{"id":7608,"date":"2018-03-23T06:26:28","date_gmt":"2018-03-23T06:26:28","guid":{"rendered":"http:\/\/www.rothgygax.ch\/?p=7608\/"},"modified":"2018-03-23T06:27:04","modified_gmt":"2018-03-23T06:27:04","slug":"a-quel-point-les-obligations-sont-elles-rentables","status":"publish","type":"post","link":"https:\/\/www.rothgygax.ch\/fr\/a-quel-point-les-obligations-sont-elles-rentables\/","title":{"rendered":"\u00c0 quel point les obligations sont-elles rentables?"},"content":{"rendered":"

R\u00e9cemment, \u00a0un client nous a demand\u00e9 si l’obligation de Bobst Group SA, un fabricant de machines et d’installations pour l’industrie de l’emballage actif \u00e0 l’\u00e9tranger et ayant son si\u00e8ge \u00e0 Lausanne, recommand\u00e9e par sa banque, \u00e9tait un bon investissement.<\/p>\n

Ladite entreprise propose tout de m\u00eame un taux d’int\u00e9r\u00eat annuel de 1,6 %, ce qui est au demeurant tr\u00e8s int\u00e9ressant. La dur\u00e9e r\u00e9siduelle de l’obligation est de 3 ans. Le prix d’achat actuel est de 103 %. Ce n’est pas bon sur ce point \u00e9tant donn\u00e9 que le remboursement dans le cas d’une expiration ne s’effectue qu’\u00e0 hauteur de 100 % et donc une perte de 3 % est garantie. De plus les 1,6 % d’int\u00e9r\u00eats bruts doivent \u00eatre impos\u00e9s comme revenus. Selon le taux d’imposition marginal, d’autres taux de rendement de 0,3 % \u00e0 0,7 % sont alors perdus. Suivent alors les frais de garde de la banque qui co\u00fbtent encore de 0,1 % \u00e0 0,3 % net. Des frais de gestion de la fortune de pr\u00e8s de 1 % sont en plus d\u00e9duits pour ce qui est d’un d\u00e9p\u00f4t g\u00e9r\u00e9 activement par la banque.<\/p>\n

Le tableau n’est pas diff\u00e9rent pour les autres obligations. Si un taux de rendement plus \u00e9lev\u00e9 se pr\u00e9sente \u00e0 l’\u00e9ch\u00e9ance, la raison se trouve normalement dans la solvabilit\u00e9 plus faible du d\u00e9biteur. D\u2019ordinaire il ne faut pas n\u00e9gliger le risque li\u00e9 au d\u00e9biteur. Apr\u00e8s tout, une perte totale peut \u00eatre encourue en cas de faillite du d\u00e9biteur. En r\u00e9sum\u00e9, force est de retenir que les obligations sont actuellement un outil de placement plut\u00f4t d\u00e9licat et qui n’est pas rentable.<\/p>\n\n\n\n\n\n\n\n\n
Int\u00e9r\u00eat de l’obligation par an<\/td>\n1,60 %<\/td>\n<\/tr>\n
.\/. Perte due une diminution de la valeur par an<\/td>\n-1,00 %<\/td>\n<\/tr>\n
.\/. Imp\u00f4ts (acceptation d’un taux d’imposition marginal de 35 %)<\/td>\n-0,56 %<\/td>\n<\/tr>\n
.\/. Frais de garde (nets)<\/td>\n-0,20 %<\/td>\n<\/tr>\n
.\/. Frais de gestion de la fortune<\/td>\n-1,00 %<\/td>\n<\/tr>\n
Perte par an<\/strong><\/td>\n-1,16 %<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

R\u00e9cemment, \u00a0un client nous a demand\u00e9 si l’obligation de Bobst Group SA, un fabricant de machines et d’installations pour l’industrie de l’emballage actif \u00e0 l’\u00e9tranger et ayant son si\u00e8ge \u00e0…<\/p>\n","protected":false},"author":3,"featured_media":7542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[113,114],"tags":[],"class_list":["post-7608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-patrimoine","category-placement"],"acf":[],"yoast_head":"\n\u00c0 quel point les obligations sont-elles rentables? - rothgygax<\/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.rothgygax.ch\/fr\/a-quel-point-les-obligations-sont-elles-rentables\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00c0 quel point les obligations sont-elles rentables?\" \/>\n<meta property=\"og:description\" content=\"R\u00e9cemment, \u00a0un client nous a demand\u00e9 si l’obligation de Bobst Group SA, un fabricant de machines et d’installations pour l’industrie de l’emballage actif \u00e0 l’\u00e9tranger et ayant son si\u00e8ge \u00e0...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rothgygax.ch\/fr\/a-quel-point-les-obligations-sont-elles-rentables\/\" \/>\n<meta property=\"og:site_name\" content=\"rothgygax\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-23T06:26:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-03-23T06:27:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rothgygax.ch\/wp-content\/uploads\/2018\/03\/Fotolia_55915009_X.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3067\" \/>\n\t<meta property=\"og:image:height\" content=\"2187\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Roger Ledermann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Roger Ledermann\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rothgygax.ch\\\/fr\\\/a-quel-point-les-obligations-sont-elles-rentables\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rothgygax.ch\\\/fr\\\/a-quel-point-les-obligations-sont-elles-rentables\\\/\"},\"author\":{\"name\":\"Roger Ledermann\",\"@id\":\"https:\\\/\\\/www.rothgygax.ch\\\/fr\\\/#\\\/schema\\\/person\\\/09df139e513c6debf849d412486f37f4\"},\"headline\":\"\u00c0 quel point les obligations sont-elles rentables?\",\"datePublished\":\"2018-03-23T06:26:28+00:00\",\"dateModified\":\"2018-03-23T06:27:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rothgygax.ch\\\/fr\\\/a-quel-point-les-obligations-sont-elles-rentables\\\/\"},\"wordCount\":339,\"image\":{\"@id\":\"https:\\\/\\\/www.rothgygax.ch\\\/fr\\\/a-quel-point-les-obligations-sont-elles-rentables\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rothgygax.ch\\\/wp-content\\\/uploads\\\/2018\\\/03\\\/Fotolia_55915009_X.jpg\",\"articleSection\":[\"Patrimoine\",\"Placement\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rothgygax.ch\\\/fr\\\/a-quel-point-les-obligations-sont-elles-rentables\\\/\",\"url\":\"https:\\\/\\\/www.rothgygax.ch\\\/fr\\\/a-quel-point-les-obligations-sont-elles-rentables\\\/\",\"name\":\"\u00c0 quel point les obligations sont-elles rentables? 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