{"id":3774,"date":"2019-04-04T09:06:02","date_gmt":"2019-04-04T09:06:02","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3774"},"modified":"2023-05-24T15:04:07","modified_gmt":"2023-05-24T15:04:07","slug":"le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/","title":{"rendered":"Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d&rsquo;entreprise des banques"},"content":{"rendered":"\n<p>Lorsque l\u2019on s\u2019int\u00e9resse \u00e0 la prime de risque int\u00e9gr\u00e9e dans le surcro\u00eet de rendement per\u00e7u pour la d\u00e9tention d\u2019une obligation d\u2019entreprise \u00e0 la place d\u2019une obligation souveraine \u00ab sans risque \u00bb, l\u2019un des facteurs \u00e0 prendre en compte est la moindre liquidit\u00e9 des obligations d&rsquo;entreprise. Celle-ci augmente la prime de risque potentiel du point de vue des co\u00fbts de liquidit\u00e9 et de transaction. Depuis la crise financi\u00e8re, le march\u00e9 vit dans la croyance perp\u00e9tuelle que le krach a mis fin \u00e0 l\u2019abondante liquidit\u00e9 des obligations d&rsquo;entreprise et que les spreads de celles-ci doivent donc, selon toute logique, \u00eatre plus larges qu\u2019avant.<\/p>\n\n\n\n<p>Le premier graphique ci-dessous repr\u00e9sente la moyenne mobile annuelle des stocks des courtiers depuis 2006. On y voit que ces stocks ont atteint un sommet de presque 200 milliards de dollars, avant de plonger \u00e0 20 milliards de dollars, soit une baisse de 90 % du capital engag\u00e9. Cette tendance, par d\u00e9finition, ne semble pas bonne pour la liquidit\u00e9 et les primes de risque des obligations d&rsquo;entreprise.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\" data-rel=\"lightbox-gallery-jKQh5TiV\" data-rl_title=\"1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\" data-rl_caption=\"1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\" title=\"1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\" alt=\"\" class=\"wp-image-4363\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p>Le deuxi\u00e8me graphique illustre les volumes r\u00e9ellement n\u00e9goci\u00e9s pendant la m\u00eame p\u00e9riode : ceux-ci ont quasiment doubl\u00e9, passant de 12,5 milliards \u00e0 25 milliards de dollars.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\" data-rel=\"lightbox-gallery-jKQh5TiV\" data-rl_title=\"2-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\" data-rl_caption=\"2-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\" title=\"2-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\" alt=\"\" class=\"wp-image-4443\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p>La conclusion qui s\u2019impose est qu\u2019en parall\u00e8le \u00e0 l\u2019effondrement du capital engag\u00e9, le volume r\u00e9ellement n\u00e9goci\u00e9 s\u2019est accru. On peut l\u2019observer dans le dernier graphique ci-dessous.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\" data-rel=\"lightbox-gallery-jKQh5TiV\" data-rl_title=\"3-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\" data-rl_caption=\"3-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\" title=\"3-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\" alt=\"\" class=\"wp-image-4485\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p>La gestion des stocks s\u2019est nettement am\u00e9lior\u00e9e : d\u2019un turnover de 5 % \u00e0 l&rsquo;\u00e9t\u00e9 2008, elle est \u00e0 80 % aujourd&rsquo;hui, ce qui est une \u00e9volution consid\u00e9rable. On le comprend facilement si l\u2019on consid\u00e8re l\u2019augmentation du co\u00fbt du capital pour les banques, d\u2019un point de vue r\u00e9glementaire et sur les march\u00e9s, depuis la crise financi\u00e8re. Il est assez \u00e9vident que les stocks \u00e9normes du pass\u00e9 n\u2019\u00e9taient pas l\u00e0 pour faciliter la n\u00e9gociation, mais qu\u2019ils refl\u00e9taient plut\u00f4t l\u2019activit\u00e9 traditionnelle de cr\u00e9dit des banques (\u00e0 l&rsquo;\u00e9poque, les portefeuilles de transactions b\u00e9n\u00e9ficiaient souvent d\u2019un \u00ab r\u00e9pit avant la vente \u00bb qui n\u2019existait pas dans le cr\u00e9dit traditionnel). Il appara\u00eet aujourd\u2019hui que ces stocks servent essentiellement au trading, et pas \u00e0 l\u2019investissement. C\u2019est une issue bienvenue pour le march\u00e9. Pendant la crise financi\u00e8re, la faiblesse des obligations d&rsquo;entreprise avait \u00e9t\u00e9 accentu\u00e9e par le retrait des stocks d\u2019obligations d\u00e9tenues par les banques sur leurs bilans au beau milieu d&rsquo;une paralysie du financement. Cette conjoncture technique a maintenant disparu, ce qui est une bonne nouvelle pour la classe d&rsquo;actifs.