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For those of you looking to find out more about bonds, this article provides you with a basic understanding of this asset class and the factors influencing its price. And if the mechanisms described here seem complex at first glance, don’t worry! The world of bonds is still perfectly understandable, even for the most novice of financial experts. But first things first!<\/p>\n
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[\/et_pb_text][et_pb_text _builder_version=”4.25.1″ text_font=”|300|||||||” text_font_size=”21px” text_line_height=”1.4em” header_2_font=”|700|||||||” header_2_text_color=”#2D3654″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”justified” min_height=”252px” custom_margin=”||10px|||” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n
1.<\/strong> Definition<\/strong><\/p>\n A bond is a loan to which an investor agrees by purchasing a security from an issuer – a public entity or a private company – for a given period. In exchange for the money lent, the issuer undertakes to repay the capital at a predetermined future date, while paying regular interest to the bondholder. This periodic payment (known as the coupon) represents the fixed interest rate agreed when the bond was issued. It is expressed as a percentage of the bond’s face value, not its current price.<\/p>\n 2.<\/strong> Bonds vs equities<\/strong><\/p>\n <\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.22.1″ _module_preset=”default” custom_margin=”-26px|auto||auto||” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.22.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/telomere.ch\/wp-content\/uploads\/2024\/06\/Obligations_vs_actions.jpg” alt=”photo of city” title_text=”Obligations_vs_actions” _builder_version=”4.25.1″ _module_preset=”default” min_height=”227.6px” custom_margin=”9px|||||” custom_padding=”0px|||||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.25.1″ text_font=”|300|||||||” text_font_size=”21px” text_line_height=”1.4em” ul_line_height=”1.4em” header_2_font=”|700|||||||” header_2_text_color=”#2D3654″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”justified” min_height=”234px” custom_margin=”||8px|||” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Bonds are often contrasted with shares. Shares do not represent a loan, but a share in the ownership of a company, giving holders the right to share in its profits and decisions. These investments are often considered more volatile, but offer the potential for high returns over the long term. Bonds, on the other hand, are considered less risky, but offer a more stable source of income.<\/p>\n Despite their differences, equities and bonds are traditional assets in the investment world. And they often play an important part in the construction of a portfolio, helping to diversify it.<\/p>\n 3.<\/strong> Categories<\/strong><\/strong><\/p>\n For a more complete understanding of bonds, here are the two main types of securities an investor can buy:<\/p>\n There are, of course, many more types of bonds, including convertible, perpetual and zero-coupon bonds ….<\/p>\n 4.<\/strong> Yield to maturity (YTM)<\/strong><\/p>\n Unlike the coupon, which is the periodic fixed interest rate paid by the issuer to the investor, the yield to maturity (YTM) represents the total expected return if the bond is held until its maturity date. It takes into account the price of the bond, the coupon and the life of the bond. It is a crucial indicator as it represents the total return expected at the time of purchase.<\/p>\n Let’s take the example of an investor who buys a 3% Apple 2029 bond, with a purchase price of 90. The bond offers a coupon of 3% and has a life of 5 years.<\/p>\n Assuming that the bond will be redeemed at 100 at maturity, a quick calculation to estimate the expected annual yield would be to add the annual coupon (3%) to the difference between the purchase price and the redemption price divided by the number of years remaining (100-90)\/5. The expected YTM would therefore be over 5%, whereas the coupon is only 3%.