{"id":1575,"date":"2024-02-09T14:07:28","date_gmt":"2024-02-09T13:07:28","guid":{"rendered":"https:\/\/www.activpatrimonia.fr\/gespat\/?page_id=1575"},"modified":"2024-02-09T14:13:50","modified_gmt":"2024-02-09T13:13:50","slug":"produits-obligataires-complexes","status":"publish","type":"page","link":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-obligataires-complexes\/","title":{"rendered":"Produits obligataires complexes"},"content":{"rendered":"\n<p>Qui comportent un instrument d\u00e9riv\u00e9 (obligations convertibles, ORA, EMTN)<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-obligataires-complexes\/#Caracteristiques\" >Caract\u00e9ristiques<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-obligataires-complexes\/#Synthese_rendement_risque\" >Synth\u00e8se rendement \/ risque<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Caracteristiques\"><\/span>Caract\u00e9ristiques<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Obligations convertibles en actions (OCA)<\/strong><\/p>\n\n\n\n<p>Il s&rsquo;agit d&rsquo;obligations pour lesquelles il est pr\u00e9vu, dans le contrat d&rsquo;\u00e9mission, qu&rsquo;elles peuvent \u00eatre \u00e9chang\u00e9es contre des actions de la soci\u00e9t\u00e9.<\/p>\n\n\n\n<p><br>En contrepartie, le taux d&rsquo;int\u00e9r\u00eat r\u00e9mun\u00e9rant l&rsquo;obligation est en g\u00e9n\u00e9ral moins \u00e9lev\u00e9 que celui appliqu\u00e9 dans le cas d&rsquo;une obligation classique.<\/p>\n\n\n\n<p><br>Pour le souscripteur, l&rsquo;avantage est de pouvoir convertir son obligation en action si le rendement de l&rsquo;action est sup\u00e9rieur \u00e0 l&rsquo;int\u00e9r\u00eat de l&rsquo;obligation. Les porteurs de ces obligations profitent ainsi des performances de l&rsquo;action.<\/p>\n\n\n\n<p><strong>Obligations remboursables en actions (ORA)<\/strong><\/p>\n\n\n\n<p>Ce type d&rsquo;obligation fonctionne selon le m\u00eame principe que l&rsquo;obligation convertible en actions \u00e0 la diff\u00e9rence pr\u00e8s que le remboursement en actions n&rsquo;est plus facultatif mais obligatoire.<\/p>\n\n\n\n<p><strong>Obligations \u00e0 bons de souscription<\/strong><\/p>\n\n\n\n<p>Il s&rsquo;agit d&rsquo;obligations \u00e0 taux fixe ou variable assorties d&rsquo;un bon ou warrant.<br>Ce bon ou ce warrant donne la possibilit\u00e9, et non l&rsquo;obligation, de souscrire, \u00e0 un prix convenu \u00e0 l&rsquo;avance, une obligation ou une action. <\/p>\n\n\n\n<p>En contrepartie, le taux d&rsquo;int\u00e9r\u00eat r\u00e9mun\u00e9rant ce type d&rsquo;obligations est plus faible que celui des obligations classiques.<\/p>\n\n\n\n<p><strong>Obligations \u00e9changeables<\/strong><\/p>\n\n\n\n<p>Les obligations \u00e9changeables sont, comme leur nom l&rsquo;indique, des obligations qui peuvent, au gr\u00e9 de leur porteur, \u00eatre \u00e9chang\u00e9es \u00e0 tout moment contre d&rsquo;autres titres (actions ou un autre type d&rsquo;obligations \u00e0 taux fixe ou \u00e0 taux variable).<br>Les porteurs d&rsquo;obligations \u00e9changeables ont ainsi le choix entre obtenir un remboursement de leurs obligations en esp\u00e8ces, les convertir en actions ou en obligations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Synthese_rendement_risque\"><\/span>Synth\u00e8se rendement \/ risque<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Liquidit\u00e9<\/th><th class=\"has-text-align-center\" data-align=\"center\">Risque<\/th><th class=\"has-text-align-center\" data-align=\"center\">Esp\u00e9rance de profit<\/th><th class=\"has-text-align-center\" data-align=\"center\">Horizon de placement<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Variable<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Fort<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Forte<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Moyen terme<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Autres d\u00e9finitions :<\/p>\n\n\n<ul class=\"wp-block-page-list\"><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/fonds-euro\/\">Fonds euro<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-monetaires\/\">Produits mon\u00e9taires<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-obligataires\/\">Produits obligataires<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-actions\/\">Produits actions<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/scpi\/\">SCPI<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/opci\/\">OPCI<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/capital-investissement\/\">Capital investissement<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-structures\/\">Produits structur\u00e9s<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/sofica\/\">SOFICA<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-obligataires-complexes\/\">Produits obligataires complexes<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/produits-actions-non-cotes\/\">Produits actions non cot\u00e9s<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/tracker\/\">Tracker<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/cfd\/\">CFD<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/futures\/\">Futures<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/options\/\">Options<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/warrant\/\">Warrant<\/a><\/li><li class=\"wp-block-pages-list__item\"><a class=\"wp-block-pages-list__item__link\" href=\"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/definition-des-principaux-placements\/turbo\/\">Turbo<\/a><\/li><\/ul>","protected":false},"excerpt":{"rendered":"<p>Qui comportent un instrument d\u00e9riv\u00e9 (obligations convertibles, ORA, EMTN) Caract\u00e9ristiques Obligations convertibles en actions (OCA) Il s&rsquo;agit d&rsquo;obligations pour lesquelles il est pr\u00e9vu, dans le contrat d&rsquo;\u00e9mission, qu&rsquo;elles peuvent \u00eatre \u00e9chang\u00e9es contre des actions de la soci\u00e9t\u00e9. En contrepartie, le taux d&rsquo;int\u00e9r\u00eat r\u00e9mun\u00e9rant l&rsquo;obligation est en g\u00e9n\u00e9ral moins \u00e9lev\u00e9 que [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1549,"menu_order":10,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1575","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/pages\/1575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/comments?post=1575"}],"version-history":[{"count":1,"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/pages\/1575\/revisions"}],"predecessor-version":[{"id":1576,"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/pages\/1575\/revisions\/1576"}],"up":[{"embeddable":true,"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/pages\/1549"}],"wp:attachment":[{"href":"https:\/\/www.activpatrimonia.fr\/gespat\/index.php\/wp-json\/wp\/v2\/media?parent=1575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}