[1]<\/a>en f\u00e9vrier, puisant dans la solidit\u00e9 de certains des titres de cr\u00e9ance \u00e0 fort rabais.<\/p>\nLes billets convertibles d\u2019Esperion Therapeutics Inc. ont \u00e9t\u00e9 positifs pour le Fonds pendant cette p\u00e9riode, et ils continuent \u00e0 prosp\u00e9rer gr\u00e2ce \u00e0 un bilan qui va en s\u2019am\u00e9liorant et au nombre d\u2019ordonnances qui ne cesse de monter. Les billets convertibles de Bandwidth Inc. ont eux aussi tir\u00e9 profit des b\u00e9n\u00e9fices notables d\u00e9clar\u00e9s par l\u2019entreprise logicielle de communication. Notre position dans Lucid Group a \u00e9galement ajout\u00e9 \u00e0 notre force, car les investisseurs ont d\u00e9tourn\u00e9 leur attention des gains plus faibles pour la p\u00e9riode en cours pour la reporter vers le fait que l\u2019entreprise dispose d\u2019actifs plus que suffisants pour acquitter ses obligations en mati\u00e8re de cr\u00e9dit.<\/p>\n
Bien que la plupart des gammes d\u2019actifs aient progress\u00e9 en f\u00e9vrier, quelques-unes ont fait montre de faiblesse, notamment notre position dans les titres de cr\u00e9ance de SSR Mining Inc. dont la mine de \u00c7\u00f6pler, en Turquie, a rencontr\u00e9 des probl\u00e8mes de fonctionnement. Bien que ce malheureux incident ait modifi\u00e9 le profil de rendements de l\u2019entreprise pour l\u2019ann\u00e9e en cours, nous croyons que la couverture du cr\u00e9dit des billets arrivant \u00e0 \u00e9ch\u00e9ance en 2039 n\u2019en est pas significativement alt\u00e9r\u00e9e et avons de ce fait augment\u00e9 notre position.<\/p>\n
Un retour \u00e0 la r\u00e9flexion?<\/h3>\n
Au cours de la derni\u00e8re ann\u00e9e, les march\u00e9s du cr\u00e9dit ont eu pour particularit\u00e9, entre autres, de voir le foss\u00e9 se creuser entre la valeur des obligations indicielles \u00e0 rendement \u00e9lev\u00e9 les plus courues et celle de certains titres de cr\u00e9ances malaim\u00e9s et assortis d\u2019\u00e9carts plus b\u00e9ants. En th\u00e9orie, les deux lots d\u2019\u00e9missions auraient d\u00fb r\u00e9agir de fa\u00e7on comparable \u00e0 l\u2019engouement renouvel\u00e9 pour le risque, mais en pratique celles figurant dans les indices ont fait beaucoup mieux. Il se peut que cette situation d\u00e9coule de la popularit\u00e9 des instruments passifs ou de semblables strat\u00e9gies ax\u00e9es sur les indices. Nous ignorons pourquoi un si grand nombreux de r\u00e9partiteurs de capitaux tiennent autant \u00e0 ce que le cr\u00e9dit soit dirig\u00e9 vers des mandats qui d\u00e9couragent officiellement la r\u00e9flexion. Mais des go\u00fbts et des couleurs on ne discute pas.<\/p>\n
Quoi qu\u2019il en soit, nous avons observ\u00e9 certains changements sur le march\u00e9 en f\u00e9vrier. Soudain, quelques obligations \u00e9tonnamment bon march\u00e9 qui \u00e9taient offertes, mais snob\u00e9es se sont retrouv\u00e9es \u00e0 la fois offertes et demand\u00e9es pour finir par \u00eatre exclusivement en demande. Et les prix ont commenc\u00e9 \u00e0 monter au pays des injustement laiss\u00e9s-pour-compte. Permettez-nous de vous donner quelques exemples.<\/p>\n
L\u2019une des curiosit\u00e9s du d\u00e9but de 2024 a \u00e9t\u00e9 le petit prix des billets convertibles (2026) de Lucid Group, qui se transigeaient \u00e0 moins de 40 cents le dollar pour un rendement de plus de 35 % \u00e0 une \u00e9ch\u00e9ance inf\u00e9rieure \u00e0 trois ans. Nous admettons que Lucid n\u2019est pas rentable actuellement, mais ce prix laissait croire que l\u2019actionnaire majoritaire de l\u2019entreprise, le Saudi Public Investment Fund, allait retirer ses billes. Nous n\u2019avons rien vu de tel. En fait, nous serions tr\u00e8s \u00e9tonn\u00e9s qu\u2019apr\u00e8s avoir investi 26,4 milliards $ dans l\u2019une des principales soci\u00e9t\u00e9s participant au projet d\u2019ind\u00e9pendance aux combustibles fossiles de ce pays, Saudis se retire sans aider Lucid \u00e0 honorer cette \u00e9ch\u00e9ance de 2 milliards $. Et le bilan de Lucid, notons-nous, inscrit plus de 4 milliards de liquidit\u00e9s. Finalement, plus tard en f\u00e9vrier, l\u2019optimisme quant au cr\u00e9dit de Lucid s\u2019est intensifi\u00e9 et les obligations de l\u2019entreprise ont commenc\u00e9 le mois de mars sur des offres de 46 cents le dollar, ce qui reste peu cher.<\/p>\n
\n\u00ab\u2009Serait-ce de nouveau \u00e0 la mode de r\u00e9fl\u00e9chir avant d\u2019investir? Seul le temps le dira.\u2009\u00bb<\/p>\n<\/blockquote>\n
