European Credit Research

High Yield - Convertible - Cross Over
Integrating ESG factors into
fundamental credit research and
investment recommendations

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Les investisseurs en dette spéculative en position de force – L’Agefi

[...] "Ce type de clause (corona) n’est pas inhabituel, rappelle Benjamin Sabahi, responsable de la recherche crédit chez Spread Research. Mais il s’agit généralement de remboursements consécutifs à des augmentations de capital. La clause étend cette possibilité à toutes les levées de ’cash’, quelle qu’en soit la source.»

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Fun Is Over for Theme Parks in the Age of Social Distancing – The Daily Telegraph

[…] “In a world where social distancing becomes the norm, we would certainly see theme parks operating below full capacity,” says Mateo Salcedo at Spread Research. “But even with significant health initiatives, social distancing and other measures imposed by governments, I believe demand will remain weak, and operating big parks could no longer be attractive."[…]

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Junk Bond Buyers Fear Borrowers Are Keeping Them in the Dark – Bloomberg

[…]“The fact management didn’t hold a call likely contributed to the bond decline,” said Joan Sehim, an analyst at Spread Research in Lyon, France. “We fear the lack of communication from management hides a horrific operational situation.”[…]

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Spanish Gaming Company Defers Coupon Payment Amid Virus Lockdown – Bloomberg

[..]Amid the current pandemic more firms are likely to take advantage of the grace period around coupon payments to seek financial help, according to Benjamin Sabahi, head of Credit Research at Spread Research. “With Covid-19, you may find cases where companies find liquidity from loans guaranteed by the state so they prefer to wait,” he said. “Since we’ve got so many exceptional tools right now in the markets, I would say it is quite likely that companies could use the grace period more than in the past.”[...]

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Merlin Deal Marks First Use of State Cash for Bond Payment in EU – Bloomberg

“We believe that the euro high-yield market should be inspired by Merlin and U.S. transactions including the same mechanism,” SpreadResearch analyst Mateo Salcedo wrote in a note to clients on Friday.

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Here’s What to Watch in European High-Yield Bonds This Week – Bloomberg

(…)Those businesses resilient to Covid-19 are expected to tap the market first going forward, Spread Research analysts said.(…)

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Rush to junk bonds gathers pace on Fed’s `game-changing’ pledge – Reuters

(…)“Inflows should keep pace, as this is a driver in addition to putting an end to the lockdown periods in both the Europe and the U.S.,” said Benjamin Sabahi, head of credit research at Spread Research, a Lyon-based provider of high-yield market analysis.(...)

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Distressed Borrowers Seek Creative Lending to Survive Virus – Bloomberg

(…)Borrowers including French equipment rental firm Loxam and Spanish gaming company Cirsa, both with bonds quoted at distressed levels, are potential candidates for super senior lending, according to analysts at Spread Research (...)

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Carval, CQS Moving In on Battered Telecom Credits After Mayhem – Bloomberg

(...) “Panic selling has generated some good entry points,” said Do Ake, analyst at Spread Reseach in Lyon, France. “Companies such as Altice and Vodafone Ziggo offering cable services have recently pushed back their maturities and are in a better position than Telecom Italia, which has to refinance 4 billion of euro-denominated bonds by 2022.”(...)

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COVID – 19 – Spread Research’s Message and Actions

In light of extreme market conditions due to the COVID-19, Spread Research continuously monitors the situation and publishes updated views on the 180 companies within our coverage (…)

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ESG Integration

Spread Research has been a pioneer in Credit Research for the last 15 years. Rightly anticipating the new paradigm implied by the ESG upheaval, we have been working for 2 years to integrate ESG factors into our fundamental credit analysis. To achieve this timely and consistently, we have tied-up with EthiFinance, the leading sustainability rating agency with 15 years expertise under its belt. To back-up this effort, we have been fuelled by leading institutional investors such as Aviva and French insurance companies. In effect, for most institutional investors , investing in credit without taking stock of ESG is not an option any longer.


The result of our work, performed with a joint ESG/Credit team of ca. 25 analysts, is a first-class, innovative process of consistently embedding ESG into our financial analysis. Circa 45 ESG relevant criteria have been selected with a view to specifically enhance our credit view.


This new service is available as a bundle (e.g. for our coverage, enhanced credit analysis plus ESG analysis). Our proprietary ESG analysis is also available on a stand-alone basis (ESG score plus E, S and G subscores and granular information supporting these scores). Choosing Spread Research gives you an edge, even more than before. Because you are certain that you get the best, most comprehensive and holistic assessment of a given issuer’s credit risk in the European High Yield, Convertible and Cross-over segments. There is just simply no other independent provider offering this service at present. Something your management, your clients and your clients’ clients (not to mention your kids!) are asking for more and more loudly as everyone is seeking to enhance his or her Socially Responsible / Sustainable / Impact investment profile.

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