<\/p>\n There are other factors involved in the calculation, but for ease of understanding we have decided to simplify it.<\/p>\n 5.<\/strong> The rating<\/strong><\/p>\n <\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.22.1″ _module_preset=”default” min_height=”1544.6px” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.22.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/telomere.ch\/wp-content\/uploads\/2024\/06\/Le_rating-scaled.jpg” alt=”photo of city” title_text=”Le_rating” _builder_version=”4.25.1″ _module_preset=”default” min_height=”227.6px” custom_margin=”9px||24px|||” custom_padding=”0px|||||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.25.1″ text_font=”|300|||||||” text_font_size=”21px” text_line_height=”1.4em” header_text_align=”left” header_2_font=”|700|||||||” header_2_text_align=”left” header_2_text_color=”#2D3654″ header_2_font_size=”28px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”justified” min_height=”301.2px” custom_margin=”22px||3px||false|false” custom_margin_tablet=”5px||||false|false” custom_margin_phone=”20px||||false|false” custom_margin_last_edited=”on|desktop” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Just as crucial, the rating assigned to a bond by rating agencies such as Standard & Poor’s, Moody’s and Fitch, provides information on credit quality and assesses the creditworthiness of issuers. The higher the rating (AAA), the greater the confidence in the issuer’s ability to repay its debts. A low rating (CC to D) suggests a higher level of risk.<\/p>\n Obviously, the more negative the Rating, the higher the yield offered.<\/p>\n The difference between Investment grade and Non-Investment grade (High Yield) is therefore an extremely important factor in the choice of a bond. Today, in our search to optimise the risk\/return ratio, we consider that the difference in yield between High Yield and Investment Grade bonds is not sufficient for the risk taken, and prefer to opt for very high quality bonds.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/telomere.ch\/wp-content\/uploads\/2024\/06\/Investment_grade_FR.jpg” alt=”photo of city” title_text=”Investment_grade_FR” _builder_version=”4.25.1″ _module_preset=”default” min_height=”241.6px” custom_margin=”15px|||||” custom_padding=”2px|||||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.25.1″ text_font=”|300|||||||” text_font_size=”21px” text_line_height=”1.4em” header_text_align=”left” header_2_font=”|700|||||||” header_2_text_align=”left” header_2_text_color=”#2D3654″ header_2_font_size=”28px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”justified” min_height=”366.2px” custom_margin=”41px||23px||false|false” custom_margin_tablet=”5px||||false|false” custom_margin_phone=”20px||||false|false” custom_margin_last_edited=”on|desktop” custom_padding=”0px|||||” global_colors_info=”{}”]<\/p>\n 6.<\/strong>\u00a0La s\u00e9niorit\u00e9<\/strong><\/p>\n La s\u00e9niorit\u00e9 dans le domaine des obligations est un principe essentiel qui \u00e9tablit l\u2019ordre de priorit\u00e9 dans lequel les cr\u00e9anciers seront rembours\u00e9s en cas de d\u00e9faut de paiement de l\u2019\u00e9metteur. Cette hi\u00e9rarchie vise \u00e0 prot\u00e9ger les int\u00e9r\u00eats des investisseurs et \u00e0 d\u00e9terminer qui a le droit de recevoir des remboursements en premier en cas de faillite par exemple.<\/p>\n Les obligations seniors<\/strong>\u2009:<\/strong> celles-ci occupent le rang le plus \u00e9lev\u00e9 dans la hi\u00e9rarchie de la s\u00e9niorit\u00e9. Leurs d\u00e9tenteurs verront leur capital et leurs int\u00e9r\u00eats rembours\u00e9s en priorit\u00e9. Si ce privil\u00e8ge offre une certaine s\u00e9curit\u00e9, les obligations seniors ont g\u00e9n\u00e9ralement des rendements plus bas que ceux des obligations subordonn\u00e9es, dont le niveau de risque est plus \u00e9lev\u00e9.