European Credit Research

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

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LEVFIN SNAPSHOT: Pub Chain Stonegate Gains on Liquidity Boost – Bloomberg

[...]“As pubs are currently facing a one-month closure since Nov. 5, and are expected to reopen on Dec. 2, this issuance strengthens the pub operator’s liquidity positions”: Spread Research analysts in an emailed note to clients[...]

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LEVFIN SNAPSHOT: European Credit Risk Hits 9-Month Low – Bloomberg

[...]Progress on a vaccine may mean that Europcar is able to recover more quickly than anticipated which would be positive for bondholders, said Mateo Salcedo, analyst at Spread Research in a phone interview[...]

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French Sugar Producer Tereos Bonds Surge on Earnings Growth – Bloomberg

[...]Sugar prices and “good dynamic of the alcohol market” helped group Ebitda recovery in Q2, Spread Research analysts wrote in an emailed note to clients on Wednesday[...]

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LEVFIN SNAPSHOT: Tenneco Jumps on Refinancing; Schoeller Gains – Bloomberg

[...]“This performance came as a little surprise since we expected weaker numbers due to the lagged effect on the activity from the pandemic,” analysts at Spread Research said in a note to clients Friday[...]

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LEVFIN SNAPSHOT: EG Group Gains On Prospect of New Shareholders – Bloomberg

[...]“IGT tends to outperform its peers through its material exposure to the resilient lottery segment while it enjoys a strong liquidity position in view of the future costly concession renewals in Italy”: Spread Research analysts in an emailed note to clients Thursday; [...]

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British Retail Icon M&S Readies First Junk Bond in Upbeat Market – Bloomberg

[...]“Issuers should tap the market because demand is very impressive as we’ve seen from recent transactions from both euro and sterling accounts,” Benjamin Sabahi, head of credit research at Spread Research in Lyon, France, said by phone.[...]

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Apollo Fuels Czech Lottery Group Expansion With Cash Injection – Bloomberg

“Based on the amount injected, Apollo should take a 12% stake in the company while the ex-sole shareholder KKCG could retain the other 88%”: analysts at Spread Research wrote

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LEVFIN SNAPSHOT: IAG Rallies on Vaccine Optimism; PureGym Gains – Bloomberg

[...]Czech lottery firm Sazka Group’s EU300m bonds due Feb. 2027 rose 0.5 cents on the euro to 91.5, the highest level since June ** The company annnounced a EU500m investment from U.S. private equity firm Apollo which will be used to fund growth. This is evidently good news for the company, which needs external growth to simplify its structure and solidify its positions toward more mature markets”: analysts at Spread Research[...]

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LEVFIN SNAPSHOT: Trading Muted Amid U.S. Election Uncertainty – Bloomberg

[...]Although (Cirsa) liquidity is comfortable enough to rule out any credit default in the short term, stricter restrictions are looming in Spain and Italy with further impact on the activity level, leverage and cash position”: analysts at Spread Research in an emailed note to clients on Thursday[...]

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PSA et FCA s’affichent en meilleure forme avant leur union – L’Agefi

[...]Après la publication de ces indicateurs meilleurs que prévu, «nous avons relevé notre prévision de chiffre d’affaires pour PSA, en tablant désormais sur un recul d’environ 18% sur l’ensemble de l’exercice 2020, à comparer à une contraction de 25% anticipée auparavant», pronostiquent les analystes crédit de Spread Research.[...]

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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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