{"id":494,"date":"2014-10-03T08:36:41","date_gmt":"2014-10-03T08:36:41","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=494"},"modified":"2023-08-15T11:13:10","modified_gmt":"2023-08-15T11:13:10","slug":"outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2014\/10\/outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable\/","title":{"rendered":"Un outil utile dans un contexte de rel\u00e8vement de taux d\u2019int\u00e9r\u00eat : les obligations \u00e0 haut rendement \u00e0 taux variable"},"content":{"rendered":"\n<p>Nous entrons dans une nouvelle \u00e8re pour les taux d\u2019int\u00e9r\u00eat dans les pays d\u00e9velopp\u00e9s. La p\u00e9riode prolong\u00e9e de laxisme en mati\u00e8re de politique mon\u00e9taire arrive \u00e0 son terme. A la suite de la r\u00e9duction progressive des mesures d\u2019assouplissement quantitatif (QE) par la R\u00e9serve F\u00e9d\u00e9rale (Fed), les investisseurs tablent d\u00e9sormais sur les premiers rel\u00e8vements de taux d\u2019int\u00e9r\u00eat d\u2019ici plusieurs ann\u00e9es, d\u2019abord au Royaume-Uni et peu apr\u00e8s aux Etats-Unis. L\u2019objet principal du d\u00e9bat n\u2019est pas de savoir si, mais quand et \u00e0 quel rythme les taux d\u2019int\u00e9r\u00eat devraient augmenter. Pour les investisseurs obligataires en particulier, cette transition a soulev\u00e9 maintes questions d\u00e9licates. Apr\u00e8s avoir largement profit\u00e9 du recul des rendements et du resserrement des spreads de cr\u00e9dit, le passage \u00e0 un cycle plus s\u00e9v\u00e8re va cr\u00e9er davantage de difficult\u00e9s lorsqu\u2019il s\u2019agira de g\u00e9n\u00e9rer des performances pour de nombreuses classes d\u2019actifs obligataires.<\/p>\n\n\n\n<p>Par cons\u00e9quent, tout instrument susceptible d\u2019aider les investisseurs \u00e0 \u00e9voluer dans cet environnement suscite \u00e0 juste titre un maximum d\u2019int\u00e9r\u00eat et d\u2019attention. Dans la derni\u00e8re de nos s\u00e9ries d\u2019articles <a href=\"https:\/\/bondvigilantes.com\/francais\/panoramic-outlook\/perspectives-panoramiques-de-james-tomlins\/\" target=\"_blank\" rel=\"noopener\"><strong>M&amp;G Panoramic Outlook<\/strong><\/a>, nous nous int\u00e9resserons \u00e0 un de ces instruments, l\u2019obligation \u00e0 haut rendement \u00e0 taux variable. Ces derni\u00e8res ann\u00e9es, cet instrument a remport\u00e9 un franc succ\u00e8s aupr\u00e8s nombreux \u00e9metteurs et le march\u00e9 a atteint un total de 44 milliards de dollars.<\/p>\n\n\n\n<p>Une obligation \u00e0 haut rendement \u00e0 taux variable comporte deux principales caract\u00e9ristiques distinctives&nbsp;: (1) un coupon \u00e0 taux variable automatiquement ajust\u00e9 en fonction des variations de taux d\u2019int\u00e9r\u00eat&nbsp;; (2) un spread de cr\u00e9dit relativement \u00e9lev\u00e9 qui refl\u00e8te le risque de cr\u00e9dit suppl\u00e9mentaire d\u2019un \u00e9metteur de cat\u00e9gorie sp\u00e9culative.<\/p>\n\n\n\n<p>C\u2019est la combinaison de ces deux facteurs qui permet non seulement aux investisseurs de percevoir un flux de revenus attractif, mais \u00e9galement de b\u00e9n\u00e9ficier de coupons sup\u00e9rieurs en cas de hausse des taux d\u2019int\u00e9r\u00eat sans perte de capital associ\u00e9e. Ce dernier \u00e9l\u00e9ment, \u00e0 savoir l\u2019absence de perte de capital dans un contexte de rel\u00e8vement de taux d\u2019int\u00e9r\u00eat, constitue la diff\u00e9rence majeure par rapport \u00e0 l\u2019univers traditionnel d\u2019obligations \u00e0 taux fixe qui ont subi une \u00e9rosion des prix au fil de l\u2019augmentation des rendements.