Emprunts «Index Linked»
A l'instar des «reverse convertibles» (obligations remboursables soit en cash, soit en actions), les emprunts «index linked» se sont multipliés depuis le début de l'année.
Une obligation «index linked» est une obligation à longue échéance (4 à 7 ans) liée à l'évolution d'un indice boursier déterminé.
Au contraire des SICAVS, les souscripteurs ne sont pas sûrs de récupérer leur mise initiale puisqu'ils sont payés en fonction du niveau de l'index sous-jacent. Si ce dernier a baissé de 10 %, le porteur de l'obligation ne récupérera que 90 % de sa mise. Le risque est donc plus élevé, ce qui implique que la rémunération l'est aussi. Ainsi, les coupons annuels des « index linked » peuvent atteindre de 5,5 à 7,5 % net.
Qu'en est-il au niveau fiscal ? Le raisonnement est similaire à celui des « reverse ». En effet, le coupon, élevé, est taxé au précompte mobilier, tandis que la moins-value éventuelle réalisée à l'échéance n'est pas déductible.
On pourrait envisager de faire un placement garantissant au moins la récupération de sa mise, avec un coupon moindre, et d'émettre un put sur...
Pour continuer la lecture
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