European Credit Research

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

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Maxeda Takes Chance to Refinance Debt After Earnings Impress – Bloomberg

[...] While refinancing the 2022 bonds will help Maxeda to extend its maturities, the firm’s sustained strong performance may give rating agencies other reasons to upgrade its debt, according to Maxime Guionie, a credit analyst at Spread Research based in Lyon, France. [...]

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U.K. Pub Company Sells Biggest Sterling Junk Bond Since 2013 – Bloomberg

[...]One of the main challenges Stonegate’s highly leveraged business will face in the coming months is how to lure people back to pubs, but liquidity seems fine, at least for now, said Nicholas Campello and Mateo Salcedo, analysts at Spread Research in a phone interview.[...]

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Job Offer : Senior Credit Analyst

• At least 3 to 7 years of experience as a credit analyst for low rated non-financial corporates within sell-side or buy-side investment institution, with the following background: High Yield or Emerging Corporate Bonds & CDS, Convertible Bonds, Leverage Loans. • A Masters’ degree in Finance, ideally with CFA or equivalent. • Excellent written & oral communication skills in English. French or German would be a plus. European passport is needed.

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More Junk Borrowers Lean Towards Bonds in Buoyant Market – Bloomberg

[...] Loan-to-bond transactions have surged to a record 55% of total junk bond issuance in Europe this year, according to an analysis by research firm Spread Research on July 3.[...]

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Les émetteurs high yield se pressent sur le marché primaire – L’Agefi

[...]Le marché primaire HY double les montants émis depuis le début de l’année, à 57,3 milliards d’euros, par rapport à la même période en 2019. «C’est en ligne avec la frénésie sur le marché primaire IG afin de sécuriser le plus de liquidité possible en anticipation du déclin économique, constate Benjamin Sabahi, responsable de la recherche crédit chez Spread Research.[...]

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Recession Reality Check Threatens More Downgrades for Junk Firms – Bloomberg

[...]The market is “discovering the fact that rating agencies will continue to do their job in cutting their ratings in light of the Covid-19 crisis impact,” Spread Research analysts wrote in a June 12 note.[...]

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Paris, Lyon, 29 June 2020 – Qivalio, the French credit rating agency registered with ESMA and ESG analysis and consulting agency, today announces a capital increase through funds raised from Andromède, the Hériard Dubreuil family’s investment holding company. Élie Hériard Dubreuil has been appointed Chief Executive Officer of Qivalio.

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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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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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