European Credit Research

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

Connect to platform

Reports

Most viewed

Spread Research in the News

2021-08-04

Hedge Fund Owners of Europcar to Double Their Money With VW Deal – Bloomberg

“For the funds that took part in the restructuring, it is a great business,” said Mateo Salcedo, a credit analyst at Spread Research-Qivalio Group. “They got a high valuation due to the good moment the industry is going through, and the acquisition removes the uncertainty of what’s going to happen with the travel industry in 2022.”

Read more
2021-07-27

Three Deals That Show the Junk Bond Bonanza May Have Hit a Wall – Bloomberg

[...]“The pricing still doesn’t compensate for the risks that the company poses,” said Malick Donval, credit analyst at Spread Research, who issued a sell recommendation to its clients on the new bonds (Ideal Standard) citing the company’s 1 billion euro loan partly due in 2024.[...]

Read more
2021-07-26

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

[...]In a note published Monday, analysts at Spread Research said they remained cautious on the company’s already weak cash generation and significantly higher leverage and recommended clients sell their exposure.[...]

Read more
2021-06-29

Le marché high yield est en pleine forme – L’Agéfi

[..]«Les obligations sont devenues très attractives par rapport aux leverage loans, comme l’a montrée l’augmentation de la taille de l’émission de Nobian», ajoute Benjamin Sabahi, responsable de la recherche crédit chez Spread Research. [...]

Read more
2021-06-28

Picard Tries Bond Market Again, Two Months After Rejection – Bloomberg

[...]convincing investors of the firm’s growth outlook remains key, Solweig Pierronnet, senior analyst at Spread Research, said. “Picard will have to reassure investors on growth prospects and measures implemented to control operating costs over the long term as, like all food retailers, we believe that Picard is at the top of a cycle,” Pierronnet said.

Read more
2021-06-21

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

[...]The latest set of transactions include financing leveraged buyouts and repaying state loan debt. On Friday, U.K pub chain Punch Taverns slashed pricing on its 600 million-pound ($833 million) 5NC2 secured notes to 6.125%, rounding out a winning week for borrowers, which were all able to priced their deals sales below initial price talk, according to analysts at Spread Research. “Last week, U.S. policy makers made it clear that they expect to make two interest rates rises in 2023 from near zero now in order to fight inflation; we view this as the clear driver for the new issue wave investors will have to deal with this week,” analysts at the firm said in a note to clients on Monday[...]

Read more
2021-06-10

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.[...]

Read more
2021-06-03

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.”[...]

Read more
2021-05-25

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.[...]

Read more
2021-05-25

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 [...]

Read more

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.

Read more