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Le Magazine du Trésorier - n°63 - 3ème trimestre 2008 - (Page 38)

NEWS RISQUES MÉTÉOROLOGIQUES ET NORMES COMPTABLES INTERNATIONALES Lors du dernier forum organisé par Europlace à Paris début juillet, Météo France et NYSE Euronext ont annoncé le lancement d’un groupe de travail destiné à étudier dans quelle mesure les risques météorologiques peuvent être pris en compte par les normes internationales. On se souvient de M. JL Bertrand à la conférence qu’il animait pour l’ATEL à Luxembourg en mai dernier, lorsqu’il expliquait que l’augmentation d’un degré de la chaleur pendant l’été pouvait entrainer une progression dans la consommation de bière de 1.2%. Comment transcrire financièrement un tel impact des fluctuations climatiques sur les comptes de l’entreprise ? C’est à ce groupe de travail dans un premier temps de mettre en place une procédure d’évaluation acceptée par les normes comptables internationales. Une fois cette étape franchie, les entreprises pourront gérer les risques à leur guise en utilisant les produits de couverture adéquats déjà disponibles sur le marché. Ce groupe de travail qui a l’aval de l’AFTE et l’EACT donnera ensuite naissance à une association chargée de promouvoir et structurer le marché de la gestion des risques météorologiques. Nous vous tiendrons au courant des prochains développements en la matière. G G G G A GOLDEN AGE FOR COVERED BONDS? With the closing down of the assetbacked securities market, funding has become a major problem for many financial institutions, especially in the UK and the US.Thus covered bonds are now seen as a fundamental funding tool for the financial market participants. Covered bonds are debt instru- ments widely used in Europe and have generally the following features within their specific national framework: They are secured by a cover pool of mortgage loans or public-sector debt to which investors have a preferential claim in the event of default; They are senior obligations of the issuer: interests and capital on the outstanding covered bonds are paid through the overall cash flow of the issuer, which means that they are not limited to the cash flows arising from the covered pool; In case of bankrupcy of the issuer, cash flows arising from the segregated pool of assets are used to pay interests and principal as originaly scheduled; The pool of assets is dynamic: maturing and defaulting assets within the cover pool are replaced by the issuer to ensure that there is always enough cover for the outstanding covered bonds. Covered bonds can be of two types: regulatory covered bonds, issued pursuant to and governed by specific legal mechanisms, and structured covered bonds, which rely on standard bonds and security arrangements. ground while the inter-bank financing markets developed in the second half of the 20th century. In the 1990’s the covered bonds was mainly a German product, know as Pfandbrief, issued by German financial institutions for German investors. The market expanded along with issuances under the jumbo format(1).Then dedicated national legislations were implemented in various European countries to allow the development of the product. The implementation of the Euro was decisive and investors’ appetite for liquid products increased.The covered bond market grew up from 30 Jumbo issuers in 2000 to 86 in spring 2008. At the end of 2007, the covered bond market stood at over EUR 2.11 trillion(2). The issuance of covered bonds enables credit institutions to obtain lower cost of funding in order to grant mortgage loans for housing and non-residential property as well as, in certain countries, to finance public debt. Furthermore covered bonds are attractive to investors as they offer a high level of market liquidity, several maturities, excellent credit quality and international diversification. The investor scope has expanded internationally, from credit institutions to investment funds to pension funds to insurance companies and central banks. 2008 has already seen the new developments in the covered bond area.A First types of covered bond appeared in the late 17th century in Prussia, aiming at financing the agriculture and then focusing on commercial and residential real estate. The covered bonds remained an important financing tool, but it lost

Table des matières de la publication Le Magazine du Trésorier - n°63 - 3ème trimestre 2008

COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS
INTERVIEW
FOCUS
FORUM OF ADVERTISERS
TREASURERS’ ASSOCIATIONS
NEWS

Le Magazine du Trésorier - n°63 - 3ème trimestre 2008

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