European Credit Research

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

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Spread Research in the News


Appetite for Risky Credit Shows Recovery Trade Far From Over – Bloomberg

[..]“The market has again demonstrated that names most hit by the Covid-19 pandemic, such as cosmetics producer Coty, are in a position to issue on attractive financing terms, provided that they can reassure investors that recovery is on track,” Spread Research analysts wrote in a note to clients on Thursday.[...]

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Stay-at-Home Pandemic’s Junk Winners Brace for Return to Normal – Bloomberg

[...]“Some of these companies accessed the debt markets after showing robust results, others after selling assets,” said Benjamin Sabahi, head of credit research at Spread Research. “The question is what will happen once the bullish primary-market trend we’ve seen since the first news of efficient vaccines comes to an end, andhow will normal results post-Covid19 look.”[...]

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Le secteur aérien anime le marché du crédit – L’Agefi

[...] «Perdre un coupon dans une obligation hybride ’corporate’ est exceptionnel. Les coupons ont été payés même pendant la crise financière après-Lehman», poursuivent les analystes de Spread Research.[...]

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Bonds of Firm That Sells $500 Sneakers Sum Up Junk’s Dilemma – Bloomberg

[...]The luxury retail sector, however, wasn’t as impacted by lockdowns because the pandemic didn’t curb the incomes of high earners as much, explained Solweig Pierronnet, a senior credit analyst at Spread Research [...]

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La faiblesse des taux de défaut aide le high yield – L’Agefi

[...] Les nouvelles opérations (hors refinancements) atteignent 46 milliards d’euros (+86% de plus que l’an dernier), relève Spread Research. Les stratégistes de JPMorgan ont revu leurs prévisions d’émissions pour cette année pour le marché HY euro à 140 milliards (+20 milliards) dont 70 milliards nets (+30 milliards). Le marché devrait rester soutenu à court terme, prédit Spread Research. [...]

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La fête bat son plein sur le primaire high yield – L’Agefi

Le marché primaire high yield (HY) euro est en ébullition. «Le marché primaire HY montre peu de signes de ralentissement», soulignent les analystes de Spread Research.[...]

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Supply-Chain Bottlenecks are Boosting Shipping Firms’ Bonds – Bloomberg

[...]At the beginning of last year, “CMA CGM was seen as a company with a liquidity problem and no one expected it to experience the rebound it has recorded,” said Benjamin Sabahi, head of credit research at Spread Research, in a phone interview. “The company has been benefiting from a surge in trade from manufacturers, but we will see if the higher shipping tariffs will last long,” he said.[...]

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Banks Clear Junk Debt from Balance Sheets as Europe Reopens – Bloomberg

[...]The Golden Goose deal “confirmed that retail and consumer goods will be the hottest sector this year, in line with our expectations of several bond refinancing and fresh LBOs,” analysts at Spread Research wrote in a note to clients Tuesday.[...]

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La clause anti-hedge funds ne fait pas recette dans le high yield – L’Agefi

[...]«Les fondamentaux de crédit sont solides mais le prix d’émission ne reflète guère l’agressivité des clauses de la documentation ni le niveau élevé du levier financier net à l’émission, de 6,9 fois selon l’entreprise», soulignent les analystes de Spread Research.[...]

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Le marché primaire du crédit au bord de l’indigestion – L’Agefi

[...]«Nous avons cette année une accélération des opérations de financement avec ‘dividend recap’, constate Benjamin Sabahi, responsable de l’analyse chez Spread Research. Nous nous y attendions vu la demande importante de papier de la part des investisseurs, y compris pour ce type d’opération»[...]

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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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