Le recours au financement désintermédié par une collectivité locale et l'évaluation de la prime de risque obligataire: le cas de la ville de Marseille

With the case study of the city of Marseille over the period 1997-2000, this article attempts to analyze the motivation of the city for issuing guaranteed municipal bond and to identify the determining factors of the risk premium. The case study shows the existence of the juridical risk that explains that the premium of guaranteed municipal bond may be higher than a AAA rated bond. The results show the impact of default risk indicators (indebtedness, current receipts structure and socio-economics variables) on the risk premium; bond characteristics (call provision, amortization) are also significant.