{"id":3938,"date":"2020-03-25T12:16:56","date_gmt":"2020-03-25T12:16:56","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3938"},"modified":"2023-05-24T15:18:16","modified_gmt":"2023-05-24T15:18:16","slug":"les-obligations-des-marches-emergents-et-le-coronavirus","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2020\/03\/les-obligations-des-marches-emergents-et-le-coronavirus\/","title":{"rendered":"Les obligations des march\u00e9s \u00e9mergents et le coronavirus"},"content":{"rendered":"\n<p>Les march\u00e9s \u00e9mergents ont r\u00e9cemment connu d\u2019autres r\u00e9percussions que les tragiques cons\u00e9quences des \u00e9pid\u00e9mies de Covid-19 sur leurs soci\u00e9t\u00e9s et leurs \u00e9conomies, \u00e0 savoir un \u00e9largissement consid\u00e9rable des spreads. Trois facteurs ont jou\u00e9 un r\u00f4le. Premi\u00e8rement, les march\u00e9s actions internationaux ont \u00e9t\u00e9 les t\u00e9moins d\u2019une rapide correction suite \u00e0 la prise de conscience que l\u2019\u00e9conomie mondiale se dirigeait tout droit vers une r\u00e9cession. Deuxi\u00e8mement, les investisseurs ont renonc\u00e9 \u00e0 toute prise de risque et se sont r\u00e9fugi\u00e9s dans les liquidit\u00e9s en dollar am\u00e9ricain. Les liquidit\u00e9s sont devenues la seule chose qui compte, d\u00e9tr\u00f4nant m\u00eame de nombreux actifs refuges traditionnels. Troisi\u00e8mement, la rupture des accords de l\u2019OPEP+ a fait encore un peu plus chuter les prix mondiaux du p\u00e9trole qui \u00e9taient d\u00e9j\u00e0 peu \u00e9lev\u00e9s sous l\u2019effet de la baisse de la demande.&nbsp; Ce qui est mauvais pour le p\u00e9trole est terrible pour les producteurs d\u2019or noir&nbsp;<a href=\"https:\/\/bondvigilantes.com\/blog\/2021\/12\/12\/lower-oil-prices-for-longer-the-impact-on-emerging-market-oil-producers\/\"><strong>(voir notre r\u00e9cent blog)<\/strong><\/a>, mais cela a \u00e9galement tendance \u00e0 peser sur tous les pays \u00e9mergents : si les importateurs de p\u00e9trole b\u00e9n\u00e9ficient d\u2019un certain all\u00e8gement de leur balance commerciale, ils ont \u00e9galement tendance \u00e0 \u00eatre confront\u00e9s \u00e0 des co\u00fbts d\u2019emprunt plus \u00e9lev\u00e9s et aux cons\u00e9quences de la d\u00e9t\u00e9rioration de la confiance du march\u00e9.<\/p>\n\n\n\n<p>Les spreads \u00ab&nbsp;investment grade \u00bb sont sup\u00e9rieurs aux pics de toute r\u00e9cente p\u00e9riode de volatilit\u00e9 des march\u00e9s, et ce, avec une rapidit\u00e9 in\u00e9gal\u00e9e depuis la crise financi\u00e8re mondiale. Les spreads des obligations \u00e0 haut rendement des march\u00e9s \u00e9mergents se sont tout autant envol\u00e9s en franchissant le seuil des 1 000 points de base au-dessus des emprunts d\u2019\u00c9tat am\u00e9ricains.<\/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\/1810_0_1-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\" data-rel=\"lightbox-gallery-BtiK9z6p\" data-rl_title=\"1810_0_1-17_Emerging-market-bonds-in-the-time-of-coronavirus\" data-rl_caption=\"1810_0_1-17_Emerging-market-bonds-in-the-time-of-coronavirus\" title=\"1810_0_1-17_Emerging-market-bonds-in-the-time-of-coronavirus\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_0_1-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\" alt=\"\" class=\"wp-image-4882\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_0_1-17_Emerging-market-bonds-in-the-time-of-coronavirus.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_0_1-17_Emerging-market-bonds-in-the-time-of-coronavirus-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_0_1-17_Emerging-market-bonds-in-the-time-of-coronavirus-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p>La puissance de l\u2019aversion au risque des investisseurs a \u00e9t\u00e9 illustr\u00e9e par des sorties de capitaux hebdomadaires record au sein des fonds obligataires \u00e9mergents. Ces massives sorties de capitaux ont tout autant touch\u00e9 la dette en devise forte que les obligations en devise locale. Afin de mettre en perspective la vitesse et l\u2019intensit\u00e9 de la correction, il est utile de la comparer \u00e0 2008.