Un autre titre de cr\u00e9dit dont le plongeon vers les 30 cents a \u00e9t\u00e9 ignor\u00e9 par les investisseurs avides d\u2019indices en hausse sont les billets d\u2019Emergent Biosolutions Inc. (3,875 %, 2028). Pour \u00eatre tout \u00e0 fait honn\u00eate, Emergent a d\u00fb relever quelques d\u00e9fis ces deux derni\u00e8res ann\u00e9es, y compris une division de fabrication sous contrat moribonde et le d\u00e9c\u00e8s du fondateur de l\u2019entreprise. Nous avons cependant \u00e9t\u00e9 \u00e9tonn\u00e9s de constater combien le march\u00e9 ignorait les atouts \u00e9vidents de cette soci\u00e9t\u00e9, dont sa position \u00e9tablie \u00e0 titre de fournisseur de l\u2019\u00c9tat am\u00e9ricain en mati\u00e8re de stockage de m\u00e9dicaments essentiels et de son statut tout aussi essentiel de fabricant du Narcan, un traitement contre les surdoses d\u2019opio\u00efde. Finalement, vers la fin de f\u00e9vrier, nous avons vu des demandes surgirent de cet oc\u00e9an d\u2019indiff\u00e9rence. Au lieu de recevoir des offres fermes dans les 30 cents, Emergent a recueilli au d\u00e9but mars des propositions dans les 40 cents sans n\u2019avoir rien demand\u00e9.<\/p>\n
Une hirondelle pourrait-elle faire le printemps? Serait-ce de nouveau \u00e0 la mode de r\u00e9fl\u00e9chir avant d\u2019investir? Seul le temps le dira.<\/p>\n
Nouvelles positions<\/h3>\n
En f\u00e9vrier, nous avons pris une position dans les billets \u00e0 taux variable de Rivian Automotive Inc. qui devraient rapporter environ 13 % \u00e0 leur \u00e9ch\u00e9ance de 2026. Nous reconnaissons que l\u2019engouement pour Rivian et d\u2019autres fabricants de v\u00e9hicules \u00e9lectriques s\u2019est consid\u00e9rablement refroidi au cours des quelques derni\u00e8res ann\u00e9es. N\u00e9anmoins, Rivian poss\u00e8de en mati\u00e8re de cr\u00e9dit des avantages non n\u00e9gligeables. D\u2019abord, l\u2019entreprise dispose de liquidit\u00e9s exc\u00e9dant les 9 milliards $, presque neuf fois le montant de la seule et unique obligation garantie de Rivian. De plus, elle peut compter sur le soutien implicite et substantiel d\u2019Amazon.com Inc. qui est \u00e0 la fois son principal client et son propri\u00e9taire \u00e0 16 %. Selon nous, cette obligation \u00e0 relativement court terme devrait facilement \u00eatre rembours\u00e9e ou refinanc\u00e9e \u00e0 son \u00e9ch\u00e9ance.<\/p>\n
Toujours en f\u00e9vrier, nous avons particip\u00e9 au report et \u00e0 la modification de l\u2019\u00e9ch\u00e9ance de 2025 de l\u2019obligation convertible de Cineplex Inc. qui est d\u00e9sormais fix\u00e9e \u00e0 2029. Nous obtenons de ce fait, un billet dont la valeur est sup\u00e9rieure et une plage de convertibilit\u00e9 plus longue. Nous aimons l\u2019id\u00e9e que l\u2019industrie du cin\u00e9ma continuera \u00e0 se r\u00e9tablir maintenant que sont termin\u00e9es les gr\u00e8ves de l\u2019industrie et la pand\u00e9mie. De surcro\u00eet, parce que Cineplex d\u00e9tient une part imposante du march\u00e9 canadien de l\u2019exploitation des salles de cin\u00e9ma, nous croyons que l\u2019entreprise devrait voir ses revenus augmenter et, par cons\u00e9quent, ses rendements en esp\u00e8ces.<\/p>\n
Positionnement du Fonds<\/h3>\n
Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender est assorti d\u2019un rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 8,2 % au 29 f\u00e9vrier, le rendement actuel s\u2019\u00e9tablissant \u00e0 5,4 % et la dur\u00e9e moyenne de ses instruments \u00e0 terme \u00e0 3,6 ann\u00e9es. Il comporte une pond\u00e9ration de 5,2 % dans des titres en d\u00e9tresse dont le rendement th\u00e9orique n\u2019est pas inclus dans le calcul ci-dessus. L\u2019encaisse repr\u00e9sentait 2,8 % du portefeuille total au 29 f\u00e9vrier.<\/p>\n
Geoff Castle
\n6 mars 2024<\/p>\n
[1]<\/a> Tous les rendements signal\u00e9s sont ceux des parts de cat\u00e9gorie F du Fonds. D\u2019autres cat\u00e9gories de parts sont offertes. Celles-ci pourraient pr\u00e9senter des frais et des rendements diff\u00e9rents. <\/em><\/p>","protected":false},"excerpt":{"rendered":"Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender a d\u00e9gag\u00e9 un rendement de 0,8 % en f\u00e9vrier, puisant dans la solidit\u00e9 de certains des titres de cr\u00e9ance \u00e0 fort rabais. Les billets convertibles d\u2019Esperion Therapeutics Inc. ont \u00e9t\u00e9 positifs pour le Fonds pendant cette p\u00e9riode, et ils continuent [...]<\/p>","protected":false},"featured_media":70403,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-54633","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-corporate-bond-fund"],"acf":[],"yoast_head":"\n
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