Who we are

Spread Research

Spread Research is the first European Independent Credit Research provider, founded in 2004 and based in Lyon, France. Our experienced team delivers key research services for a wide range of investment strategies using the most efficient  methodologies for the High Yield, Cross-Over and Convertible Bonds Markets.

Transparent in terms of coverage and pricing, Spread Research is non-transactional driven and fully compliant with MiFID II regulation. We provide fundamental analysis on a universe of about 200 issuers.

Spread Research’s market analysis, actionable tools for portfolio construction and investment recommendations benefit from a wide recognition among asset-managers, hedge-funds, pension funds, family offices and banks.

Since 2017 Spread Research is part of Qivalio Group along with extra-financial agency Ethifinance

Why choose Spread Research ?


Our research is value for money

  • Best in class research in terms of coverage breadth, depth of analysis and timeliness.
  • Unique historical 15 years database.
  • Advanced forecast models.
  • All-in fee schedule including unlimited access to our written research and unconstrained access to our analysts.

We are opinion driven

  • You can readily compare your own credit views to ours. You can always contact us to verify.
  • On average 40% of our recommendations are « sell » or « underweight ».

We provide efficient and actionable risk management tools

  • We offer risk managers an easy and reliable way to validate their internal Credit Risk Limits. Our models help follow the evolution of the rating level of credit instruments.

We are customer centric

  • All our analysts are located in Europe. We are right on the spot, covering European corporates from where they operate.
  • We adapt our coverage to your need.
  • We are always available and we value highly constant dialogue with you.

We are built to last

In June 2020, the company executed a capital increase through funds raised from Andromède, the Hériard Dubreuil family’s investment holding company. The group of 9 leading institutional investors has kept its stake, signalling its continuous support. This set-up allows us to be more nimble, whilst preserving an optimal balance between our independence and the means we are providedto grow further.


We are MiFID II Compliant

  • As an Independent provider and unlike the brokers, we are not transaction driven : use of our research doesn’t trigger any inducement risk.
  • Our pricing schemes are transparent.