{"id":721,"date":"2015-01-07T11:27:05","date_gmt":"2015-01-07T11:27:05","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=721"},"modified":"2015-01-13T07:59:35","modified_gmt":"2015-01-13T07:59:35","slug":"etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/","title":{"rendered":"Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d"},"content":{"rendered":"<p>\u00ab\u00a0Ave C\u00e9sar, ceux qui vont mourir te saluent\u00a0\u00bb\u00a0: certes, une \u00e9pitaphe prestigieuse des gladiateurs il y a deux mill\u00e9naires, mais il y a peu de chances que les cr\u00e9anciers subordonn\u00e9s de Caesar\u2019s Entertainment Operating Co partagent cet avis.<\/p>\n<p>En 2008, TPG et Apollo Global Management, deux locomotives du secteur du private equity, ont orchestr\u00e9 le rachat de Harrah\u2019s Entertainment Inc, groupe am\u00e9ricain de jeux de hasard, pour 30,7 milliards de dollars. Il s\u2019agit de l\u2019une des vagues de rachats avec effet de levier de grande envergure, aliment\u00e9e par la disponibilit\u00e9 du financement bon march\u00e9. Presque imm\u00e9diatement, le groupe cribl\u00e9 de dettes a commenc\u00e9 \u00e0 \u00e9prouver des difficult\u00e9s alors que l\u2019\u00e9conomie am\u00e9ricaine s\u2019essoufflait, et compte tenu du lourd fardeau de l\u2019endettement, il a \u00e9t\u00e9 incapable d\u2019investir dans de nouveaux p\u00f4les de croissance, tels que Macao. Sept ans plus tard, les principaux actionnaires et cr\u00e9anciers garantis du groupe ont accept\u00e9 l\u2019in\u00e9vitable, et convenu de mettre en \u0153uvre une vaste restructuration de la dette au d\u00e9but de l\u2019ann\u00e9e 2015*.<\/p>\n<p>A l\u2019instar de la <a href=\"https:\/\/bondvigilantes.com\/francais\/2021\/12\/22\/honorer-votre-dette-envers-les-seniors-etude-de-cas-du-defaut-de-txu\/\" target=\"_blank\">faillite de TXU en 2014<\/a>, la restructuration de Caesar\u2019s va entra\u00eener une longue s\u00e9rie de cons\u00e9quences pour ses investisseurs obligataires. Cela est d\u00fb en partie \u00e0 la complexit\u00e9 inh\u00e9rente de la structure financi\u00e8re (voir graphique ci-dessous). Il existe 3 principales entit\u00e9s \u00e9mettrices (Caesar\u2019s Entertainment Operating Co, Caesar\u2019s Entertainment Resort Properties, et Caesar\u2019s Growth Properties) et il convient de noter que la restructuration propos\u00e9e ne concernera qu\u2019une des entit\u00e9s (Caesar\u2019s Entertainment Operating Co). La structure financi\u00e8re est le produit d\u2019une s\u00e9rie de refinancements, de swaps d\u2019actifs, d\u2019\u00e9missions d\u2019actions et d\u2019autres strates de l\u2019ing\u00e9nierie financi\u00e8re au fil des ann\u00e9es.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Organigramme-de-Caesars.png\" data-rel=\"lightbox-gallery-HBncdwv5\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-728\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Organigramme-de-Caesars.png\" alt=\"Organigramme de Caesar\u2019s\" width=\"960\" height=\"720\" \/><\/a><\/p>\n<p>Par ailleurs, au sein de chaque entit\u00e9 \u00e9mettrice, il existe des niveaux distincts de priorit\u00e9 pour les diverses obligations, allant des obligations de 1<sup>er<\/sup> rang jusqu\u2019aux cr\u00e9ances non garanties. Si nous examinons o\u00f9 se n\u00e9gocient quelques-unes des \u00e9missions obligataires les plus liquides, on constate que les recouvrements escompt\u00e9s varient entre un montant proche de la valeur nominale (\u00e0 savoir quasiment aucun impact) pour certaines obligations adoss\u00e9es \u00e0 des cr\u00e9ances directes de premier rang sur une s\u00e9rie de biens immobiliers, et environ 12 cents de dollar pour certaines des obligations non garanties.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Prix-des-obligations-Caesars-et-societes-apparentees.png\" data-rel=\"lightbox-gallery-HBncdwv5\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-729\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Prix-des-obligations-Caesars-et-societes-apparentees.png\" alt=\"Prix des obligations : Caesar's et soci\u00e9t\u00e9s apparent\u00e9es\" width=\"960\" height=\"720\" \/><\/a><\/p>\n<p>Alors qu\u2019en 2014, la phase finale de la restructuration approchait, la position diff\u00e9rente dans la structure du capital s\u2019est \u00e9galement refl\u00e9t\u00e9e dans les performances des prix des obligations. Les cr\u00e9ances non garanties, certes d\u00e9j\u00e0 sinistr\u00e9es au d\u00e9but 2013, ont subi une nouvelle perte \u00e9valu\u00e9e \u00e0 la valeur du march\u00e9 d\u2019environ 75% au cours des 2 ann\u00e9es suivantes.