{"id":359682,"date":"2025-06-09T21:11:50","date_gmt":"2025-06-09T20:11:50","guid":{"rendered":"https:\/\/realites.com.tn\/fr\/?p=359682"},"modified":"2025-06-09T21:11:50","modified_gmt":"2025-06-09T20:11:50","slug":"la-bad-emet-avec-succes-sa-premiere-dette-a-long-terme-en-dollars-americains","status":"publish","type":"post","link":"https:\/\/realites.com.tn\/fr\/la-bad-emet-avec-succes-sa-premiere-dette-a-long-terme-en-dollars-americains\/","title":{"rendered":"La BAD \u00e9met avec succ\u00e8s sa premi\u00e8re dette \u00e0 long terme en dollars am\u00e9ricains"},"content":{"rendered":"<p>La Banque africaine de d\u00e9veloppement (BAD) vient de r\u00e9aliser une op\u00e9ration financi\u00e8re complexe qui m\u00e9rite explication. L&rsquo;institution a \u00e9mis ce qu&rsquo;on appelle dans le jargon financier des \u00ab\u00a0obligations libell\u00e9es en dollars am\u00e9ricains avec une maturit\u00e9 de 10 ans\u00a0\u00bb. Concr\u00e8tement, cela signifie que la BAD a emprunt\u00e9 1 milliard de dollars sur les march\u00e9s internationaux, qu&rsquo;elle devra rembourser dans dix ans.<br \/>\n<strong>Comprendre les termes techniques<br \/>\n<\/strong>Une obligation est tout simplement un titre de dette. Lorsqu&rsquo;un investisseur ach\u00e8te une obligation de la BAD, il lui pr\u00eate de l&rsquo;argent en \u00e9change d&rsquo;un taux d&rsquo;int\u00e9r\u00eat fixe (appel\u00e9 coupon). Ici, le taux est de 4,5% par an. \u00ab\u00a0Libell\u00e9 en dollars\u00a0\u00bb indique que l&#8217;emprunt est effectu\u00e9 en devise am\u00e9ricaine, ce qui attire les investisseurs internationaux. Quant \u00e0 la \u00ab\u00a0maturit\u00e9 de 10 ans\u00a0\u00bb, elle pr\u00e9cise que la BAD devra rembourser le capital emprunt\u00e9 dans une d\u00e9cennie.<br \/>\nCette op\u00e9ration s&rsquo;inscrit dans un emprunt plus large de 3 milliards de dollars, dont 2 milliards sous forme de dette \u00e0 plus court terme (3 ans). Pour r\u00e9ussir cette man\u0153uvre complexe, la BAD s&rsquo;est appuy\u00e9e sur des banques d&rsquo;investissement prestigieuses comme J.P. Morgan et BNP Paribas.<br \/>\nPlusieurs \u00e9l\u00e9ments rendent cette \u00e9mission remarquable. D&rsquo;abord, le taux de 4,5% est tr\u00e8s proche de celui des obligations du Tr\u00e9sor am\u00e9ricain (4,35%), alors que la BAD finance des projets dans des pays africains consid\u00e9r\u00e9s comme plus risqu\u00e9s. Ensuite, les investisseurs ont imm\u00e9diatement absorb\u00e9 toutes les obligations sans que les banques aient besoin d&rsquo;intervenir pour stabiliser le prix &#8211; un signe de confiance marqu\u00e9.<br \/>\nCette r\u00e9ussite intervient \u00e0 un moment charni\u00e8re : la BAD vient juste de nommer un nouveau pr\u00e9sident, le Dr Sidi Ould Tah, succ\u00e9dant \u00e0 Akinwumi Adesina apr\u00e8s deux mandats. Le maintien de la notation AAA (la meilleure possible) et la facilit\u00e9 avec laquelle la banque l\u00e8ve des fonds d\u00e9montrent la cr\u00e9dibilit\u00e9 intacte de l&rsquo;institution aupr\u00e8s des march\u00e9s.<br \/>\n<strong>Perspectives pour le financement du d\u00e9veloppement<br \/>\n<\/strong>Depuis janvier 2025, la BAD a d\u00e9j\u00e0 \u00e9mis pour 14,17 milliards de dollars de dettes dans diff\u00e9rentes devises, dont des monnaies africaines comme le naira nig\u00e9rian ou le rand sud-africain. Cette nouvelle capacit\u00e9 \u00e0 emprunter \u00e0 long terme en dollars ouvre des possibilit\u00e9s suppl\u00e9mentaires pour financer des infrastructures et des projets de d\u00e9veloppement sur le continent.<br \/>\nL&rsquo;op\u00e9ration montre que malgr\u00e9 les d\u00e9fis \u00e9conomiques mondiaux, les investisseurs continuent de faire confiance aux institutions africaines solides. Une bonne nouvelle pour les pays membres de la BAD qui pourront b\u00e9n\u00e9ficier de ces financements \u00e0 des conditions avantageuses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>La Banque africaine de d\u00e9veloppement (BAD) vient de r\u00e9aliser une op\u00e9ration financi\u00e8re complexe qui m\u00e9rite explication. L&rsquo;institution a \u00e9mis ce qu&rsquo;on appelle dans le jargon financier des \u00ab\u00a0obligations libell\u00e9es en&hellip;<\/p>\n","protected":false},"author":81,"featured_media":314698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,6],"tags":[],"class_list":["post-359682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-la-une","category-economie"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>La BAD \u00e9met avec succ\u00e8s sa premi\u00e8re dette \u00e0 long terme en dollars am\u00e9ricains - R\u00e9alit\u00e9s Magazine<\/title>\n<meta name=\"description\" content=\"La Banque africaine de d\u00e9veloppement (BAD) vient de r\u00e9aliser une op\u00e9ration financi\u00e8re complexe qui m\u00e9rite explication. 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