{"id":3541,"date":"2025-03-30T09:42:21","date_gmt":"2025-03-30T09:42:21","guid":{"rendered":"https:\/\/avefi.com\/?p=3541"},"modified":"2025-03-30T09:42:33","modified_gmt":"2025-03-30T09:42:33","slug":"usa-les-obligations-perpetuelles","status":"publish","type":"post","link":"http:\/\/avefi.com\/?p=3541","title":{"rendered":"USA &amp; les obligations perp\u00e9tuelles"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3541\" class=\"elementor elementor-3541\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38531f6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38531f6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ab240a6\" data-id=\"ab240a6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0fee682 elementor-widget elementor-widget-text-editor\" data-id=\"0fee682\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h1 class=\"\" data-start=\"360\" data-end=\"472\"><strong data-start=\"366\" data-end=\"472\">Les obligations perp\u00e9tuelles : un outil financier controvers\u00e9 remis au go\u00fbt du jour par les \u00c9tats-Unis<\/strong><\/h1><hr class=\"\" data-start=\"474\" data-end=\"477\" \/><h2 class=\"\" data-start=\"479\" data-end=\"530\">\ud83e\uddfe <strong data-start=\"485\" data-end=\"530\">Qu\u2019est-ce qu\u2019une obligation perp\u00e9tuelle ?<\/strong><\/h2><p class=\"\" data-start=\"532\" data-end=\"774\">Les <strong data-start=\"536\" data-end=\"564\">obligations perp\u00e9tuelles<\/strong> (ou <em data-start=\"569\" data-end=\"586\">perpetual bonds<\/em>) sont des instruments de dette <strong data-start=\"618\" data-end=\"650\">sans date d\u2019\u00e9ch\u00e9ance d\u00e9finie<\/strong>. Elles versent g\u00e9n\u00e9ralement des int\u00e9r\u00eats \u00e0 vie, sans obligation pour l\u2019\u00e9metteur de rembourser le capital \u00e0 une date donn\u00e9e.<\/p><p class=\"\" data-start=\"776\" data-end=\"931\">\ud83d\udccc Contrairement aux obligations classiques, l\u2019investisseur <strong data-start=\"836\" data-end=\"870\">ne r\u00e9cup\u00e8re jamais son capital<\/strong> (sauf clause de rappel), mais per\u00e7oit une rente perp\u00e9tuelle.<\/p><hr class=\"\" data-start=\"933\" data-end=\"936\" \/><h2 class=\"\" data-start=\"938\" data-end=\"1007\">\ud83c\uddfa\ud83c\uddf8 <strong data-start=\"946\" data-end=\"1007\">Pourquoi les \u00c9tats-Unis s\u2019y int\u00e9ressent-ils aujourd\u2019hui ?<\/strong><\/h2><p class=\"\" data-start=\"1009\" data-end=\"1253\">Face \u00e0 une <strong data-start=\"1020\" data-end=\"1076\">dette publique d\u00e9passant 34 000 milliards de dollars<\/strong> et une remont\u00e9e des taux d\u2019int\u00e9r\u00eat depuis 2022, certains \u00e9conomistes am\u00e9ricains et figures politiques proches du pouvoir sugg\u00e8rent d\u2019\u00e9mettre des obligations perp\u00e9tuelles pour :<\/p><ul data-start=\"1255\" data-end=\"1488\"><li class=\"\" data-start=\"1255\" data-end=\"1318\"><p class=\"\" data-start=\"1257\" data-end=\"1318\"><strong data-start=\"1257\" data-end=\"1294\">\u00c9tirer l\u2019horizon de remboursement<\/strong> de la dette \u00e0 l\u2019infini,<\/p><\/li><li class=\"\" data-start=\"1319\" data-end=\"1387\"><p class=\"\" data-start=\"1321\" data-end=\"1387\"><strong data-start=\"1321\" data-end=\"1386\">R\u00e9duire artificiellement la pression budg\u00e9taire \u00e0 court terme<\/strong>,<\/p><\/li><li class=\"\" data-start=\"1388\" data-end=\"1488\"><p class=\"\" data-start=\"1390\" data-end=\"1488\">Et capter les flux de capitaux des investisseurs institutionnels en qu\u00eate de rendements r\u00e9guliers.