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Prix-des-obligations-Caesars.png\" data-rel=\"lightbox-gallery-HBncdwv5\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-730\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Prix-des-obligations-Caesars.png\" alt=\"Prix des obligations : Caesar's et soci\u00e9t\u00e9s apparent\u00e9es\" width=\"960\" height=\"720\" \/><\/a><\/p>\n<p>Cette nouvelle d\u00e9faillance illustre le risque de baisse potentiel de l\u2019investissement dans une soci\u00e9t\u00e9 fortement endett\u00e9e. Toutefois, le cas de Caesar\u2019s nous montre \u00e9galement comment une partie de l\u2019asym\u00e9trie inh\u00e9rente \u00e0 l\u2019investissement dans les obligations d\u2019entreprises (risque marqu\u00e9 de perte en capital avec un potentiel de hausse limit\u00e9) peut \u00eatre att\u00e9nu\u00e9e en privil\u00e9giant les\u00a0 instruments de rang sup\u00e9rieur au sein d\u2019une structure financi\u00e8re. Par cons\u00e9quent, la question cruciale que les investisseurs obligataires doivent se poser n\u2019est pas n\u00e9cessairement \u00ab\u00a0si\u00a0\u00bb il est judicieux de pr\u00eater des fonds \u00e0 une soci\u00e9t\u00e9, mais \u00ab\u00a0\u00e0 quel niveau\u00a0\u00bb de la structure financi\u00e8re ils devraient risquer leur argent.<\/p>\n<p>Obligation d\u2019information compl\u00e8te\u00a0: M&amp;G est d\u00e9tenteur d\u2019obligations Caesar\u2019s Entertainment Resort Properties.<\/p>\n<p>*N.B. : sous r\u00e9serve d\u2019obtenir l\u2019accord des autres cr\u00e9anciers et des tribunaux am\u00e9ricains.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00ab\u00a0Ave C\u00e9sar, ceux qui vont mourir te saluent\u00a0\u00bb\u00a0: certes, une \u00e9pitaphe prestigieuse des gladiateurs il y a deux mill\u00e9naires, mais il y a peu de chances que les cr\u00e9anciers subordonn\u00e9s de Caesar\u2019s Entertainment Operating Co partagent cet avis. En 2008, TPG et Apollo Global Management, deux locomotives du secteur du private equity, ont orchestr\u00e9 le rachat de Harrah\u2019s Entertainment Inc, groupe am\u00e9ricain de jeux de hasard, pour 30,7 milliards de dollars. Il s\u2019agit de l\u2019une des vagues de rachats avec effet de levier de grande&#8230;<\/p>\n","protected":false},"author":62,"featured_media":728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,6],"tags":[124,82],"class_list":["post-721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-categories-obligataires","category-classes-dactifs","tag-obligations-de-societes","tag-risque-de-defaut"],"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>Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d - Francais<\/title>\n<meta name=\"description\" content=\"\u00ab\u00a0Ave C\u00e9sar, ceux qui vont mourir te saluent\u00a0\u00bb\u00a0: certes, une \u00e9pitaphe prestigieuse des gladiateurs il y a deux mill\u00e9naires, mais il y a peu de chances que\" \/>\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\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/\"},\"author\":{\"name\":\"James Tomlins\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/191e5927bd1b373f71f0eb68646d0f9f\"},\"headline\":\"Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d\",\"datePublished\":\"2015-01-07T11:27:05+00:00\",\"dateModified\":\"2015-01-13T07:59:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/\"},\"wordCount\":637,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/Organigramme-de-Caesars.png\",\"keywords\":[\"obligations de soci\u00e9t\u00e9s\",\"risque de d\u00e9faut\"],\"articleSection\":[\"cat\u00e9gories obligataires\",\"classes d\u2019actifs\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/\",\"name\":\"Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d - Francais\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/Organigramme-de-Caesars.png\",\"datePublished\":\"2015-01-07T11:27:05+00:00\",\"dateModified\":\"2015-01-13T07:59:35+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/191e5927bd1b373f71f0eb68646d0f9f\"},\"description\":\"\u00ab\u00a0Ave C\u00e9sar, ceux qui vont mourir te saluent\u00a0\u00bb\u00a0: certes, une \u00e9pitaphe prestigieuse des gladiateurs il y a deux mill\u00e9naires, mais il y a peu de chances que\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/#primaryimage\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/Organigramme-de-Caesars.png\",\"contentUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/Organigramme-de-Caesars.png\",\"width\":960,\"height\":720,\"caption\":\"Organigramme