{"id":881,"date":"2015-05-22T07:31:08","date_gmt":"2015-05-22T07:31:08","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=881"},"modified":"2015-05-28T15:24:17","modified_gmt":"2015-05-28T15:24:17","slug":"cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/05\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\/","title":{"rendered":"Cas des obligations \u00e0 taux variable \u00e0 haut rendement : une oasis de tranquillit\u00e9 dans un d\u00e9sert de duration"},"content":{"rendered":"<p>L\u2019ensemble des cours de la courbe obligataire a subi une correction rapide au cours des derni\u00e8res semaines, d\u00e9montrant de nouveau le risque que fait peser sur le capital toute hausse des rendements. Les principaux march\u00e9s obligataires d\u2019Europe ont \u00e9t\u00e9 plus ou moins touch\u00e9s. N\u00e9anmoins, un segment du march\u00e9 obligataire a fait preuve de r\u00e9sistance\u00a0: les obligations \u00e0 taux variable.<\/p>\n<p>Nous avons <a href=\"https:\/\/bondvigilantes.com\/blog\/2021\/12\/17\/tool-rising-rate-environment-high-yield-floating-rate-notes\/\" target=\"_blank\">d\u00e9j\u00e0<\/a> vant\u00e9 certaines des caract\u00e9ristiques tr\u00e8s utiles de ces instruments lors de hausses des rendements, en particulier leur tr\u00e8s faible sensibilit\u00e9 aux mouvements des march\u00e9s des obligations d\u2019\u00c9tat. Autrement dit, une obligation assortie d\u2019une duration faible ou inexistante repr\u00e9sentant un bon investissement au cours des derni\u00e8res semaines.<\/p>\n<p>Pour preuve, le comportement des deux obligations r\u00e9cemment \u00e9mises par l\u2019op\u00e9rateur de t\u00e9l\u00e9phonie mobile suisse Salt (anciennement Orange Switzerland), qui a refinanc\u00e9 sa dette en avril au moyen de quatre obligations diff\u00e9rentes. Les deux qui nous int\u00e9ressent ici se ressemblent en de nombreux points. Toutes deux sont libell\u00e9es en euros, seniors et garanties, et ont la m\u00eame \u00e9ch\u00e9ance. Il y a n\u00e9anmoins une diff\u00e9rence capitale\u00a0: l\u2019une a un coupon fixe de 3,875\u00a0% tandis que l\u2019autre a un coupon variable fix\u00e9 nouvellement chaque trimestre (taux EURIBOR \u00e0 trois mois en vigueur plus marge fixe de 3,75\u00a0%).<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Salt1.png\" data-rel=\"lightbox-gallery-T1m8qF3V\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-896\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Salt1.png\" alt=\"Salt\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Salt1.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Salt1-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Ces deux instruments sont associ\u00e9s au m\u00eame risque de cr\u00e9dit (risque que Salt fasse d\u00e9faut sur ses obligations envers les cr\u00e9anciers), mais le passage d\u2019un coupon fixe \u00e0 un coupon variable modifie consid\u00e9rablement la sensibilit\u00e9 d\u2019une obligation au march\u00e9 des obligations d\u2019\u00c9tat (cela correspond au chiffre de la duration du tableau ci-dessus). Avoisinant les six ans dans le premier cas, elle chute \u00e0 pr\u00e8s de z\u00e9ro dans le deuxi\u00e8me.\u00a0 L\u2019impact de cette diff\u00e9rence en apparence minime qui a pourtant toute son importance est flagrant dans la performance relative des prix des obligations au cours qui suit leur \u00e9mission.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Prix-des-obligations-garanties-de-Salt-depuis-leur-emission.png\" data-rel=\"lightbox-gallery-T1m8qF3V\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-897\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/Prix-des-obligations-garanties-de-Salt-depuis-leur-emission.png\" alt=\"Prix des obligations garanties de Salt depuis leur \u00e9mission \" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Prix-des-obligations-garanties-de-Salt-depuis-leur-emission.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/Prix-des-obligations-garanties-de-Salt-depuis-leur-emission-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Comme on peut l\u2019observer, l\u2019obligation \u00e0 taux variable est effectivement prot\u00e9g\u00e9e contre les mouvements du march\u00e9 des Bunds allemands et s\u2019est m\u00eame valoris\u00e9e de 1\u00a0%. En revanche, les obligations \u00e0 taux fixe ont subi une perte de capital de 2\u00a0%. Cet \u00e9cart de sensibilit\u00e9 aux taux d\u2019int\u00e9r\u00eat d\u00e9bouche sur un diff\u00e9rentiel relatif de 3\u00a0% pour la performance du capital en seulement quelques semaines.<\/p>\n<p>Au cours des derni\u00e8res semaines, les obligations \u00e0 taux variable \u00e9mises par des entreprises \u00e9taient correctement valoris\u00e9es.<\/p>\n<p>Par souci de transparence, nous vous informons que les fonds M&amp;G d\u00e9tiennent des obligations \u00e9mises par Salt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>L\u2019ensemble des cours de la courbe obligataire a subi une correction rapide au cours des derni\u00e8res semaines, d\u00e9montrant de nouveau le risque que fait peser sur le capital toute hausse des rendements. Les principaux march\u00e9s obligataires d\u2019Europe ont \u00e9t\u00e9 plus ou moins touch\u00e9s. N\u00e9anmoins, un segment du march\u00e9 obligataire a fait preuve de r\u00e9sistance\u00a0: les obligations \u00e0 taux variable. Nous avons d\u00e9j\u00e0 vant\u00e9 certaines des caract\u00e9ristiques tr\u00e8s utiles de ces instruments lors de hausses des rendements, en particulier leur tr\u00e8s faible sensibilit\u00e9 aux mouvements des&#8230;<\/p>\n","protected":false},"author":62,"featured_media":896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,33],"tags":[48],"class_list":["post-881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-categories-obligataires","category-rendements","tag-haut-rendement"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cas des obligations \u00e0 taux variable \u00e0 haut rendement : une oasis de tranquillit\u00e9 dans un d\u00e9sert de duration  - Francais<\/title>\n<meta name=\"description\" content=\"L\u2019ensemble des cours de la courbe obligataire a subi une correction rapide au cours des derni\u00e8res semaines, d\u00e9montrant de nouveau le risque que fait peser\" \/>\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\/05\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\/\" \/>\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\\\/2015\\\/05\\\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/05\\\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\\\/\"},\"author\":{\"name\":\"James Tomlins\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/191e5927bd1b373f71f0eb68646d0f9f\"},\"headline\":\"Cas des obligations \u00e0 taux variable \u00e0 haut rendement : une oasis de tranquillit\u00e9 dans un d\u00e9sert de duration\",\"datePublished\":\"2015-05-22T07:31:08+00:00\",\"dateModified\":\"2015-05-28T15:24:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/05\\\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\\\/\"},\"wordCount\":467,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/05\\\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/Salt1.png\",\"keywords\":[\"haut rendement\"],\"articleSection\":[\"cat\u00e9gories obligataires\",\"rendements\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/05\\\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/05\\\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/05\\\/cas-des-obligations-taux-variable-haut-rendement-une-oasis-de-tranquillite-dans-un-desert-de-duration\\\/\",\"name\":\"Cas des obligations \u00e0 taux variable \u00e0 haut rendement : une oasis de tranquillit\u00e9 dans un d\u00e9sert de duration - 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