SpreadResearch

Independent credit research

Through its Spread Research brand, EthiFinance is the leading independent credit research provider in Europe. The company was founded in 2004 in Lyon, France.

Our team of experienced analysts provide fundamental research services and investment recommendations in high-yield, cross-over and convertible bond markets for many clients including specialised institutional credit funds, hedge funds, trading desks, private banks, and family offices. Our research covers about 230 issuers of debt in Euro or GBP.

Spread Research's services also include ESG analysis of the credit research portfolio, based on a methodology developed internally and which aims to better integrate the consideration of ESG factors into the assessment of credit risk.

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Timely "Live" Research Responsiveness

Direct access to analysts: conference calls, one-to-one Meetings and Quarterly comments – easily accessible for our clients in Europe and across the world.
Open Bloomberg® chat room for our analysts to comment on our Daily News and publications.
Customized email alerts for clients to receive our analytical comments, analysis and credit views.
Online Credit Database: over 12,000 historical data, reports and opinion on about 200 European bond issuers.

Quarterly & Financial Models

Key figures: table with key financial ratios – available in Excel format.
Quarterly Results Analysis: detailed quarterly comments and our analysts’ opinions evaluating the financial situation of the companies.
Forecast financial Model: 3-year forecast and a quarterly forecast (revenue & EBITDA) for the next earning periods on all financial ratios, our recovery analysis, the capital structure and a liquidity analysis of the company for the next 3 years – available in Excel format.).

Investment Recommendation - Opinion driven

Model Portfolio: our analysts update daily the performance of a model high yield bonds portfolio and provide their credit view on each line.
New Issue Theoretical Pricing: following the Primary market Snapshot and New Issue Comment, our analysts define a theoretical spread for each new issue.
Quarterly Sector Recommendation: peers relative value & credit view on high yield bond issuers.
Trade of the Week & Top Picks Top Pans: Our high convictions and credit views.

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.