<\/p>\n\n\n\n<p>Les observateurs d\u00e9noncent constamment la r\u00e9duction drastique des bilans des banques d&rsquo;investissement, y voyant un signe funeste pour les spreads des obligations d&rsquo;entreprise. Ces inqui\u00e9tudes sont compr\u00e9hensibles ; toutefois, une analyse des chiffres montre que les bilans atrophi\u00e9s du pass\u00e9 ne fournissaient pas une repr\u00e9sentation exacte de la liquidit\u00e9 probable du march\u00e9, voire m\u00eame qu\u2019ils pourraient avoir contribu\u00e9 \u00e0 accentuer la volatilit\u00e9 et la gravit\u00e9 de la crise financi\u00e8re.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lorsque l\u2019on s\u2019int\u00e9resse \u00e0 la prime de risque int\u00e9gr\u00e9e dans le surcro\u00eet de rendement per\u00e7u pour la d\u00e9tention d\u2019une obligation d\u2019entreprise \u00e0 la place d\u2019une obligation souveraine \u00ab sans risque \u00bb, l\u2019un des facteurs \u00e0 prendre en compte est la moindre liquidit\u00e9 des obligations d&rsquo;entreprise. Celle-ci augmente la prime de risque potentiel du point de vue des co\u00fbts de liquidit\u00e9 et de transaction. Depuis la crise financi\u00e8re, le march\u00e9 vit dans la croyance perp\u00e9tuelle que le krach a mis fin \u00e0 l\u2019abondante liquidit\u00e9 des obligations&#8230;<\/p>\n","protected":false},"author":3,"featured_media":4363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"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>Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d&#039;entreprise des banques - Francais<\/title>\n<meta name=\"description\" content=\"Lorsque l\u2019on s\u2019int\u00e9resse \u00e0 la prime de risque int\u00e9gr\u00e9e dans le surcro\u00eet de rendement per\u00e7u pour la d\u00e9tention d\u2019une obligation d\u2019entreprise \u00e0 la place\" \/>\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\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Woolnough\" \/>\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\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/\"},\"author\":{\"name\":\"Richard Woolnough\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/37ed0b3c35627328e05e569614ba3086\"},\"headline\":\"Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d&rsquo;entreprise des banques\",\"datePublished\":\"2019-04-04T09:06:02+00:00\",\"dateModified\":\"2023-05-24T15:04:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/\"},\"wordCount\":527,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\",\"articleSection\":[\"Sans cat\u00e9gorie\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/\",\"name\":\"Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d'entreprise des banques - Francais\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\",\"datePublished\":\"2019-04-04T09:06:02+00:00\",\"dateModified\":\"2023-05-24T15:04:07+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/37ed0b3c35627328e05e569614ba3086\"},\"description\":\"Lorsque l\u2019on s\u2019int\u00e9resse \u00e0 la prime de risque int\u00e9gr\u00e9e dans le surcro\u00eet de rendement per\u00e7u pour la d\u00e9tention d\u2019une obligation d\u2019entreprise \u00e0 la place\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/#primaryimage\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\",\"contentUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png\",\"width\":960,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2019\\\/04\\\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d&#8217;entreprise des banques\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\",\"name\":\"Francais\",\"description\":\"M&amp;G\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/37ed0b3c35627328e05e569614ba3086\",\"name\":\"Richard Woolnough\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/eb97965f65c6912f41e21ba3ddbba25513acb79e16562425cc7b55769a362800?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/eb97965f65c6912f41e21ba3ddbba25513acb79e16562425cc7b55769a362800?