<\/p><\/li><\/ul><blockquote data-start=\"1490\" data-end=\"1616\"><p class=\"\" data-start=\"1492\" data-end=\"1616\">\ud83c\udf99\ufe0f <em data-start=\"1496\" data-end=\"1557\">\u00ab Un outil de gestion de la dette pour l\u2019\u00e8re post-moderne \u00bb<\/em> \u2013 Lawrence Summers, ex-Secr\u00e9taire au Tr\u00e9sor, f\u00e9vrier 2025.<\/p><\/blockquote><hr class=\"\" data-start=\"1618\" data-end=\"1621\" \/><h2 class=\"\" data-start=\"1623\" data-end=\"1666\">\ud83d\udcc9 <strong data-start=\"1629\" data-end=\"1666\">Quels avantages pour l\u2019\u00e9metteur ?<\/strong><\/h2><ol data-start=\"1668\" data-end=\"1956\"><li class=\"\" data-start=\"1668\" data-end=\"1757\"><p class=\"\" data-start=\"1671\" data-end=\"1757\"><strong data-start=\"1671\" data-end=\"1706\">Pas de remboursement de capital<\/strong> : soulagement du service de la dette \u00e0 long terme.<\/p><\/li><li class=\"\" data-start=\"1758\" data-end=\"1838\"><p class=\"\" data-start=\"1761\" data-end=\"1838\"><strong data-start=\"1761\" data-end=\"1785\">Souplesse budg\u00e9taire<\/strong> : les paiements sont uniquement des coupons annuels.<\/p><\/li><li class=\"\" data-start=\"1839\" data-end=\"1956\"><p class=\"\" data-start=\"1842\" data-end=\"1956\"><strong data-start=\"1842\" data-end=\"1865\">Signal de stabilit\u00e9<\/strong> : une \u00e9mission perp\u00e9tuelle peut indiquer la confiance dans la solidit\u00e9 de l\u2019\u00c9tat \u00e9metteur.<\/p><\/li><\/ol><p class=\"\" data-start=\"1958\" data-end=\"2136\">\ud83d\udccc Les premi\u00e8res discussions \u00e9voquent des obligations perp\u00e9tuelles r\u00e9mun\u00e9r\u00e9es entre <strong data-start=\"2042\" data-end=\"2056\">4 % et 5 %<\/strong>, principalement destin\u00e9es aux fonds de pension, banques centrales et assureurs.<\/p><hr class=\"\" data-start=\"2138\" data-end=\"2141\" \/><h2 class=\"\" data-start=\"2143\" data-end=\"2191\">\u26a0\ufe0f <strong data-start=\"2149\" data-end=\"2191\">Quels risques pour les investisseurs ?<\/strong><\/h2><p class=\"\" data-start=\"2193\" data-end=\"2236\">Pour les d\u00e9tenteurs de telles obligations :<\/p><ul data-start=\"2238\" data-end=\"2513\"><li class=\"\" data-start=\"2238\" data-end=\"2299\"><p class=\"\" data-start=\"2240\" data-end=\"2299\"><strong data-start=\"2240\" data-end=\"2274\">Aucun remboursement du capital<\/strong> : seul le coupon compte.<\/p><\/li><li class=\"\" data-start=\"2300\" data-end=\"2393\"><p class=\"\" data-start=\"2302\" data-end=\"2393\"><strong data-start=\"2302\" data-end=\"2324\">Risque d\u2019inflation<\/strong> : si l\u2019inflation grimpe, la valeur r\u00e9elle des coupons fixes diminue.<\/p><\/li><li class=\"\" data-start=\"2394\" data-end=\"2513\"><p class=\"\" data-start=\"2396\" data-end=\"2513\"><strong data-start=\"2396\" data-end=\"2426\">Risque de cr\u00e9dit souverain<\/strong> : en cas de crise budg\u00e9taire, le paiement des coupons peut \u00eatre suspendu ou ren\u00e9goci\u00e9.<\/p><\/li><\/ul><p class=\"\" data-start=\"2515\" data-end=\"2656\">Et surtout : la liquidit\u00e9 de ces titres est souvent <strong data-start=\"2567\" data-end=\"2582\">tr\u00e8s faible<\/strong>, car peu d\u2019acheteurs se pr\u00e9cipitent sur des titres sans \u00e9ch\u00e9ance d\u00e9finie.<\/p><hr class=\"\" data-start=\"2658\" data-end=\"2661\" \/><h2 class=\"\" data-start=\"2663\" data-end=\"2702\">\ud83e\uddd0 <strong data-start=\"2669\" data-end=\"2702\">Pourquoi ce choix interroge ?<\/strong><\/h2><h3 class=\"\" data-start=\"2704\" data-end=\"2735\">1. <strong data-start=\"2711\" data-end=\"2735\">Une fuite en avant ?