{"id":1223,"date":"2022-11-28T15:48:12","date_gmt":"2022-11-28T15:48:12","guid":{"rendered":"https:\/\/tapestrycapital.ca\/?p=1223"},"modified":"2026-04-10T15:09:46","modified_gmt":"2026-04-10T15:09:46","slug":"obligations-caritatives","status":"publish","type":"story","link":"https:\/\/tapestrycapital.ca\/fr\/story\/charitybonds\/","title":{"rendered":"Les \u00ab Charity Bonds \u00bb prennent leur essor au Royaume-Uni"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Les \u00ab charity bonds \u00bb, l\u2019\u00e9quivalent britannique des \u00ab community bonds \u00bb, ont connu un essor fulgurant ces derni\u00e8res ann\u00e9es. Entre 2012 et 2020, le march\u00e9 des \u00ab charity bonds \u00bb a enregistr\u00e9 une croissance remarquable de <\/span><strong><a href=\"https:\/\/bigsocietycapital.com\/impact-report-2020\/ecosystem\/financial-product-types\/charity-bonds\/#:~:text=Growth%20of%20charity%20bond%20market%202012%2D20\">62x<\/a><\/strong><span style=\"font-weight: 400;\">! La taille du march\u00e9 est d\u00e9sormais estim\u00e9e \u00e0 environ 337 millions de livres sterling, ce qui repr\u00e9sente un bond astronomique par rapport aux 5,4 millions de livres sterling enregistr\u00e9s en 2012. Plus de 30 organisations ont saisi cette opportunit\u00e9 pour \u00e9mettre des obligations caritatives et lever des fonds aupr\u00e8s de leurs communaut\u00e9s de sympathisants.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Dans cet article, nous nous penchons sur l'essor spectaculaire des obligations caritatives au Royaume-Uni et sur ce que cela pourrait signifier pour les obligations communautaires au Canada.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Commen\u00e7ons par examiner les similitudes et les diff\u00e9rences entre les \u00ab charity bonds \u00bb au Royaume-Uni et les \u00ab community bonds \u00bb au Canada.\u00a0<\/span><\/p>\n<h6><span style=\"font-weight: 400;\">Points communs<\/span><\/h6>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pr\u00eats portant int\u00e9r\u00eat, \u00e0 taux fixe et \u00e0 dur\u00e9e d\u00e9termin\u00e9e<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Destin\u00e9 \u00e0 financer des projets ayant un impact social et\/ou environnemental<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L'organisme \u00e9metteur de l'obligation doit disposer d'une source de revenus lui permettant de rembourser les investisseurs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Plus souple que le financement bancaire, car les conditions sont fix\u00e9es par les \u00e9metteurs et les fonds sont lev\u00e9s aupr\u00e8s des contributeurs\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mobiliser divers types d'investisseurs (particuliers, fondations, fiducies, etc.)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Peuvent \u00eatre d\u00e9tenus dans des comptes b\u00e9n\u00e9ficiant d'avantages fiscaux\u00a0<\/span><\/li>\n<\/ul>\n<h6><span style=\"font-weight: 400;\">Diff\u00e9rences<\/span><\/h6>\n<p><span style=\"font-weight: 400;\">Le tableau ci-dessous met en \u00e9vidence les principales diff\u00e9rences entre les obligations caritatives et les obligations communautaires :\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Obligations caritatives<\/b><\/td>\n<td><b>Liens communautaires\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u00c9mis par des associations caritatives et des entreprises sociales\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u00c9mises par des associations \u00e0 but non lucratif, des organismes caritatifs et des coop\u00e9ratives\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Il s'agit g\u00e9n\u00e9ralement de pr\u00eats non garantis (sans actif venant garantir l'investissement)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Pr\u00eats g\u00e9n\u00e9ralement garantis (investissement adoss\u00e9 \u00e0 un actif)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cot\u00e9 \u00e0 la Bourse de Londres\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Non n\u00e9gociable\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fonds g\u00e9n\u00e9ralement non affect\u00e9s\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Fonds g\u00e9n\u00e9ralement soumis \u00e0 des restrictions\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3>Un march\u00e9 d\u00e9di\u00e9 au n\u00e9goce d\u2019obligations caritatives<\/h3>\n<p><span style=\"font-weight: 400;\">En 2014, la premi\u00e8re obligation caritative a \u00e9t\u00e9 cot\u00e9e \u00e0 la Bourse de Londres, et de nombreuses autres ont suivi depuis. La possibilit\u00e9 de se coter sur un march\u00e9 public a permis aux associations caritatives et aux entreprises sociales d'acc\u00e9der \u00e0 un march\u00e9 plus vaste, ce qui leur a permis d'atteindre plus efficacement leurs objectifs d'investissement. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les organisations n\u2019\u00e9mettent pas leurs obligations caritatives directement en bourse. Elles passent plut\u00f4t par une \u201c soci\u00e9t\u00e9 \u00e0 vocation sp\u00e9cifique \u201d appel\u00e9e Retail Charity Bonds Plc. (RCB). La RCB est dirig\u00e9e par un conseil d\u2019administration ind\u00e9pendant qui examine les demandes \u00e9manant d\u2019organismes caritatifs et d\u2019entreprises sociales. Une fois les demandes approuv\u00e9es, la RCB \u00e9met les obligations caritatives \u00e0 la Bourse de Londres, et les investisseurs peuvent alors acheter et n\u00e9gocier ces obligations sur le march\u00e9 secondaire, comme n\u2019importe quelle autre obligation ou action. Fait int\u00e9ressant : la plupart des organisations parviennent \u00e0 lever les fonds n\u00e9cessaires en l\u2019espace d\u2019une \u00e0 deux semaines apr\u00e8s le lancement de leur offre !