<\/p>\n Les obligations subordonn\u00e9es<\/strong>\u2009:<\/strong> celles-ci sont situ\u00e9es plus bas dans la hi\u00e9rarchie. En cas de difficult\u00e9s financi\u00e8res, les d\u00e9tenteurs d\u2019obligations subordonn\u00e9es ne seront rembours\u00e9s qu\u2019apr\u00e8s les autres cr\u00e9anciers. Cela signifie un risque accru et la possibilit\u00e9 de ne pas r\u00e9cup\u00e9rer tout ou partie de son capital.<\/p>\n La s\u00e9niorit\u00e9 contribue \u00e0 informer les investisseurs sur le niveau de risque associ\u00e9 \u00e0 une obligation sp\u00e9cifique et guide leurs d\u00e9cisions d\u2019investissement en fonction de leurs pr\u00e9f\u00e9rences en mati\u00e8re de rendement et de tol\u00e9rance au risque.<\/p>\n 7.<\/strong>\u00a0Les risques<\/strong><\/p>\n Comme tout placement financier, investir dans des obligations n\u2019est pas d\u00e9nu\u00e9 de risques. Les variations de taux peuvent influencer la valeur des obligations (risque de taux d\u2019int\u00e9r\u00eat), la solvabilit\u00e9 de l\u2019\u00e9metteur peut \u00e9galement \u00eatre un facteur de risque (risque de cr\u00e9dit), et enfin, citons encore la fluctuation des march\u00e9s et l\u2019inflation.<\/p>\n 8.<\/strong>\u00a0Les taux d\u2019int\u00e9r\u00eat<\/strong><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/telomere.ch\/wp-content\/uploads\/2024\/06\/Les\u2013taux\u2013dinteret-scaled.jpg” alt=”photo of city” title_text=”Les\u2013taux\u2013d\u2019inte\u0301re\u0302t” _builder_version=”4.25.1″ _module_preset=”default” min_height=”227.6px” custom_margin=”9px|||||” custom_padding=”2px|||||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.25.1″ text_font=”|300|||||||” text_font_size=”21px” text_line_height=”1.4em” header_text_align=”left” header_2_font=”|700|||||||” header_2_text_align=”left” header_2_text_color=”#2D3654″ header_2_font_size=”28px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”justified” min_height=”352.2px” custom_margin=”27px||||false|false” custom_margin_tablet=”5px||||false|false” custom_margin_phone=”20px||||false|false” custom_margin_last_edited=”on|desktop” custom_padding=”0px||4px|||” global_colors_info=”{}”]<\/p>\n La relation entre les taux d\u2019int\u00e9r\u00eat et la valeur des obligations est inverse. Cela signifie que l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat a un impact significatif sur la valeur marchande des obligations.<\/p>\n Mont\u00e9e des taux\u2009: <\/strong>lorsque les taux d\u2019int\u00e9r\u00eat augmentent, les nouvelles \u00e9missions d\u2019obligations offrent g\u00e9n\u00e9ralement des rendements plus \u00e9lev\u00e9s. Les obligations plus anciennes, \u00e9mises \u00e0 des taux plus bas, deviennent donc moins attractives. En cons\u00e9quence, la valeur marchande des obligations existantes diminue, car les investisseurs exigent des rendements plus \u00e9lev\u00e9s pour compenser la hausse des taux.<\/p>\n Baisse des taux\u2009: <\/strong>Lorsque les taux d\u2019int\u00e9r\u00eat baissent, les obligations existantes avec des taux plus \u00e9lev\u00e9s deviennent plus attrayantes, car elles offrent des rendements plus \u00e9lev\u00e9s que les nouvelles \u00e9missions. Les investisseurs sont donc pr\u00eats \u00e0 payer une prime pour d\u00e9tenir des obligations avec des taux plus \u00e9lev\u00e9s, ce qui fait augmenter leur valeur marchande. En cas de baisse des taux, les obligations \u00e0 taux fixe peuvent \u00e9galement b\u00e9n\u00e9ficier d\u2019une hausse de valeur.<\/p>\n 9.<\/strong>\u00a0La maturit\u00e9<\/strong><\/p>\n La maturit\u00e9 d\u2019une obligation est la date \u00e0 laquelle l\u2019obligation va \u00eatre rembours\u00e9e. On parle \u00e9galement de duration pour indiquer l\u2019intervalle de temps restant jusqu\u2019\u00e0 cette \u00e9ch\u00e9ance, c\u2019est-\u00e0-dire le moment o\u00f9 le capital initialement investi est rembours\u00e9 \u00e0 l\u2019investisseur.