Macro-économie / Taux / AFT / dette française
Macro-économie / Taux
AFT / dette française
Dette française : l'Allemagne réclame sa part
L’Agence France Trésor a annoncé avoir placé 7 milliards d'euros d’obligations à 50 ans au travers d’une émission par syndication. Et ce sont les investisseurs allemands qui ont le plus répondu présent.
Bureaux de l’AFT - Agence France Trésor
L’Agence France Trésor (AFT) a annoncé avoir placé 7 milliards d'euros de nouvelles obligations assimilables du Trésor, à échéance 2072 via une émission par syndication. Une opération qui a vu la France émettre à un taux historiquement bas (0,593%) pour un lancement par syndication d’une obligation de long terme à 50 ans. Ce sont BNP Paribas, Deutsche Bank, J.P. Morgan et Société Générale qui étaient chefs de file pour cette opération.
D’après les données issues du livre d’ordres, la demande totale a atteint près de 75 milliards d'euros. Par ailleurs, sur les 430 investisseurs financiers ayant souscrit à l’émission, près d’un sur trois (35%) fut un gestionnaire d'actifs et un sur quatre (26%) fut un assureur. On trouve ensuite les fonds de pension (18%), les banques (12%), les gestions alternatives (7%) et les institutions publiques (2%). D’autre part, géographiquement, "la distribution reflète une demande soutenue des investisseurs européens pour les titres d'État français de maturité longue", signale L’AFT. C'est ainsi que l'intérêt des investisseurs a été particulièrement important en Allemagne (30%), en France (24%), et au Royaume-Uni (19 %). Suivent les Pays Bas (6 %), l’Italie (4 %) d’autres pays de la zone euro (5 %), des pays nordiques (5 %), d’autres pays d’Europe (3 %) et enfin le reste du monde (5 %).
C'était en avril 2016 que l'AFT avait eu recours pour la dernière fois à une émission par syndication pour une maturité semblable. Si les investisseurs allemands et les gestionnaires d'actifs en étaient déjà les plus friands, le taux d'intérêt à l'émission, lui, se situait 130 points de base au-dessus. Et oui, entre-temps, la Banque centrale européenne et ses achats d'actifs sont passés par là…
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