Spread Research in the news


Distressed Borrowers Seek Creative Lending to Survive Virus – Bloomberg

(…)Borrowers including French equipment rental firm Loxam and Spanish gaming company Cirsa, both with bonds quoted at distressed levels, are potential candidates for super senior lending, according to analysts at Spread Research (...)


Carval, CQS Moving In on Battered Telecom Credits After Mayhem – Bloomberg

(...) “Panic selling has generated some good entry points,” said Do Ake, analyst at Spread Reseach in Lyon, France. “Companies such as Altice and Vodafone Ziggo offering cable services have recently pushed back their maturities and are in a better position than Telecom Italia, which has to refinance 4 billion of euro-denominated bonds by 2022.”(...)


COVID – 19 – Spread Research’s Message and Actions

In light of extreme market conditions due to the COVID-19, Spread Research continuously monitors the situation and publishes updated views on the 180 companies within our coverage (…)


Nouryon’s 2026 Bonds Face More Declines, Spread Research Says – Bloomberg

Spread Research sees more downside risk for Nouryon’s EU485m senior unsecured 6.5% 2026 notes due to the coronavirus’ impact on earnings, analyst Benjamin Sabahi wrote in a note late last week.(...)


Refi risk flares in European high-yield market – Reuters

Several high-yield borrowers could face an uphill battle to refinance upcoming debt due to the coronavirus curtailing appetite for risk, with CMA CGM, Vallourec and Codere among the credits highlighted by investors and analysts.(...) "We believe coming quarters will continue to be challenging, making the 2021 bonds refinancing highly uncertain," wrote Spread Research analysts (...).


Codere Refinancing of Bonds ‘Highly Uncertain’: Spread Research – Bloomberg

Spanish gaming company has two bonds worth about EU813m ($903 million) maturing in November 2021, but a decline in performance in Mexico, Argentina and Italy make the refinancing of the notes “highly uncertain”, Spread Research analyst Joan Sehim wrote (...)


CVC-Owned Douglas’s Bonds See Record Gain as Profit Rises – Bloomberg

Bonds of Douglas GmbH, the German beauty retailer, reached the highest level since July 2018 after reporting an increase in earnings in the key Christmas shopping period (…). “This is further proof that the company’s fundamentals are improving, which has been happening for a few quarters now,” said Anthony Giret, an analyst at Spread Research (…)


Le marché high yield n’intègre pas le risque du coronavirus – L’Agefi

Le marché crédit euro se montre, pour l’heure, totalement immune à la crise du coronavirus. (…).«Les secteurs cycliques ont commencé à perdre du terrain mais seulement de façon modérée, à l’exception du transport dont le ‘spread’ s’est écarté de 140 pb depuis le 17 janvier», note Benjamin Sabahi, responsable de la recherche crédit chez Spread Research.(…)


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

Bankers are expecting a quiet week for new issuance in Europe’s high-yield market as the earnings season rolls on and with U.S. financial markets shut on Monday.(…) Several European high-yield issuers have sizeable exposure to China but spreads have mostly remained unaffected, Spread Research’s Benjamin Sabahi wrote in a note on Friday.


Virus Onset in China’s ‘Motor City’ Darkens Auto Credit Outlook – Bloomberg

(Bloomberg) -- European junk-rated auto companies were just starting to show signs of a recovery after a prolonged downturn (…).The spread of debt linked to the automotive industry widened by around 50 basis points by mid-January but bounced back recently as expectations rose that the effects would be temporary, according to a report by credit analysis firm SpreadResearch. (…)


Le marché high yield en euros teste les investisseurs – L’Agefi

(…) De plus en plus d’émetteurs viennent aussi refinancer leurs dettes bancaires sur ce marché (HY). «Depuis octobre dernier, il est aussi compétitif que celui des loans», souligne Benjamin Sabahi qui reconnaît que cette tendance pourrait accroître le risque alors que le marché est entré dans une phase avancée du cycle (...)


In Europe’s High-Yield Market Even the Best is Below Average – Bloomberg

(…) The Banijay deal became the first this year to test investors’ threshold for riskier paper and highly leveraged borrowers, amid a glut of better rated issuers with well-known capital structures. “The market has not been tested for such aggressive M&A and complex deal in a while,” Joan Sehim, an analyst at Spread Research (...)