L'indexation des valeurs mobilières dans la pratique

[eng] Issue of indexed loans has taken a certain expansion from 1952 after it has come up against juridical and administrative hindrances for several years. In practice, indexation of bonds has taken varied forms securing unequally adaptation of income and capital to variations of value of money. In order to reduce the risks they run because of indexation, issuers have, in fact, adopted bases of référence (index), more or less susceptible to prices variations, and generally non proportional process connecting their debts to this index. Besides, they have foreseen very short periods of amortization and inconvertibility allowing them to break away from their obligations.. However some issues — and amoug them some are the most satisfactory for saving — are bound to the activity of the issuing enterprises. This fact joins indexed bonds to shares.. Each bond must be carefully studied. As a matter of fact, investigation of a certain number of concrète cases shows that, next to interesting formula generally used by industrial public enterprises (electricity, railway), some are fallacious. Besides, none of the issues is safe from arbitrary State decision.