Spread Research in the news


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) [...]


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 [...]


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 [...]


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[...]


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». [...]



[...]“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


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 [...]


LEVFIN SNAPSHOT: WeBuild Notes Gain On Refinancing, Tender Offer – Bloomberg

[...]Spread Research analysts “expect a continued decrease in Selecta revenue over the coming quarters, with hopefully some slightly improved profitability and deleveraging, but we think it’s a long-term shot” [...]


LEVFIN SNAPSHOT: Europcar Bonds Soar on Debt Reduction Plans – Bloomberg

[...]“We see the restructuring plan as very positive for Europcar, as it will allow the company to operate with a much leaner structure allowing it to perform the needed investments to continue growing and diversifying outside of Europe”: analysts at Spread Research said[...]


Qivalio veut se faire une place sur le marché européen de la notation – Option Finance

[...] Dès 2017, l’agence de notation ESG EthiFinance et son homologue dans la sphère financière, Spread Research, avaient entamé une démarche de rapprochement sous le nom de Qivalio. [...]


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[...]


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[...]