\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les obligations communautaires ne sont pas encore n\u00e9gociables au Canada ; toutefois, compte tenu de la croissance rapide du march\u00e9, nous avons bon espoir que de telles initiatives voient le jour. \u00c0 l\u2019instar de l\u2019exp\u00e9rience britannique, il s\u2019agit clairement d\u2019une situation gagnant-gagnant pour les investisseurs et les organisations \u00e0 vocation sociale.<\/span><\/p>\n<h3>Il a \u00e9t\u00e9 essentiel de renforcer la confiance<\/h3>\n<p>En 2014, Big Society Capital a lanc\u00e9 le \u00ab Charity Bond Support Fund \u00bb, en collaboration avec Rathbones. L'objectif de ce fonds \u00e9tait de co-investir dans des campagnes aux c\u00f4t\u00e9s d'investisseurs particuliers et institutionnels lorsque celles-ci n'\u00e9taient pas enti\u00e8rement souscrites. Cette initiative avait un double objectif : rassurer les \u00e9metteurs quant \u00e0 la r\u00e9alisation de leur objectif d\u2019investissement, mais aussi rassurer les investisseurs. Dot\u00e9 initialement de 30 millions de livres sterling, le fonds a depuis atteint 163 millions de livres sterling, gr\u00e2ce \u00e0 la participation d\u2019un large \u00e9ventail d\u2019investisseurs.<\/p>\n<h3>L'\u00e9mergence des plateformes de vente a contribu\u00e9 \u00e0 la croissance du march\u00e9 de l'investissement communautaire<\/h3>\n<p><span style=\"font-weight: 400;\">De nombreuses plateformes d'investissement communautaire ont \u00e9t\u00e9 mises en place au Royaume-Uni afin de <strong>a)<\/strong> encourager les organisations \u00e0 recourir aux outils de finance sociale et <strong>b)<\/strong> encourager les particuliers \u00e0 investir dans des instruments de finance sociale. Par exemple, <a href=\"https:\/\/www.ethex.org.uk\/\">Ethex<\/a> est une plateforme d'investissement communautaire \u00e0 but non lucratif qui met en relation des organisations \u00e0 vocation sociale avec des investisseurs. En 2020, Ethex et Energise Africa ont lev\u00e9 un total de 100 millions de livres sterling gr\u00e2ce \u00e0 des financements participatifs, au profit de plus de 200 projets ax\u00e9s sur la communaut\u00e9.\u00a0<\/span><\/p>\n<p>Ces plateformes de vente ont permis aux obligations caritatives de se d\u00e9mocratiser en rendant le processus d'investissement \u00e0 la fois simple et professionnel. Il est d\u00e9sormais plus facile que jamais d'investir de mani\u00e8re responsable au Royaume-Uni.<\/p>\n<p><span style=\"font-weight: 400;\">En tirant les enseignements de nos partenaires, qu\u2019ils soient proches ou lointains, chez Tapestry, nous continuons \u00e0 renforcer les liens communautaires, en tant que mode de financement courant et moyen d\u2019investir dans la soci\u00e9t\u00e9.<\/span><\/p>\n<h3>\u00c0 propos de cette s\u00e9rie d'articles<\/h3>\n<p>Bonjour, je m\u2019appelle Jasleen Bahia et j\u2019ai \u00e9t\u00e9 stagiaire chez Tapestry Community Capital. Je termine actuellement mon dipl\u00f4me en gestion d\u2019entreprise, avec une sp\u00e9cialisation en finance sociale, et je passe en ce moment un semestre \u00e0 l\u2019\u00e9tranger, en Europe. Pendant mon s\u00e9jour ici, je suis l\u2019ambassadrice de Tapestry au Royaume-Uni.\u00a0Cette s\u00e9rie d\u2019articles retrace mon aventure \u00e0 l\u2019\u00e9tranger, au cours de laquelle je d\u00e9couvre l\u2019\u00e9cosyst\u00e8me de la finance sociale au Royaume-Uni et \u00e9tablis des liens avec notre march\u00e9 d\u2019investissement communautaire en pleine expansion au Canada. J\u2019ai h\u00e2te de d\u00e9couvrir ce que nous pouvons apprendre, reproduire et partager !<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1224 size-large\" src=\"https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-1600x1200.jpg\" alt=\"\" width=\"1600\" height=\"1200\" srcset=\"https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-1600x1200.jpg 1600w, https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-800x600.jpg 800w, https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-400x300.jpg 400w, https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-768x576.jpg 768w, https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-1536x1152.jpg 1536w, https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-2048x1536.jpg 2048w, https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-16x12.jpg 16w, https:\/\/tapestrycapital.ca\/wp-content\/uploads\/IMG_2140-scaled-1-500x375.jpg 500w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/p>","protected":false},"featured_media":1224,"template":"","format":[],"topic":[71],"class_list":["post-1223","story","type-story","status-publish","has-post-thumbnail","hentry","story_topic-learning-from-abroad"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Charity Bonds take off in the United Kingdom - Tapestry Capital<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tapestrycapital.ca\/fr\/histoire\/obligations-caritatives\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charity Bonds take off in the United Kingdom - Tapestry Capital\" \/>\n<meta property=\"og:description\" content=\"Charity bonds, the UK equivalent of community bonds, have taken off rapidly in recent years. 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