{"id":10400,"date":"2026-01-19T11:51:30","date_gmt":"2026-01-19T11:51:30","guid":{"rendered":"https:\/\/www.martinsdelima.com\/experiences-restructurations-derives\/"},"modified":"2026-02-08T18:40:19","modified_gmt":"2026-02-08T18:40:19","slug":"experiences-restructurations-derives","status":"publish","type":"page","link":"https:\/\/www.martinsdelima.com\/fr\/experiences-restructurations-derives\/","title":{"rendered":"Exp\u00e9riences restructurations d\u00e9riv\u00e9s"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"10400\" class=\"elementor elementor-10400 elementor-9651\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5861a17 elementor-section-full_width elementor-section-stretched elementor-section-height-min-height elementor-section-height-default elementor-section-items-middle\" data-id=\"5861a17\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\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-ea42bdb\" data-id=\"ea42bdb\" data-element_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-8924fce elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-heading\" data-id=\"8924fce\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><b>Exp\u00e9riences<\/b><br><b>Restructurations D\u00e9riv\u00e9s<\/b><br>Gestion des couvertures d\u2019inflation et de taux d\u2019int\u00e9r\u00eat dans le cadre de \u00ab&nbsp;Project Finance&nbsp;\u00bb<\/h2>\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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9dff6a0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9dff6a0\" data-element_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-c3e38d1\" data-id=\"c3e38d1\" data-element_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-78fa56c elementor-widget elementor-widget-text-editor\" data-id=\"78fa56c\" data-element_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<h6>Notre client, un fonds qui d\u00e9tenait une participation majoritaire dans une soci\u00e9t\u00e9 concessionnaire d\u2019autoroutes, s\u2019est rendu compte que le <strong>financement du projet (Project Finance)<\/strong> comportait deux types de <strong>swaps<\/strong>, un d\u2019<strong>inflation<\/strong> et un de <strong>taux d\u2019int\u00e9r\u00eat<\/strong>. Le fonds a vu une opportunit\u00e9 de r\u00e9aliser plusieurs dizaines de millions d\u2019euros de l\u2019investissement. <\/h6><h6>Notre client, apr\u00e8s avoir effectu\u00e9 certains calculs, s\u2019est rendu compte que le swap d\u2019<strong>inflation<\/strong> <strong>rapportait plus de 70&nbsp;millions d\u2019euros, tandis que ceux de taux d\u2019int\u00e9r\u00eat perdaient un montant<\/strong> <strong>l\u00e9g\u00e8rement<\/strong> <strong>sup\u00e9rieur<\/strong>.<\/h6><h6>Son id\u00e9e \u00e9tait d\u2019annuler le swap d\u2019inflation en laissant ceux de taux d\u2019int\u00e9r\u00eat non annul\u00e9s. En effet, l\u2019annulation de ce swap permettrait l\u2019encaissement d\u2019une somme d\u2019argent tr\u00e8s importante. Mais cela ne signifiait pas que ce soit positif pour la soci\u00e9t\u00e9 concessionnaire.  <\/h6><h6>Les d\u00e9riv\u00e9s doivent \u00eatre \u00e9valu\u00e9s \u00e0 leur valeur de march\u00e9. <strong>R\u00e9aliser cette valeur du d\u00e9riv\u00e9 n\u2019impliquait pas que la soci\u00e9t\u00e9 concessionnaire r\u00e9alise des b\u00e9n\u00e9fices<\/strong>. La raison en est que la r\u00e9alisation du b\u00e9n\u00e9fice du swap d\u2019inflation n\u2019impliquait pas que la perte du d\u00e9riv\u00e9 de taux d\u2019int\u00e9r\u00eat cesse d\u2019exister. Par cons\u00e9quent, du point de vue de la <strong>g\u00e9n\u00e9ration de b\u00e9n\u00e9fices<\/strong>, l\u2019op\u00e9ration <strong>propos\u00e9e<\/strong> \u00e9tait <strong>neutre<\/strong>.  <\/h6><h6>Mais il se trouve qu\u2019en plus, <strong>l\u2019annulation<\/strong> d\u2019un swap entra\u00eene des <strong>co\u00fbts d\u2019annulation<\/strong> qui comprennent des frais de <strong>commissions<\/strong> bancaires et de <strong>notaire<\/strong>. Ces co\u00fbts, logiquement, ont un impact sur le compte de r\u00e9sultat. Par cons\u00e9quent, <strong>l\u2019op\u00e9ration propos\u00e9e impliquait de moins bons r\u00e9sultats<\/strong> que si l\u2019on laissait le swap d\u2019inflation non annul\u00e9.  <\/h6><h6>Finalement, nous avons convaincu le client que la <strong>structure con\u00e7ue pr\u00e9c\u00e9demment \u00e9tait parfaite<\/strong> du point de vue de la <strong>couverture<\/strong> des risques. La raison en est que le swap d\u2019inflation couvrait les situations dans lesquelles les p\u00e9ages n\u2019avaient pas augment\u00e9 du tout, car l\u2019inflation avait connu des p\u00e9riodes de valeur&nbsp;0 et n\u00e9gative. Le swap de taux d\u2019int\u00e9r\u00eat faisait de m\u00eame avec les taux d\u2019int\u00e9r\u00eat, en les fixant \u00e0 un montant fixe invariable face aux mouvements de taux.  <\/h6><h6>En d\u2019autres termes, la <strong>soci\u00e9t\u00e9 concessionnaire avait des b\u00e9n\u00e9fices fixes ind\u00e9pendants des mouvements d\u2019inflation ou de taux d\u2019int\u00e9r\u00eat<\/strong>. Par cons\u00e9quent, la soci\u00e9t\u00e9 concessionnaire b\u00e9n\u00e9ficiait de la <strong>situation de risques id\u00e9ale<\/strong> dans une entreprise, car elle \u00e9tait immuable face \u00e0 ce qui se passait dans les variables macro\u00e9conomiques et ne d\u00e9pendait que des voitures qui circulaient sur l\u2019autoroute. <\/h6>\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":"<p>Exp\u00e9riencesRestructurations D\u00e9riv\u00e9sGestion des couvertures d\u2019inflation et de taux d\u2019int\u00e9r\u00eat dans le cadre de \u00ab&nbsp;Project Finance&nbsp;\u00bb Notre client, un fonds qui d\u00e9tenait une participation majoritaire dans une soci\u00e9t\u00e9 concessionnaire d\u2019autoroutes, s\u2019est rendu compte que le financement du projet (Project Finance) comportait deux types de swaps, un d\u2019inflation et un de taux [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/template-pagebuilder-full-width.php","meta":{"footnotes":""},"class_list":["post-10400","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - 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