<\/p>\n Dans ce cadre, les obligations poss\u00e9dant une maturit\u00e9 \u00e0 court terme sont moins sensibles aux fluctuations des taux d\u2019int\u00e9r\u00eat, car leur p\u00e9riode d\u2019\u00e9ch\u00e9ance est plus courte. Cependant, elles peuvent \u00eatre r\u00e9investies \u00e0 des taux plus bas en cas de baisse des taux. Les obligations \u00e0 long terme sont plus sensibles aux changements des taux d\u2019int\u00e9r\u00eat, car les investisseurs sont li\u00e9s \u00e0 des rendements fixes pendant une p\u00e9riode prolong\u00e9e. En cas de hausse des taux, la d\u00e9pr\u00e9ciation potentielle de ces obligations peut \u00eatre plus importante.<\/p>\n 10.<\/strong>\u00a0Conclusion<\/strong><\/p>\n Les obligations jouent un r\u00f4le fondamental dans la diversification des portefeuilles d\u2019investissement, offrant une stabilit\u00e9 et des rendements pr\u00e9visibles, ce qui peut \u00eatre consid\u00e9r\u00e9 comme un atout pour les investisseurs les plus prudents. Dans ce cadre, les notations sont un bon guide dans l\u2019\u00e9valuation du risque, tandis que le rendement \u00e0 maturit\u00e9 (YTM) offre une perspective compl\u00e8te sur le rendement potentiel de l\u2019investissement. Comprendre ces concepts est n\u00e9cessaire pour maximiser les avantages des obligations dans un portefeuille.<\/p>\n D\u2019autant plus n\u00e9cessaire qu\u2019aujourd\u2019hui, les rendements des obligations ont enfin retrouv\u00e9 des niveaux offrant des opportunit\u00e9s de revenus tangibles. Avec une diminution de l\u2019inflation, le moment actuel ouvre des perspectives de performance pour les portefeuilles d\u2019obligations traditionnelles, en pr\u00e9vision de possibles baisses de taux.<\/p>\n En effet, les investisseurs ont maintenant la possibilit\u00e9 de s\u00e9curiser et de profiter de revenus substantiels, non seulement dans le domaine sp\u00e9culatif, mais \u00e9galement au sein du segment d\u2019investissement de qualit\u00e9 du march\u00e9 des obligations. Cette perspective est particuli\u00e8rement int\u00e9ressante, car la tendance pourrait se maintenir de mani\u00e8re durable.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.24.0″ _module_preset=”default” custom_margin=”|-65px|||false|false” custom_margin_tablet=”|-65px|||false|false” custom_margin_phone=”|-65px|||false|false” custom_margin_last_edited=”on|desktop” custom_padding=”0px|||||” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/telomere.ch\/wp-content\/uploads\/2024\/06\/Signature-Aurel.jpg” title_text=”Signature Aurel” align=”center” _builder_version=”4.25.1″ _module_preset=”default” width=”99%” width_tablet=”47%” width_phone=”79%” width_last_edited=”on|tablet” module_alignment=”right” min_height_tablet=”” min_height_phone=”” min_height_last_edited=”on|tablet” custom_margin_tablet=”0px|0px|0px|0px|false|false” custom_margin_phone=”0px|0px|0px|0px|false|false” custom_margin_last_edited=”on|desktop” custom_padding=”0px|0px||0px|false|false” custom_padding_tablet=”0px|0px||0px|false|false” custom_padding_phone=”0px|36px||0px|false|false” custom_padding_last_edited=”on|desktop” border_radii_tablet=”” border_radii_phone=”” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.25.1″ _module_preset=”default” text_font_size=”16px” text_line_height=”0.4em” header_4_text_color=”#2D3654″ width=”100%” custom_margin=”|||91px|false|false” custom_margin_tablet=”|||391px|false|false” custom_margin_phone=”|||109px|false|false” custom_margin_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n Executive Director<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" For those of you looking to find out more about bonds, this article provides you with a basic understanding of this asset class and the factors influencing its price.<\/p>\n","protected":false},"author":3,"featured_media":32199,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[38],"tags":[],"class_list":["post-32232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-en"],"yoast_head":"\n\n
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Aur\u00e9lien Guzzo<\/strong><\/h4>\n