{"id":11104,"date":"2022-12-21T11:27:14","date_gmt":"2022-12-21T11:27:14","guid":{"rendered":"https:\/\/www.martinsdelima.com\/derives\/"},"modified":"2026-02-08T20:03:32","modified_gmt":"2026-02-08T20:03:32","slug":"derives","status":"publish","type":"page","link":"https:\/\/www.martinsdelima.com\/fr\/derives\/","title":{"rendered":"D\u00e9riv\u00e9s"},"content":{"rendered":"\t\t
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Conseil financier (Advisory)<\/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
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D\u00e9riv\u00e9s<\/h4>\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
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Notre client, un fonds qui d\u00e9tenait une participation majoritaire dans une concession d’autoroutes, s’est rendu compte que le financement du projet (Project Finance) comportait deux types de swaps (\u00e9changes) : un d’inflation et un de taux d’int\u00e9r\u00eat. Le fonds a vu une opportunit\u00e9 de r\u00e9aliser plusieurs dizaines de millions d’euros de l’investissement. <\/p>

Notre client, apr\u00e8s avoir effectu\u00e9 certains calculs, s’est rendu compte que le swap d’inflation gagnait plus de 70 millions d’euros, tandis que ceux de taux d’int\u00e9r\u00eat perdaient un montant l\u00e9g\u00e8rement sup\u00e9rieur.<\/p>

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. <\/p>

Les produits d\u00e9riv\u00e9s doivent \u00eatre \u00e9valu\u00e9s \u00e0 leur valeur de march\u00e9. La r\u00e9alisation de cette valeur du d\u00e9riv\u00e9 n’impliquait pas que la concession devienne b\u00e9n\u00e9ficiaire. La raison en est que la r\u00e9alisation du b\u00e9n\u00e9fice du swap d’inflation n’impliquait pas que la perte du d\u00e9riv\u00e9 de taux d’int\u00e9r\u00eat cesse d’exister. Par cons\u00e9quent, du point de vue de la g\u00e9n\u00e9ration de b\u00e9n\u00e9fices, l’op\u00e9ration propos\u00e9e \u00e9tait neutre. <\/p>

Mais de plus, la r\u00e9siliation d’un swap entra\u00eene des co\u00fbts de r\u00e9siliation qui comprennent les co\u00fbts des commissions bancaires et des frais de notaire. Ces co\u00fbts, logiquement, ont un impact sur le compte de r\u00e9sultat. L’op\u00e9ration propos\u00e9e impliquait donc de moins bons r\u00e9sultats que si l’on laissait le swap d’inflation sans l’annuler. <\/p>

Finalement, nous avons convaincu le client que la structure con\u00e7ue pr\u00e9c\u00e9demment \u00e9tait parfaite du point de vue de la couverture des risques. La raison en est que le swap d’inflation couvrait les situations dans lesquelles les p\u00e9ages n’avaient pas augment\u00e9 du tout, car l’inflation avait travers\u00e9 des p\u00e9riodes de valeur 0 et n\u00e9gative. Le swap de taux d’int\u00e9r\u00eat faisait de m\u00eame avec les taux d’int\u00e9r\u00eat, en les fixant \u00e0 un montant fixe invariable face aux mouvements de taux. <\/p>

En d’autres termes, la concession avait des b\u00e9n\u00e9fices fixes ind\u00e9pendants des mouvements d’inflation ou de taux d’int\u00e9r\u00eat. Par cons\u00e9quent, la concession b\u00e9n\u00e9ficiait d’une situation de risques id\u00e9ale 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’autoroute. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\"\"<\/figure>

Rafael Martins de Lima<\/h3>

Associ\u00e9 Directeur<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\trafael@martinsdelima.com\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\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

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Notre contact<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Chez martinsdelima<\/strong>, nous pouvons vous aider !<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tVoir plus<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\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":"

Conseil financier (Advisory) D\u00e9riv\u00e9s Notre client, un fonds qui d\u00e9tenait une participation majoritaire dans une concession d’autoroutes, s’est rendu compte que le financement du projet (Project Finance) comportait deux types de swaps (\u00e9changes) : un d’inflation et un de taux d’int\u00e9r\u00eat. Le fonds a vu une opportunit\u00e9 de r\u00e9aliser plusieurs […]<\/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-11104","page","type-page","status-publish","hentry"],"yoast_head":"\nD\u00e9riv\u00e9s - Martinsdelima<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.martinsdelima.com\/fr\/derives\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"D\u00e9riv\u00e9s - Martinsdelima\" \/>\n<meta property=\"og:description\" content=\"Conseil financier (Advisory) D\u00e9riv\u00e9s Notre client, un fonds qui d\u00e9tenait une participation majoritaire dans une concession d’autoroutes, s’est rendu compte que le financement du projet (Project Finance) comportait deux types de swaps (\u00e9changes) : un d’inflation et un de taux d’int\u00e9r\u00eat. 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