{"id":21369,"date":"2026-04-02T09:49:04","date_gmt":"2026-04-02T09:49:04","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=21369"},"modified":"2026-04-02T09:49:04","modified_gmt":"2026-04-02T09:49:04","slug":"new-hampshire-100-millions-usd-dobligations-adossees-bitcoin","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/new-hampshire-100-millions-usd-dobligations-adossees-bitcoin\/","title":{"rendered":"Le New Hampshire va \u00e9mettre 100 millions USD d&rsquo;obligations adoss\u00e9es au Bitcoin avec une note sp\u00e9culative de Moody\u2019s"},"content":{"rendered":"<p>La New Hampshire Business Finance Authority (BFA) s&rsquo;appr\u00eate \u00e0 \u00e9mettre 100 millions USD d&rsquo;obligations garanties par Bitcoin, affichant une note provisoire Ba2 de Moody\u2019s Investors Service \u2013 une classification de cat\u00e9gorie sp\u00e9culative qui place cet instrument deux crans en dessous du seuil d&rsquo;investissement (investment-grade) et marque le premier cas connu d&rsquo;une autorit\u00e9 publique am\u00e9ricaine \u00e9mettant de la dette enti\u00e8rement adoss\u00e9e au Bitcoin.<\/p>\n<p>Pour les march\u00e9s d&rsquo;obligations municipales habitu\u00e9s aux titres d&rsquo;\u00c9tat not\u00e9s Aa ou plus, un Ba2 sur une structure garantie par crypto n&rsquo;est pas qu&rsquo;une simple note de bas de page \u2013 c&rsquo;est le signal que l&rsquo;univers conventionnel des acheteurs de \u00ab munis \u00bb est, par mandat, largement exclu avant m\u00eame le versement du premier coupon.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8NEW HAMPSHIRE TO ISSUE FIRST RATED BITCOIN-BACKED BOND<\/p>\n<p>The New Hampshire Business Finance Authority plans to issue what appears to be the first Moody\u2019s-rated Bitcoin-backed bond (Ba2).<\/p>\n<p>The bond is backed by BTC held with BitGo and does not put state public funds at risk. <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/svYLhbtIXp\">pic.twitter.com\/svYLhbtIXp<\/a><\/p>\n<p>&mdash; Coin Bureau (@coinbureau) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/coinbureau\/status\/2039130241453769037?ref_src=twsrc%5Etfw\">March 31, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nous soup\u00e7onnons que l&rsquo;effet pratique de cette notation est plus lourd de cons\u00e9quences que ce que sugg\u00e8re son titre.<\/p>\n<p>Les titres Ba2 ne peuvent \u00eatre d\u00e9tenus par la plupart des fonds d&rsquo;obligations municipales, les syst\u00e8mes de retraite op\u00e9rant sous des planchers d&rsquo;investissement fiduciaires, ou les comptes g\u00e9n\u00e9raux des compagnies d&rsquo;assurance soumis aux r\u00e8gles de capital de la NAIC \u2013 ce qui signifie que les acheteurs naturels ici sont les investisseurs en obligations \u00e0 haut rendement, les hedge funds et les allocateurs de titres \u00e0 revenu fixe natifs de la crypto, une posture de conformit\u00e9 mat\u00e9riellement diff\u00e9rente de toute \u00e9mission ant\u00e9rieure d&rsquo;une autorit\u00e9 publique du New Hampshire.<\/p>\n<h2>Structure obligataire de la BFA : collat\u00e9ral Bitcoin, recours limit\u00e9 et connexion CleanSpark<\/h2>\n<p>Les obligations seront \u00e9mises en deux s\u00e9ries \u2013 S\u00e9rie 2026A-1 et S\u00e9rie 2026A-2, arrivant toutes deux \u00e0 \u00e9ch\u00e9ance en 2029 \u2013 les soldes individuels par classe n&rsquo;ayant pas encore \u00e9t\u00e9 rendus publics, selon le <a href=\"https:\/\/ratings.moodys.com\/ratings-news\/462420\" target=\"_blank\" rel=\"nofollow\">communiqu\u00e9 de Moody\u2019s de mardi<\/a>. Les d\u00e9tenteurs de la S\u00e9rie 2026A-2 ont droit \u00e0 des paiements suppl\u00e9mentaires facultatifs \u00e0 l&rsquo;\u00e9ch\u00e9ance si le Bitcoin s&rsquo;appr\u00e9cie suffisamment apr\u00e8s la couverture du principal, des int\u00e9r\u00eats et des frais \u2013 une caract\u00e9ristique qui introduit une exposition asym\u00e9trique \u00e0 la hausse peu commune dans les structures classiques \u00e0 revenu fixe.