L'Asset-Based Finance est un secteur dans lequel PIMCO s’est solidement implanté, en tant que l’un des premiers acteurs à entrer sur les marchés privés de l'ABF après la crise financière mondiale. En tirant parti de notre ADN obligataire, d’une analyse rigoureuse au niveau des prêts individuels et de puissants outils d’analyse de données, nous sommes devenus l’un des plus importants investisseurs dans ce domaine. En tant que fournisseur de liquidités de premier plan et partenaire stratégique de banques internationales, nous savons comment respecter les réglementations complexes et proposons des solutions de crédit alternatives. Notre taille et notre envergure nous permettent de négocier des conditions de prêt avantageuses et d’accéder à des solutions de financement stables, qui ne sont pas soumises aux fluctuations quotidiennes des prix de marché.
Asset-Based Finance: Redéfinir le paysage du crédit privé
Bénéfices potentiels de l'ABF
Génération de revenus
Les investissements en Asset-Based Finance peuvent générer des revenus courants résilients et des remboursements réguliers grâce à des flux de trésorerie contractuels.
Diversification
Les investisseurs peuvent bénéficier d’une diversification par rapport aux formes traditionnelles de crédit privé grâce à une exposition aux différents secteurs et aux portefeuilles d’actifs spécifiques de l'Asset-Based Finance (ABF).
ATTÉNUATION DU RISQUE BAISSIER
Nous mettons l’accent sur une analyse approfondie des actifs et la création de structures résilientes, dans le but de générer des rendements ajustés au risque attractifs.
Foire aux questions
Asset-based finance, asset-based lending, asset-backed finance, et specialty finance sont des termes interchangeables qui désignent tous un mode de prêt en dehors des marchés traditionnels de l’entreprise et de l’immobilier commercial, et qui est garanti par des actifs financiers ou tangibles.
Les investissements en asset-based finance peuvent être catégorisés en trois types principaux : la dette liée aux consommateurs (par exemple : prêts étudiants, prêts automobiles, prêts personnels); actifs non liés à la consommation (par exemple : financement aéronautique, infrastructures de données, crédit-bail d’équipement) ; et prêts hypothécaires (par exemple : prêts hypothécaires résidentiels américains, prêts hypothécaires européens, prêts pour travaux d’amélioration de l’habitat).
Nombreux sont les investisseurs qui ont alloué d'importants capitaux aux prêts directs aux entreprises ces dernières années. Le financement adossé à des actifs peut représenter un élément complémentaire et de diversification attrayant, susceptible d'accroître les rendements et d'atténuer la volatilité au sein du crédit privé. Ce type de financement se distingue des prêts directs aux entreprises par sa base d'emprunteurs, ses facteurs de risque économique et ses flux de trésorerie contractuels. Les réglementations de plus en plus strictes ménagent par ailleurs un point d'entrée intéressant, en cela que les banques sont moins généreuses et que les barrières à l'entrée sont élevées. C'est l'une des forces principales de PIMCO, au vu de l'étroite relation entre les prêts basés sur l'actif et l'obligataire.
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Mentions Légales
The investment strategies discussed herein are speculative and involve a high degree of risk, including a loss of some or all capital. Investments in any asset classes described herein may be volatile, and investors should have the financial ability and be willing to accept such risks.
All investments contain risk and may lose value. Investments in residential/commercial mortgage loans and commercial real estate debt are subject to risks that include prepayment, delinquency, foreclosure, risks of loss, servicing risks and adverse regulatory developments, which risks may be heightened in the case of non-performing loans. Mortgage and asset-backed securities are highly complex instruments that may be sensitive to changes in interest rates and subject to early repayment risk. Real asset investments including those in data centers are subject to a variety of inherent risks that may have an adverse impact on the values of, and returns (if any) from, such investments, including changes in the general economic climate and local conditions. Structured products such as collateralized debt obligations are also highly complex instruments, typically involving a high degree of risk; use of these instruments may involve derivative instruments that could lose more than the principal amount invested. Private credit involves an investment in non-publicly traded securities which may be subject to illiquidity risk. Portfolios that invest in private credit may be leveraged and may engage in speculative investment practices that increase the risk of investment loss. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, as such the prepayments cannot be predicted with accuracy. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower’s obligation, or that such collateral could be liquidated. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Diversification does not ensure against loss. The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. Management risk is the risk that the investment techniques and risk analyses applied by an investment manager will not produce the desired results, and that certain policies or developments may affect the investment techniques available to the manager in connection with managing the strategy.
Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.
Certain information contained herein concerning economic trends and/or data is based on or derived from information provided by independent third-party sources. PIMCO believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based.
For professional use only
Per the information available to us you fulfill the requirements to be classified as professional clients as defined in the MiFiD II Directive 2014/65/EU Annex II Handbook. Please inform us if otherwise. The services and products described in this communication are only available to professional clients as defined in the MiFiD II Directive 2014/65/EU Annex II Handbook and its implementation of local rules and as defined in the Financial Conduct Authority's Handbook. This communication is not a public offer and individual investors should not rely on this document. Opinion and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness.
This material contains the opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.
CMR2025-0501-4428212