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La notation et le marché obligataire primaire en France

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  • Jérôme Hubler
  • Philippe Raimbourg

Abstract

[eng] Rating and the french primary bond market . A linear multiple econometric study has been carried out in order to show and analyse the caracteristics of the relationship between the risk premium required by markets when issuing bonds and bond rating in France over the 1987-1993 period. These analyses show significant differences in risk premiums according to their rating. Moreover, they show that this relationship is unstable over time (1991 appears as a turning point), that it changes considerably according to the issue amount, and finally that it shows some differences according to the rating agency. [fre] Une étude économétrique multiple linéaire a été menée afin de mettre en évidence et d'analyser les caractéristiques de la relation entre la prime de risque exigée par le marché à l'émission et la notation des titres obligataires en France sur la période 1987-1993. Ces analyses font apparaître des écarts significatifs de prime de risque selon la note. De plus, elles montrent que cette relation est instable au cours du temps (l'année 1991 apparaissant comme une année charnière), qu'elle se modifie profondément selon le montant de l'émission et qu'elle présente quelques différences selon l'agence de notation.

Suggested Citation

  • Jérôme Hubler & Philippe Raimbourg, 1996. "La notation et le marché obligataire primaire en France," Revue d'Économie Financière, Programme National Persée, vol. 37(2), pages 171-187.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_1996_num_37_2_2272
    DOI: 10.3406/ecofi.1996.2272
    Note: DOI:10.3406/ecofi.1996.2272
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    File URL: https://doi.org/10.3406/ecofi.1996.2272
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    Cited by:

    1. repec:dau:papers:123456789/6185 is not listed on IDEAS
    2. Hervé Alexandre & Maxime Merli, 2003. "Notations et écarts de rentabilité:le marché français avant l'euro," Revue Finance Contrôle Stratégie, revues.org, vol. 6(3), pages 5-22, September.
    3. Hervé Alexandre & Maxime Merli, 2000. "Rating and Spread:The French Market before Euro," Working Papers CREGO 1000304, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Sep 2002.

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