{"id":499,"date":"2014-10-07T08:15:51","date_gmt":"2014-10-07T08:15:51","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=499"},"modified":"2014-10-07T08:15:51","modified_gmt":"2014-10-07T08:15:51","slug":"limportance-reglementation-programme-rachat-dabs-bce","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2014\/10\/limportance-reglementation-programme-rachat-dabs-bce\/","title":{"rendered":"De l\u2019importance de la r\u00e9glementation : le programme de rachat d\u2019ABS de la BCE"},"content":{"rendered":"<p>La BCE rejoint finalement le camp des partisans de l\u2019Assouplissement Quantitatif (QE). Les rachats d\u2019actifs non st\u00e9rilis\u00e9s ont constitu\u00e9 un outil essentiel de politique mon\u00e9taire dans la plupart des pays d\u00e9velopp\u00e9s ces derni\u00e8res ann\u00e9es. Paradoxalement (alors que la Fed met fin \u00e0 ses mesures de soutien, soit dit en passant) la BCE va s\u2019aventurer pour la premi\u00e8re fois sur le terrain du QE le mois prochain en lan\u00e7ant dans un programme de rachat de titres adoss\u00e9s \u00e0 des actifs (ABS).<\/p>\n<p>Par le biais de ce programme, qui privil\u00e9gie les titres adoss\u00e9s \u00e0 des actifs \u00ab\u00a0simples, transparents et r\u00e9els\u00a0\u00bb, la BCE esp\u00e8re relancer les op\u00e9rations de pr\u00eats \u00e0 l\u2019\u00e9conomie r\u00e9elle et contribuer ainsi \u00e0 \u00e9loigner le spectre de la d\u00e9flation. Un march\u00e9 des ABS assaini devrait offrir aux banques une alternative \u00e0 long terme au financement peu co\u00fbteux de la banque centrale, dans la mesure o\u00f9 ces instruments sont adoss\u00e9s \u00e0 des \u00a0pr\u00eats aussi divers que les cr\u00e9dits automobiles, les cr\u00e9dits hypoth\u00e9caires et les r\u00e8glements au titre des cartes de cr\u00e9dit.<\/p>\n<p>Il est \u00e9vident que le march\u00e9 europ\u00e9en, quasi atone depuis la crise financi\u00e8re, n\u00e9cessite un coup de fouet. L\u2019\u00e9mission d\u2019ABS en Europe en 2013 a atteint seulement 183 milliards d\u2019euros (selon les donn\u00e9es de l\u2019Association for Financial Markets in Europe), contre 711 milliards d\u2019euros en 2008. Le march\u00e9 am\u00e9ricain est en revanche en bien meilleure sant\u00e9, avec une valeur totale des \u00e9missions de 1\u00a0500 milliards d\u2019euros, laquelle d\u00e9passe largement les 934 milliards d\u2019euros r\u00e9alis\u00e9s en 2008.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/ECB-ABS-blog-FR-1.png\" data-rel=\"lightbox-gallery-q7uq0NrA\" data-rl_title=\"ECB ABS blog-FR 1\" data-rl_caption=\"ECB ABS blog-FR 1\" title=\"ECB ABS blog-FR 1\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-541\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/ECB-ABS-blog-FR-1.png\" alt=\"Emissions de 2013 en pourcentage des \u00e9missions de 2008\" width=\"960\" height=\"720\" \/><\/a><\/p>\n<p>Mais \u2013 car il y a un \u00ab\u00a0mais\u00a0\u00bb \u2013un obstacle r\u00e9glementaire majeur se dresse sur le chemin de la BCE\u00a0: le traitement de la titrisation dans la derni\u00e8re version du projet Solvabilit\u00e9 II. Dans le cadre de Solvabilit\u00e9 II, dans sa version actuelle, les compagnies d\u2019assurance (vaste client\u00e8le d\u2019investisseurs avant la crise) ont l\u2019obligation de d\u00e9tenir deux fois plus de fonds propres en vue d\u2019investir dans un RMBS n\u00e9erlandais \u00e0 cinq ans not\u00e9 AAA que pour une obligation garantie de notation et d\u2019\u00e9ch\u00e9ance identiques, adoss\u00e9e \u00e0 des actifs similaires.\u00a0 Pour les \u00e9metteurs des pays p\u00e9riph\u00e9riques de la zone euro, les conditions sont encore plus s\u00e9v\u00e8res\u00a0: l\u2019exigence de fonds propres sur un RMBS espagnol \u00e0 cinq ans not\u00e9 A+\u00a0 s\u2019\u00e9l\u00e8ve environ \u00e0 20%, contre 7% pour une obligation s\u00e9curis\u00e9e similaire. M\u00eame si ce principe ne s\u2019applique pas \u00e0 des gestionnaires d\u2019actifs comme nous, il repr\u00e9sente un v\u00e9ritable facteur de dissuasion pour les assureurs, conscients qu\u2019ils peuvent r\u00e9aliser des plus-values plus importantes en investissant dans d\u2019autres produits.