<\/strong><\/h3><p class=\"\" data-start=\"2736\" data-end=\"2998\">Certains \u00e9conomistes y voient un <strong data-start=\"2769\" data-end=\"2794\">subterfuge budg\u00e9taire<\/strong>, comparable \u00e0 l\u2019\u00e9mission de \u00ab\u00a0bons \u00e9ternels\u00a0\u00bb durant les grandes guerres (ex : consols britanniques du XIXe si\u00e8cle). L\u2019objectif est clair : <strong data-start=\"2933\" data-end=\"2997\">all\u00e9ger la charge annuelle sans r\u00e9soudre le probl\u00e8me de fond<\/strong>.<\/p><h3 class=\"\" data-start=\"3000\" data-end=\"3035\">2. <strong data-start=\"3007\" data-end=\"3035\">Un risque de contagion ?<\/strong><\/h3><p class=\"\" data-start=\"3036\" data-end=\"3252\">D\u2019autres pays pourraient suivre l\u2019exemple am\u00e9ricain, cr\u00e9ant un pr\u00e9c\u00e9dent inqui\u00e9tant en mati\u00e8re de gestion de la dette publique. Cela pourrait nuire \u00e0 la cr\u00e9dibilit\u00e9 des \u00c9tats \u00e9metteurs sur les march\u00e9s internationaux.<\/p><h3 class=\"\" data-start=\"3254\" data-end=\"3301\">3. <strong data-start=\"3261\" data-end=\"3301\">Une pression sur les investisseurs ?<\/strong><\/h3><p class=\"\" data-start=\"3302\" data-end=\"3492\">Le Tr\u00e9sor am\u00e9ricain pourrait chercher \u00e0 <strong data-start=\"3342\" data-end=\"3353\">imposer<\/strong> ce type d\u2019\u00e9mission aux banques syst\u00e9miques, aux assureurs ou aux fonds de pension, en modulant la r\u00e9gulation ou les ratios de solvabilit\u00e9.<\/p><hr class=\"\" data-start=\"3494\" data-end=\"3497\" \/><h2 class=\"\" data-start=\"3499\" data-end=\"3552\">\ud83d\udccc Quel impact pour votre strat\u00e9gie patrimoniale ?<\/h2><p class=\"\" data-start=\"3554\" data-end=\"3673\">\ud83d\udd36 Prudence sur les fonds expos\u00e9s \u00e0 des obligations \u00ab\u00a0AT1\u00a0\u00bb ou hybrides non classiques, souvent proches des perp\u00e9tuelles.<\/p><p class=\"\" data-start=\"3675\" data-end=\"3869\">\ud83d\udd37 Surveiller la composition des portefeuilles obligataires : certains ETF ou fonds d\u2019institutionnels pourraient int\u00e9grer ces nouvelles \u00e9missions am\u00e9ricaines, <strong data-start=\"3834\" data-end=\"3868\">sans les distinguer clairement<\/strong>.<\/p><p class=\"\" data-start=\"3871\" data-end=\"3924\">\ud83d\udd36 Pr\u00e9f\u00e9rer une approche s\u00e9lective, en privil\u00e9giant :<\/p><ul data-start=\"3925\" data-end=\"4144\"><li class=\"\" data-start=\"3925\" data-end=\"3996\"><p class=\"\" data-start=\"3927\" data-end=\"3996\">Les obligations \u00e0 \u00e9ch\u00e9ance d\u00e9finie et bien not\u00e9es (Investment Grade),<\/p><\/li><li class=\"\" data-start=\"3997\" data-end=\"4044\"><p class=\"\" data-start=\"3999\" data-end=\"4044\">Les produits \u00e0 taux fixe court \u00e0 moyen terme,<\/p><\/li><li class=\"\" data-start=\"4045\" data-end=\"4144\"><p class=\"\" data-start=\"4047\" data-end=\"4144\">Ou des fonds obligataires flexibles qui <strong data-start=\"4087\" data-end=\"4143\">g\u00e8rent activement la duration et le risque de cr\u00e9dit<\/strong>.