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-428394 size-full\" src=\"https:\/\/www.coinspeaker.com\/wp-content\/uploads\/2026\/04\/photo_2026-04-01_17-08-19.jpg\" alt=\"\" width=\"1280\" height=\"199\" \/><\/p>\n<p>L&#8217;emprunteur sous-jacent est le NH Cleanspark Borrower Trust 2026-1, une entit\u00e9 li\u00e9e \u00e0 CleanSpark, une soci\u00e9t\u00e9 de minage de Bitcoin cot\u00e9e en bourse, qui d\u00e9pose des bitcoins en gage du pr\u00eat. BitGo Bank &amp; Trust servira de d\u00e9positaire, conservant les BTC dans des portefeuilles isol\u00e9s, et agira \u00e9galement en tant qu&rsquo;agent de liquidation \u2013 responsable de la conversion du Bitcoin en esp\u00e8ces pour assurer le service des int\u00e9r\u00eats et les remboursements du principal \u00e0 mesure qu&rsquo;ils arrivent \u00e0 \u00e9ch\u00e9ance.<\/p>\n<p>\u00c9l\u00e9ment crucial, les obligations sont structur\u00e9es comme des obligations \u00e0 recours limit\u00e9, payables uniquement sur le produit du collat\u00e9ral Bitcoin. Aucun fonds public ne garantit la dette. La BFA agit en tant que pr\u00eateur dans la structure de pr\u00eat sous-jacente mais n&rsquo;assume aucune responsabilit\u00e9 d&rsquo;obligation g\u00e9n\u00e9rale, ce qui prot\u00e8ge les contribuables du New Hampshire de tout d\u00e9ficit \u2013 bien que cela supprime \u00e9galement le soutien de cr\u00e9dit \u00e9tatique implicite qui sous-tend g\u00e9n\u00e9ralement les titres des autorit\u00e9s quasi publiques.<\/p>\n<p>L&rsquo;accord de collat\u00e9ralisation d\u00e9marre avec un ratio de couverture de 1,60x \u2013 ce qui signifie que les avoirs en Bitcoin doivent valoir 1,60 fois le solde du pr\u00eat en cours au lancement. Un remboursement total obligatoire des obligations est d\u00e9clench\u00e9 si ce ratio chute \u00e0 1,40x.<\/p>\n<p>Moody\u2019s a appliqu\u00e9 un taux d&rsquo;avance de 72,06 % dans son analyse, tenant compte de la volatilit\u00e9 des prix du Bitcoin et de l&rsquo;hypoth\u00e8se d&rsquo;une fen\u00eatre d&rsquo;exposition de liquidation de deux jours \u2013 p\u00e9riode pendant laquelle BitGo d\u00e9bouclerait les positions BTC sur le march\u00e9 avant que le r\u00e8glement complet ne puisse avoir lieu.<\/p>\n<p><strong>\u00c0 D\u00c9COUVRIR : <a href=\"https:\/\/www.coinspeaker.com\/fr\/guides\/memecoin\/\" target=\"_blank\" rel=\"nofollow noopener\">Supercycle des meme coins : les meilleures performances de la semaine<\/a><\/strong><\/p>\n<p><a target=\"_blank\" rel=\"noopener nofollow sponsored\" class=\"infinscroll_next_page_link\" style=\"display: none;\" href=\"https:\/\/www.coinspeaker.com\/senators-reserve-backed-bitcoin-mining-bill\/\" rel=\"prev\">next<\/a><\/p>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/microstrategy-fin-serie-13-semaines-dachats-bitcoin\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Le New Hampshire \u00e9met 100 millions USD d&rsquo;obligations adoss\u00e9es au Bitcoin avec une note sp\u00e9culative (junk rating)<\/p>\n","protected":false},"author":200,"featured_media":21366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Le New Hampshire \u00e9mettra 100M$ d&#039;obligations adoss\u00e9es au BTC<\/title>\n<meta name=\"description\" content=\"Le New 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Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/21369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=21369"}],"version-history":[{"count":2,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/21369\/revisions"}],"predecessor-version":[{"id":21377,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/21369\/revisions\/21377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/21366"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=21369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=21369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=21369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}