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/eb97965f65c6912f41e21ba3ddbba25513acb79e16562425cc7b55769a362800?s=96&d=mm&r=g\",\"caption\":\"Richard Woolnough\"},\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/author\\\/richardwoolnough\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d'entreprise des banques - Francais","description":"Lorsque l\u2019on s\u2019int\u00e9resse \u00e0 la prime de risque int\u00e9gr\u00e9e dans le surcro\u00eet de rendement per\u00e7u pour la d\u00e9tention d\u2019une obligation d\u2019entreprise \u00e0 la place","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/","twitter_misc":{"Written by":"Richard Woolnough","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/#article","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/"},"author":{"name":"Richard Woolnough","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/37ed0b3c35627328e05e569614ba3086"},"headline":"Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d&rsquo;entreprise des banques","datePublished":"2019-04-04T09:06:02+00:00","dateModified":"2023-05-24T15:04:07+00:00","mainEntityOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/"},"wordCount":527,"commentCount":0,"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png","articleSection":["Sans cat\u00e9gorie"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/","url":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/","name":"Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d'entreprise des banques - Francais","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/#primaryimage"},"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png","datePublished":"2019-04-04T09:06:02+00:00","dateModified":"2023-05-24T15:04:07+00:00","author":{"@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/37ed0b3c35627328e05e569614ba3086"},"description":"Lorsque l\u2019on s\u2019int\u00e9resse \u00e0 la prime de risque int\u00e9gr\u00e9e dans le surcro\u00eet de rendement per\u00e7u pour la d\u00e9tention d\u2019une obligation d\u2019entreprise \u00e0 la place","breadcrumb":{"@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/#primaryimage","url":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png","contentUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-SP-P19-04-044-The-changing-nature-of-market-liquidity-understanding-banks-corporate-bond-inventory_VF-FR.png","width":960,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/bondvigilantes.com\/francais\/2019\/04\/le-caractere-changeant-de-la-liquidite-du-marche-comprendre-le-stock-dobligations-dentreprise-des-banques\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/bondvigilantes.com\/francais\/"},{"@type":"ListItem","position":2,"name":"Le caract\u00e8re changeant de la liquidit\u00e9 du march\u00e9 : comprendre le stock d\u2019obligations d&#8217;entreprise des banques"}]},{"@type":"WebSite","@id":"https:\/\/bondvigilantes.com\/francais\/#website","url":"https:\/\/bondvigilantes.com\/francais\/","name":"Francais","description":"M&amp;G","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bondvigilantes.com\/francais\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/37ed0b3c35627328e05e569614ba3086","name":"Richard Woolnough","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/eb97965f65c6912f41e21ba3ddbba25513acb79e16562425cc7b55769a362800?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/eb97965f65c6912f41e21ba3ddbba25513acb79e16562425cc7b55769a362800?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/eb97965f65c6912f41e21ba3ddbba25513acb79e16562425cc7b55769a362800?s=96&d=mm&r=g","caption":"Richard Woolnough"},"url":"https:\/\/bondvigilantes.com\/francais\/author\/richardwoolnough\/"}]}},"_links":{"self":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/3774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/comments?post=3774"}],"version-history":[{"count":0,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/3774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media\/4363"}],"wp:attachment":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media?parent=3774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/categories?post=3774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/tags?post=3774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}