European Credit Research

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

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Les émetteurs « high yield » se ruent sur le marché – Market Blog – L’Agefi

[...]"Le marché primaire HY ressemble de plus en plus au marché primaire investment grade (IG) pendant la période 2010-2015, lorsque certains investisseurs achetaient systématiquement les nouvelles émissions car tout était en hausse", note Benjamin Sabahi, responsable de la recherche chez SpreadResearch.[...]

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Europe Debt Risk Falls as Investors Clamor for Higher Yields – Bloomberg

[...]“The pricing of the new Kloeckner Pentaplast notes says a lot about investors’ appetite for fresh paper and risks,” Benjamin Sabahi, head of research at Spread Research in Lyon, France, wrote in a note to clients on Friday.[...]

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Biogroup Inaugural Bond 9x Oversubscribed, Spread Research Says – Bloomberg

Biogroup’s bond sale attracted more than twice as much interest as the average European HY deal in 2019 and 2020, according to a report by the independent credit research company [...]

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Les émissions de dette high yield vont rester soutenues – L’Agefi

[...]Benjamin Sabahi, responsable de la recherche crédit chez Spread Research [...] prévoit 126 milliards d’euros d’émissions bruts (86 milliards nets) [...]

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Investors to Extend Hunt for Yield in Riskier Corporate Debt – Dow Jones

- Investors are likely to continue to scour riskier euro-denominated corporate bond markets in an effort to rack up positive returns within a low-yield environment, says Spread Research [...]

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European High-Yield Corporate Debt Likely to Continue to Price Out Default Risk – Dow Jones

Despite a large portion of default risk already being priced out from euro-denominated high-yield corporate debt, spreads will continue to narrow throughout this year, Spread Research says. "We expect the overall euro high-yield market to post a total return between 3.5% and 4% in 2021," implying 60-75 basis points of tightening in spreads, the independent credit-rating firm says [...]

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LEVFIN SNAPSHOT: Junk Credit Risk Reaches Highest Since November – Bloomberg

[...]As well as benefiting from a more positive outlook for next year due to vaccine progress, the likelihood that the Italian goverment will delay the need for companies to renew concessions is looking “quite high,” Mateo Salcedo, a credit analyst at Spread Research, said in a phone interview ** If Codere doesn’t need to renew the concession, it can focus next year on reducing debt, Salcedo said[...]

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Le haut rendement retrouve sa capacité d’émission – L’Agéfi

[...]. «Lufthansa a recueilli 4,3 milliards d’euros de demande pour 1 milliard émis, relève Benjamin Sabahi. Il y a un énorme appétit de la part des investisseurs pour les émissions notées BB et BB+ et notamment pour les fallen angels qui ont pour point commun de recueillir des demandes 4 à 6 fois plus importantes que l’offre». [...]

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[...]“This new liquidity is a real game changer for the company (ProGest) as it enables it to avoid the credit default”: Spread Research analysts wrote

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Novembre sourit aux actifs risqués – L’Agefi

[...]«Nous avons eu un resserrement massif pour les entreprises notées BB (-92 pb) et B (-150 pb), ce qui permet à la classe d’actifs d’afficher une performance totale impressionnante de 4,4% sur le mois et désormais de 1,1% depuis janvier alors qu’elle baissait de 23% au pic de la crise du Covid-19», indique Benjamin Sabahi, responsable de la recherche crédit chez SpreadResearch [...]

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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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