<\/p>\n<p>L\u2019id\u00e9e ayant pr\u00e9sid\u00e9 \u00e0 l\u2019adoption de charges de capital \u00e9lev\u00e9es est s\u00fbrement de prot\u00e9ger les bilans contre la probabilit\u00e9 d\u2019un d\u00e9faut. Toutefois, il est particuli\u00e8rement int\u00e9ressant de jeter un bref coup d\u2019\u0153il rapide aux statistiques relatives aux \u00e9v\u00e9nements de d\u00e9faut. Selon une \u00e9tude sur les cas de d\u00e9faut r\u00e9alis\u00e9e par Standard &amp; Poor\u2019s, les taux de d\u00e9faut sur les RMBS europ\u00e9ens ont atteint un point haut de 1% seulement au cours des six derni\u00e8res ann\u00e9es. Cependant, aux \u00c9tats-Unis, o\u00f9 les charges de capital sur les RMBS sont davantage en ad\u00e9quation avec celles impos\u00e9es pour les obligations d\u2019entreprise, les taux de d\u00e9faut sur les RMBS sont nettement plus \u00e9lev\u00e9s, jusqu\u2019\u00e0 28,5% en 2009, et toujours l\u00e9g\u00e8rement sup\u00e9rieurs \u00e0 10% en 2013. Alors qu\u2019il existe une certaine diff\u00e9renciation entre les classifications r\u00e9glementaires des titres ABS, en g\u00e9n\u00e9ral, les charges de capital aux \u00c9tats-Unis sont sensiblement moindres qu\u2019en Europe, tous instruments confondus.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/ECB-ABS-blog-FR-2.png\" data-rel=\"lightbox-gallery-q7uq0NrA\" data-rl_title=\"ECB ABS blog-FR 2\" data-rl_caption=\"ECB ABS blog-FR 2\" title=\"ECB ABS blog-FR 2\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-542\" src=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/ECB-ABS-blog-FR-2.png\" alt=\"Taux de d\u00e9faut des RMBS\" width=\"960\" height=\"720\" \/><\/a><\/p>\n<p>Il s\u2019agit d\u2019une question particuli\u00e8rement urgente \u00e0 double titre : non seulement la BCE esp\u00e8re lancer son programme d\u2019achat d\u2019ABS en octobre, mais le projet de l\u00e9gislation Solvabilit\u00e9 II doit \u00eatre vot\u00e9 fin septembre. \u00c0 moins que la Commission europ\u00e9enne ne r\u00e9agisse rapidement pour adapter le projet de r\u00e9glementation existant, toute tentative de la part de la BCE visant \u00e0 stimuler le march\u00e9 est vraisemblablement vou\u00e9e \u00e0 l\u2019\u00e9chec. Au minimum, il faudrait que la BCE harmonise les charges de capital pour les instruments tels que les RMBS avec celles des autres produits adoss\u00e9s \u00e0 des actifs comme les obligations s\u00e9curis\u00e9es.<\/p>\n<p>Apr\u00e8s tout, sans une demande \u00e9manant d\u2019une client\u00e8le plus \u00e9tendue que la seule BCE, les \u00e9metteurs seront peu enclins \u00e0 fournir ces instruments. Dans ce cas, le march\u00e9 restera atone, et il serait dommage de laisser passer une bonne occasion d\u2019encourager les pr\u00eats \u00e0 l\u2019\u00e9conomie r\u00e9elle.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>La BCE rejoint finalement le camp des partisans de l\u2019Assouplissement Quantitatif (QE). Les rachats d\u2019actifs non st\u00e9rilis\u00e9s ont constitu\u00e9 un outil essentiel de politique mon\u00e9taire dans la plupart des pays d\u00e9velopp\u00e9s ces derni\u00e8res ann\u00e9es. Paradoxalement (alors que la Fed met fin \u00e0 ses mesures de soutien, soit dit en passant) la BCE va s\u2019aventurer pour la premi\u00e8re fois sur le terrain du QE le mois prochain en lan\u00e7ant dans un programme de rachat de titres adoss\u00e9s \u00e0 des actifs (ABS). Par le biais de ce&#8230;<\/p>\n","protected":false},"author":187,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[67],"tags":[115,138,139,111],"class_list":["post-499","post","type-post","status-publish","format-standard","hentry","category-zone-euro-2","tag-abs","tag-croissance-economique","tag-politique-monetaire","tag-qe"],"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>De l\u2019importance de la r\u00e9glementation : le programme de rachat d\u2019ABS de la BCE - Francais<\/title>\n<meta name=\"description\" content=\"La BCE rejoint finalement le camp des partisans de l\u2019Assouplissement Quantitatif (QE). 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