de Caesar\u2019s\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/01\\\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d\"}]},{\"@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\\\/191e5927bd1b373f71f0eb68646d0f9f\",\"name\":\"James Tomlins\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/14c12d8288a434682928f2137cbe0cd4dfe037e9ef16454e1fbfe43cc8cc081d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/14c12d8288a434682928f2137cbe0cd4dfe037e9ef16454e1fbfe43cc8cc081d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/14c12d8288a434682928f2137cbe0cd4dfe037e9ef16454e1fbfe43cc8cc081d?s=96&d=mm&r=g\",\"caption\":\"James Tomlins\"},\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/author\\\/jamestomlins\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d - Francais","description":"\u00ab\u00a0Ave C\u00e9sar, ceux qui vont mourir te saluent\u00a0\u00bb\u00a0: certes, une \u00e9pitaphe prestigieuse des gladiateurs il y a deux mill\u00e9naires, mais il y a peu de chances que","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\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/","twitter_misc":{"Written by":"James Tomlins","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/#article","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/"},"author":{"name":"James Tomlins","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/191e5927bd1b373f71f0eb68646d0f9f"},"headline":"Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d","datePublished":"2015-01-07T11:27:05+00:00","dateModified":"2015-01-13T07:59:35+00:00","mainEntityOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/"},"wordCount":637,"commentCount":0,"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Organigramme-de-Caesars.png","keywords":["obligations de soci\u00e9t\u00e9s","risque de d\u00e9faut"],"articleSection":["cat\u00e9gories obligataires","classes d\u2019actifs"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/","url":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/","name":"Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d - Francais","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/#primaryimage"},"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Organigramme-de-Caesars.png","datePublished":"2015-01-07T11:27:05+00:00","dateModified":"2015-01-13T07:59:35+00:00","author":{"@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/191e5927bd1b373f71f0eb68646d0f9f"},"description":"\u00ab\u00a0Ave C\u00e9sar, ceux qui vont mourir te saluent\u00a0\u00bb\u00a0: certes, une \u00e9pitaphe prestigieuse des gladiateurs il y a deux mill\u00e9naires, mais il y a peu de chances que","breadcrumb":{"@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/#primaryimage","url":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Organigramme-de-Caesars.png","contentUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Organigramme-de-Caesars.png","width":960,"height":720,"caption":"Organigramme de Caesar\u2019s"},{"@type":"BreadcrumbList","@id":"https:\/\/bondvigilantes.com\/francais\/2015\/01\/etude-de-cas-de-defaut-ave-caesar-morituri-te-salutant\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/bondvigilantes.com\/francais\/"},{"@type":"ListItem","position":2,"name":"Etude de cas de d\u00e9faut : \u201cAve Caesar, morituri te salutant\u201d"}]},{"@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\/191e5927bd1b373f71f0eb68646d0f9f","name":"James Tomlins","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/14c12d8288a434682928f2137cbe0cd4dfe037e9ef16454e1fbfe43cc8cc081d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/14c12d8288a434682928f2137cbe0cd4dfe037e9ef16454e1fbfe43cc8cc081d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/14c12d8288a434682928f2137cbe0cd4dfe037e9ef16454e1fbfe43cc8cc081d?s=96&d=mm&r=g","caption":"James Tomlins"},"url":"https:\/\/bondvigilantes.com\/francais\/author\/jamestomlins\/"}]}},"_links":{"self":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/721","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\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/comments?post=721"}],"version-history":[{"count":0,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media\/728"}],"wp:attachment":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media?parent=721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/categories?post=721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/tags?post=721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}