Spread Research in the news


Les émetteurs « high yield » se ruent sur le marché – Market Blog – L’Agefi

[...]"Le marché primaire HY ressemble de plus en plus au marché primaire investment grade (IG) pendant la période 2010-2015, lorsque certains investisseurs achetaient systématiquement les nouvelles émissions car tout était en hausse", note Benjamin Sabahi, responsable de la recherche chez SpreadResearch.[...]


Europe Debt Risk Falls as Investors Clamor for Higher Yields – Bloomberg

[...]“The pricing of the new Kloeckner Pentaplast notes says a lot about investors’ appetite for fresh paper and risks,” Benjamin Sabahi, head of research at Spread Research in Lyon, France, wrote in a note to clients on Friday.[...]


Biogroup Inaugural Bond 9x Oversubscribed, Spread Research Says – Bloomberg

Biogroup’s bond sale attracted more than twice as much interest as the average European HY deal in 2019 and 2020, according to a report by the independent credit research company [...]


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[...]