<\/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\/1810_1_2-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\" data-rel=\"lightbox-gallery-BtiK9z6p\" data-rl_title=\"1810_1_2-17_Emerging-market-bonds-in-the-time-of-coronavirus\" data-rl_caption=\"1810_1_2-17_Emerging-market-bonds-in-the-time-of-coronavirus\" title=\"1810_1_2-17_Emerging-market-bonds-in-the-time-of-coronavirus\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_1_2-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\" alt=\"\" class=\"wp-image-4883\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_1_2-17_Emerging-market-bonds-in-the-time-of-coronavirus.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_1_2-17_Emerging-market-bonds-in-the-time-of-coronavirus-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_1_2-17_Emerging-market-bonds-in-the-time-of-coronavirus-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p>Aussi, quelles sont les perspectives \u00e0 partir de maintenant ? Il se pourrait qu\u2019il soit encore trop t\u00f4t pour savoir combien de temps cela va encore durer, mais historiquement, une ann\u00e9e de performance n\u00e9gative &#8211; de l\u2019indice de la dette souveraine \u00e9mergente en devise forte &#8211; est suivie d\u2019une solide performance positive l\u2019ann\u00e9e suivante. Si le pass\u00e9 ne pr\u00e9juge en aucun cas de l\u2019avenir, il donne toutefois \u00e0 penser que les investisseurs pourraient chercher \u00e0 repositionner l\u2019argent retir\u00e9 des march\u00e9s \u00e9mergents une fois que l\u2019aversion au risque deviendra moins intense.<\/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\/1810_2_3-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\" data-rel=\"lightbox-gallery-BtiK9z6p\" data-rl_title=\"1810_2_3-17_Emerging-market-bonds-in-the-time-of-coronavirus\" data-rl_caption=\"1810_2_3-17_Emerging-market-bonds-in-the-time-of-coronavirus\" title=\"1810_2_3-17_Emerging-market-bonds-in-the-time-of-coronavirus\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_2_3-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\" alt=\"\" class=\"wp-image-4884\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_2_3-17_Emerging-market-bonds-in-the-time-of-coronavirus.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_2_3-17_Emerging-market-bonds-in-the-time-of-coronavirus-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_2_3-17_Emerging-market-bonds-in-the-time-of-coronavirus-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p>Les pays \u00e9mergents ressentent les cons\u00e9quences \u00e9conomiques, sociales et sanitaires directes des \u00e9pid\u00e9mies de Covid-19, ainsi que le choc de la demande r\u00e9sultant de leurs efforts visant \u00e0 arr\u00eater toute activit\u00e9 et \u00e0 contenir la propagation du virus. Les effets n\u00e9gatifs se font \u00e9galement sentir par la baisse des b\u00e9n\u00e9fices des entreprises des secteurs des voyages et du tourisme, par la limitation des \u00e9changes commerciaux et par la diminution des transferts de fonds par les \u00e9migr\u00e9s, autant de facteurs encore un peu plus aggrav\u00e9s en cas de d\u00e9pendance \u00e0 l\u2019\u00e9gard des exportations de mati\u00e8res premi\u00e8res dont les prix ont diminu\u00e9 sous l\u2019effet de la r\u00e9cession mondiale.<\/p>\n\n\n\n<p>Si les r\u00e9percussions sont consid\u00e9rables, la r\u00e9ponse mondiale est \u00e9galement vigoureuse. Les pays \u00e9mergents se joignent aux banques centrales et aux gouvernements des \u00e9conomies d\u00e9velopp\u00e9es en annon\u00e7ant de gigantesques mesures de relance mon\u00e9taire et budg\u00e9taire. M\u00eame dans les pays \u00e9mergents accusant d\u00e9j\u00e0 des d\u00e9ficits \u00e9lev\u00e9s ou tributaires de la dette ext\u00e9rieure pour leur financement, une certaine cavalerie devrait encore arriver. Le secteur institutionnel intensifie son aide au vu de la pand\u00e9mie de Covid-19, \u00e0 l\u2019image notamment des r\u00e9centes initiatives de plusieurs milliards de dollars annonc\u00e9es par le FMI et la Banque mondiale. S\u2019ils sont suffisants, ces efforts encourageront les investisseurs \u00e0 d\u00e9laisser leur aversion au risque actuelle, ce qui contribuera \u00e0 am\u00e9liorer la situation de la liquidit\u00e9.