<\/p>\n\n\n\n<p>Dans ce <strong><a href=\"https:\/\/bondvigilantes.com\/francais\/panoramic-outlook\/perspectives-panoramiques-de-james-tomlins\/\" target=\"_blank\" rel=\"noreferrer noopener\">num\u00e9ro<\/a><\/strong>, nous allons \u00e9tudier en d\u00e9tail les caract\u00e9ristiques et la structure du march\u00e9 des obligations \u00e0 haut rendement \u00e0 taux variable. Nous prendrons \u00e9galement en compte les principaux facteurs de rendement, ainsi que la gestion de certains risques.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nous entrons dans une nouvelle \u00e8re pour les taux d\u2019int\u00e9r\u00eat dans les pays d\u00e9velopp\u00e9s. La p\u00e9riode prolong\u00e9e de laxisme en mati\u00e8re de politique mon\u00e9taire arrive \u00e0 son terme. A la suite de la r\u00e9duction progressive des mesures d\u2019assouplissement quantitatif (QE) par la R\u00e9serve F\u00e9d\u00e9rale (Fed), les investisseurs tablent d\u00e9sormais sur les premiers rel\u00e8vements de taux d\u2019int\u00e9r\u00eat d\u2019ici plusieurs ann\u00e9es, d\u2019abord au Royaume-Uni et peu apr\u00e8s aux Etats-Unis. L\u2019objet principal du d\u00e9bat n\u2019est pas de savoir si, mais quand et \u00e0 quel rythme les taux d\u2019int\u00e9r\u00eat&#8230;<\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,23],"tags":[48,139,42],"class_list":["post-494","post","type-post","status-publish","format-standard","hentry","category-categories-obligataires","category-credit","tag-haut-rendement","tag-politique-monetaire","tag-taux-dinteret-2"],"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>Un outil utile dans un contexte de rel\u00e8vement de taux d\u2019int\u00e9r\u00eat : les obligations \u00e0 haut rendement \u00e0 taux variable - Francais<\/title>\n<meta name=\"description\" content=\"Nous entrons dans une nouvelle \u00e8re pour les taux d\u2019int\u00e9r\u00eat dans les pays d\u00e9velopp\u00e9s. La p\u00e9riode prolong\u00e9e de laxisme en mati\u00e8re de politique mon\u00e9taire\" \/>\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\/2014\/10\/outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Tomlins\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/10\\\/outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/10\\\/outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable\\\/\"},\"author\":{\"name\":\"James Tomlins\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/191e5927bd1b373f71f0eb68646d0f9f\"},\"headline\":\"Un outil utile dans un contexte de rel\u00e8vement de taux d\u2019int\u00e9r\u00eat : les obligations \u00e0 haut rendement \u00e0 taux variable\",\"datePublished\":\"2014-10-03T08:36:41+00:00\",\"dateModified\":\"2023-08-15T11:13:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/10\\\/outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable\\\/\"},\"wordCount\":475,\"commentCount\":0,\"keywords\":[\"haut rendement\",\"politique mon\u00e9taire\",\"taux d\u2019int\u00e9r\u00eat\"],\"articleSection\":[\"cat\u00e9gories obligataires\",\"Cr\u00e9dit\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/10\\\/outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/10\\\/outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2014\\\/10\\\/outil-utile-contexte-relevement-taux-dinteret-les-obligations-haut-rendement-taux-variable\\\/\",\"name\":\"Un outil utile dans un contexte de rel\u00e8vement de taux d\u2019int\u00e9r\u00eat : les obligations \u00e0 haut rendement \u00e0 taux variable - Francais\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\"},\"datePublished\":\"2014-10-03T08:36:41+00:00\",\"dateModified\":\"2023-08-15T11:13:10+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/191e5927bd1b373f71f0eb68646d0f9f\"},\"description\":\"Nous entrons dans une nouvelle \u00e8re pour les taux d\u2019int\u00e9r\u00eat dans les pays d\u00e9velopp\u00e9s. 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