9gier les titres IG. Mais est-ce l\u00e0 toute l&rsquo;histoire\u00a0? Il semble que l&rsquo;on puisse chercher&#8230;<\/p>\n","protected":false},"author":4,"featured_media":3279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,233],"tags":[],"class_list":["post-3251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-categories-obligataires","category-us"],"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>Spreads des obligations \u00e0 haut rendement : au-del\u00e0 de l\u2019histoire racont\u00e9e - Francais<\/title>\n<meta name=\"description\" content=\"Les niveaux comprim\u00e9s des spreads des obligations am\u00e9ricaines \u00e0 haut rendement, en particulier par rapport \u00e0 leurs pairs Investment Grade (IG), suscitent\" \/>\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\/08\/hy-spreads-the-story-behind-the-story\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stefan Isaacs\" \/>\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\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/\"},\"author\":{\"name\":\"Stefan Isaacs\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/e4366565557f551f390bdfae4f71bbab\"},\"headline\":\"Spreads des obligations \u00e0 haut rendement : au-del\u00e0 de l\u2019histoire racont\u00e9e\",\"datePublished\":\"2018-08-21T08:46:56+00:00\",\"dateModified\":\"2018-09-11T10:44:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/\"},\"wordCount\":539,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/slide1.png\",\"articleSection\":[\"cat\u00e9gories obligataires\",\"US\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/08\\\/hy-spreads-the-story-behind-the-story\\\/\",\"name\":\"Spreads des obligations \u00e0 haut rendement : au-del\u00e0 de l\u2019histoire racont\u00e9e - 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