<\/p>\n\n\n\n<p>Les \u00ab&nbsp;credit default swaps&nbsp;\u00bb sur les march\u00e9s \u00e9mergents anticipent actuellement un taux de d\u00e9faut de 31,4 %. Mais, les taux de d\u00e9faut dans les pays \u00e9mergents \u00e9taient bien inf\u00e9rieurs \u00e0 ce taux durant la crise financi\u00e8re mondiale. Aussi, lorsque les conditions financi\u00e8res s\u2019am\u00e9lioreront au niveau mondial, les valorisations des obligations et des devises \u00e9mergentes pourraient soudainement appara\u00eetre attractives, en particulier dans les pays ayant subi un impact sup\u00e9rieur \u00e0 celui sugg\u00e9r\u00e9 par leurs fondamentaux. Cette liste restreinte pourrait inclure les pays \u00e9mergents o\u00f9 les cons\u00e9quences du Covid-19 ont d\u00e9j\u00e0 atteint leur paroxysme ou ceux qui pourraient \u00eatre \u00e9pargn\u00e9s par un impact direct important.<\/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\/1810_3_4-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\" data-rel=\"lightbox-gallery-BtiK9z6p\" data-rl_title=\"1810_3_4-17_Emerging-market-bonds-in-the-time-of-coronavirus\" data-rl_caption=\"1810_3_4-17_Emerging-market-bonds-in-the-time-of-coronavirus\" title=\"1810_3_4-17_Emerging-market-bonds-in-the-time-of-coronavirus\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_3_4-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\" alt=\"\" class=\"wp-image-4885\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_3_4-17_Emerging-market-bonds-in-the-time-of-coronavirus.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_3_4-17_Emerging-market-bonds-in-the-time-of-coronavirus-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1810_3_4-17_Emerging-market-bonds-in-the-time-of-coronavirus-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Les march\u00e9s \u00e9mergents ont r\u00e9cemment connu d\u2019autres r\u00e9percussions que les tragiques cons\u00e9quences des \u00e9pid\u00e9mies de Covid-19 sur leurs soci\u00e9t\u00e9s et leurs \u00e9conomies, \u00e0 savoir un \u00e9largissement consid\u00e9rable des spreads. Trois facteurs ont jou\u00e9 un r\u00f4le. Premi\u00e8rement, les march\u00e9s actions internationaux ont \u00e9t\u00e9 les t\u00e9moins d\u2019une rapide correction suite \u00e0 la prise de conscience que l\u2019\u00e9conomie mondiale se dirigeait tout droit vers une r\u00e9cession. Deuxi\u00e8mement, les investisseurs ont renonc\u00e9 \u00e0 toute prise de risque et se sont r\u00e9fugi\u00e9s dans les liquidit\u00e9s en dollar am\u00e9ricain. Les liquidit\u00e9s&#8230;<\/p>\n","protected":false},"author":159,"featured_media":3939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[47],"tags":[],"class_list":["post-3938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marches-emergents"],"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>Les obligations des march\u00e9s \u00e9mergents et le coronavirus - Francais<\/title>\n<meta name=\"description\" content=\"Les march\u00e9s \u00e9mergents ont r\u00e9cemment connu d\u2019autres r\u00e9percussions que les tragiques cons\u00e9quences des \u00e9pid\u00e9mies de Covid-19 sur leurs soci\u00e9t\u00e9s et leurs\" \/>\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\/2020\/03\/les-obligations-des-marches-emergents-et-le-coronavirus\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gregory Smith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2020\\\/03\\\/les-obligations-des-marches-emergents-et-le-coronavirus\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2020\\\/03\\\/les-obligations-des-marches-emergents-et-le-coronavirus\\\/\"},\"author\":{\"name\":\"Gregory Smith\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/0f40e67b4c94fe5490e989d97a0eb376\"},\"headline\":\"Les obligations des march\u00e9s \u00e9mergents et le coronavirus\",\"datePublished\":\"2020-03-25T12:16:56+00:00\",\"dateModified\":\"2023-05-24T15:18:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2020\\\/03\\\/les-obligations-des-marches-emergents-et-le-coronavirus\\\/\"},\"wordCount\":846,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2020\\\/03\\\/les-obligations-des-marches-emergents-et-le-coronavirus\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-17_Emerging-market-bonds-in-the-time-of-coronavirus.png\",\"articleSection\":[\"march\u00e9s \u00e9mergents\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2020\\\/03\\\/les-obligations-des-marches-emergents-et-le-coronavirus\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2020\\\/03\\\/les-obligations-des-marches-emergents-et-le-coronavirus\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2020\\\/03\\\/les-obligations-des-marches-emergents-et-le-coronavirus\\\/\",\"name\":\"Les obligations des march\u00e9s \u00e9mergents et le coronavirus - 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