<\/p><\/li><\/ul><hr class=\"\" data-start=\"4146\" data-end=\"4149\" \/><h2 class=\"\" data-start=\"4151\" data-end=\"4166\">\ud83d\udd0e En r\u00e9sum\u00e9<\/h2><div class=\"overflow-x-auto contain-inline-size\"><table data-start=\"4168\" data-end=\"4487\"><thead data-start=\"4168\" data-end=\"4237\"><tr data-start=\"4168\" data-end=\"4237\"><th data-start=\"4168\" data-end=\"4188\">\u00c9metteur<\/th><th data-start=\"4188\" data-end=\"4226\">Avantages<\/th><th data-start=\"4226\" data-end=\"4237\">Risques<\/th><\/tr><\/thead><tbody data-start=\"4309\" data-end=\"4487\"><tr data-start=\"4309\" data-end=\"4400\"><td>\u00c9tats-Unis<\/td><td>All\u00e9gement de la dette<\/td><td>D\u00e9fiance des march\u00e9s, pr\u00e9c\u00e9dents dangereux<\/td><\/tr><tr data-start=\"4401\" data-end=\"4487\"><td>Investisseurs<\/td><td>Rente longue dur\u00e9e<\/td><td>Illiquidit\u00e9, inflation, risque de cr\u00e9dit<\/td><\/tr><\/tbody><\/table><\/div><hr class=\"\" data-start=\"4489\" data-end=\"4492\" \/><h2 class=\"\" data-start=\"4494\" data-end=\"4519\">\ud83c\udfaf Notre conseil AVEFI<\/h2><p class=\"\" data-start=\"4521\" data-end=\"4817\">En tant que <strong data-start=\"4533\" data-end=\"4572\">conseiller en gestion de patrimoine<\/strong>, nous vous recommandons de <strong data-start=\"4600\" data-end=\"4641\">bien lire les prospectus obligataires<\/strong> et de <strong data-start=\"4648\" data-end=\"4703\">v\u00e9rifier la pr\u00e9sence ou non de clauses perp\u00e9tuelles<\/strong> dans vos investissements. En p\u00e9riode d&rsquo;incertitude macro\u00e9conomique, la clart\u00e9 des flux futurs est un facteur cl\u00e9.<\/p><hr class=\"\" data-start=\"4819\" data-end=\"4822\" \/><h2 class=\"\" data-start=\"4824\" data-end=\"4845\">\u26a0 Mentions l\u00e9gales<\/h2><p class=\"\" data-start=\"4847\" data-end=\"5108\"><strong data-start=\"4847\" data-end=\"4952\">Publication informative et publicitaire \u2013 ne constitue pas un conseil en investissement personnalis\u00e9.<\/strong><br data-start=\"4952\" data-end=\"4955\" \/>Pour toute question ou conseil adapt\u00e9 \u00e0 votre situation personnelle, contactez-nous.<br data-start=\"5039\" data-end=\"5042\" \/><strong data-start=\"5042\" data-end=\"5060\">D\u00e9sinscription<\/strong> : <a class=\"cursor-pointer\" rel=\"noopener\" data-start=\"5063\" data-end=\"5108\">contact@avefi.com<\/a><\/p><p class=\"\" data-start=\"5110\" data-end=\"5356\">\ud83d\udccd <strong data-start=\"5113\" data-end=\"5157\">Avefi \u2013 Conseil en Gestion de Patrimoine<\/strong><br data-start=\"5157\" data-end=\"5160\" \/>18 bis rue Am\u00e9lie \u2013 75007 Paris<br data-start=\"5191\" data-end=\"5194\" \/>\ud83d\udcde 01 77 13 78 35<br data-start=\"5211\" data-end=\"5214\" \/>\u2709\ufe0f <a class=\"cursor-pointer\" rel=\"noopener\" data-start=\"5217\" data-end=\"5234\">contact@avefi.com<\/a> \u2013 <a class=\"cursor-pointer\" rel=\"noopener\" data-start=\"5237\" data-end=\"5254\">gestion@avefi.com<\/a><br data-start=\"5254\" data-end=\"5257\" \/>\ud83d\ude87 M\u00e9tro ligne 8 (La Tour-Maubourg) \/ RER C (Invalides)<br data-start=\"5312\" data-end=\"5315\" \/>\ud83c\udf10 <a class=\"\" href=\"https:\/\/www.avefi.com\" target=\"_new\" rel=\"noopener\" data-start=\"5318\" data-end=\"5356\">www.avefi.com<\/a><\/p><p class=\"\" data-start=\"5358\" data-end=\"5559\"><strong data-start=\"5358\" data-end=\"5559\">Attention : Investir comporte des risques, les rendements pass\u00e9s ne garantissent pas les performances futures. Il est recommand\u00e9 de bien comprendre les caract\u00e9ristiques du produit avant d&rsquo;investir.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3541","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3541"}],"version-history":[{"count":3,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3541\/revisions"}],"predecessor-version":[{"id":3544,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3541\/revisions\/3544"}],"wp:attachment":[{"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3541"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}