Principles for Responsible Investment Euro IRP

European Coverage

Sector Name Universe
Automotive ADLER PELZER EUROPEAN HIGH YIELD
Automotive Adient EUROPEAN HIGH YIELD
Automotive Autodistribution EUROPEAN HIGH YIELD
Automotive Clarios (Power Solutions) EUROPEAN HIGH YIELD
Automotive Fca Group (Fiat) EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD/EUROPEAN XOVER & IG
Automotive Forvia EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG
Automotive Gestamp EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Automotive Grupo Antolin EUROPEAN HIGH YIELD
Automotive Jaguar Land Rover EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Automotive LKQ EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Automotive Pasubio EUROPEAN HIGH YIELD
Automotive Renault EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Automotive Smrp Bv EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG
Automotive Standard Profil EUROPEAN HIGH YIELD
Automotive Superior Industries EUROPEAN HIGH YIELD
Automotive TI Fluid Systems EUROPEAN HIGH YIELD
Automotive Valeo DISCONTINUED HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Automotive Volkswagen EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/HYBRID
Cable Altice France EUROPEAN HIGH YIELD/ESG DATA
Cable Tele Columbus EUROPEAN HIGH YIELD
Cable Telenet EUROPEAN HIGH YIELD
Cable United Group EUROPEAN HIGH YIELD
Cable Upc Holding EUROPEAN HIGH YIELD
Cable Virgin Media EUROPEAN HIGH YIELD
Cable Vodafoneziggo EUROPEAN HIGH YIELD
Capital Goods Bekaert EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Capital Goods Belden EUROPEAN HIGH YIELD
Capital Goods Cemex EUROPEAN HIGH YIELD
Capital Goods Evoca EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Capital Goods Frigoglass EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Capital Goods Kaefer EUROPEAN HIGH YIELD
Capital Goods Kiloutou EUROPEAN HIGH YIELD
Capital Goods Loxam EUROPEAN HIGH YIELD/ESG DATA
Capital Goods Modulaire (Algeco) EUROPEAN HIGH YIELD
Capital Goods Nexans EUROPEAN HIGH YIELD
Capital Goods Novafives EUROPEAN HIGH YIELD
Capital Goods Pfleiderer EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Capital Goods Profine EUROPEAN HIGH YIELD
Capital Goods Prysmian EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Capital Goods Renk EUROPEAN HIGH YIELD
Capital Goods Renta EUROPEAN HIGH YIELD
Capital Goods Rexel EUROPEAN HIGH YIELD/UNSOLICITED RATINGS
Capital Goods Rolls-Royce EUROPEAN HIGH YIELD
Capital Goods Sarens EUROPEAN HIGH YIELD
Capital Goods Thyssenkrupp Elevator EUROPEAN HIGH YIELD
Capital Goods Victoria EUROPEAN HIGH YIELD
Chemicals Arxada EUROPEAN HIGH YIELD
Chemicals Bayer AG EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/HYBRID
Chemicals Brenntag UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Chemicals Ineos EUROPEAN HIGH YIELD
Chemicals Italmatch Chemicals EUROPEAN HIGH YIELD
Chemicals Lenzing EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/HYBRID
Chemicals Nobian EUROPEAN HIGH YIELD
Chemicals Oci EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Chemicals SNF(Spcm) EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG
Chemicals The Chemours Company EUROPEAN HIGH YIELD
Construction & Utilities Consolis EUROPEAN HIGH YIELD
Construction & Utilities Falck Renewables SpA UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Construction & Utilities Getlink EUROPEAN HIGH YIELD
Construction & Utilities Neoen SA UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Construction & Utilities OHLA EUROPEAN HIGH YIELD
Construction & Utilities Sacyr EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Construction & Utilities Voltalia UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Construction & Utilities Webuild (Salini Impregilo) EUROPEAN HIGH YIELD
Consumer Goods Birkenstock EUROPEAN HIGH YIELD
Consumer Goods Boparan EUROPEAN HIGH YIELD
Consumer Goods Coty EUROPEAN HIGH YIELD
Consumer Goods Energizer EUROPEAN HIGH YIELD
Consumer Goods Firmenich EUROPEAN HIGH YIELD/HYBRID
Consumer Goods GN Store Nord UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Consumer Goods Golden Goose EUROPEAN HIGH YIELD
Consumer Goods Ideal Standard EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Consumer Goods Nomad Foods (Iglo) EUROPEAN HIGH YIELD
Consumer Goods Ontex EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Consumer Goods Oriflame EUROPEAN HIGH YIELD
Consumer Goods Philips Domestic Appliance EUROPEAN HIGH YIELD
Consumer Goods Tereos EUROPEAN HIGH YIELD
Consumer Goods adidas DISCONTINUED HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Debt Collectors Arrow Global EUROPEAN HIGH YIELD
Debt Collectors Axactor EUROPEAN HIGH YIELD
Debt Collectors Encore EUROPEAN HIGH YIELD
Debt Collectors Intrum Justitia EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG
Debt Collectors Lowell EUROPEAN HIGH YIELD/ESG DATA
Gaming Cirsa EUROPEAN HIGH YIELD
Gaming Codere EUROPEAN HIGH YIELD
Gaming Gamenet EUROPEAN HIGH YIELD
Gaming IGT EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG
Gaming Intralot EUROPEAN HIGH YIELD
Gaming Playtech EUROPEAN HIGH YIELD/DISCONTINUED CONVERT/OLD_FULL FREE TRIAL/TestIT
Gaming Sazka EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Gaming Scientific Games EUROPEAN HIGH YIELD
Gaming Sisal EUROPEAN HIGH YIELD
Healthcare Advanz Pharma EUROPEAN HIGH YIELD
Healthcare Almirall EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Healthcare Avantor EUROPEAN HIGH YIELD
Healthcare Biogroup EUROPEAN HIGH YIELD
Healthcare Catalent EUROPEAN HIGH YIELD
Healthcare Ceramtec EUROPEAN HIGH YIELD
Healthcare Cerba EUROPEAN HIGH YIELD
Healthcare Cheplapharm EUROPEAN HIGH YIELD
Healthcare Doc Generici EUROPEAN HIGH YIELD
Healthcare Eurofins EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/DISCONTINUED XOVER/HYBRID
Healthcare Grifols EUROPEAN HIGH YIELD
Healthcare Grünenthal EUROPEAN HIGH YIELD
Healthcare Iqvia EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Healthcare Kedrion EUROPEAN HIGH YIELD
Healthcare Korian EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE/ESG DATA
Healthcare Marcolin EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Healthcare Organon EUROPEAN HIGH YIELD
Healthcare Orpea EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Healthcare Recordati EUROPEAN HIGH YIELD
Healthcare Stada EUROPEAN HIGH YIELD
Healthcare Teva EUROPEAN HIGH YIELD/EUROPEAN CONVERTIBLE
Media ASR Media (AS Roma) EUROPEAN HIGH YIELD
Media Banijay EUROPEAN HIGH YIELD
Media Infopro Digital EUROPEAN HIGH YIELD
Media Netflix EUROPEAN HIGH YIELD
Metals Constellium EUROPEAN HIGH YIELD
Metals Kloeckner & CO EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Metals Novelis EUROPEAN HIGH YIELD
Metals Sgl Carbon EUROPEAN HIGH YIELD/EUROPEAN CONVERTIBLE
Oil & Gas Cgg EUROPEAN HIGH YIELD
Oil & Gas Fugro EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Oil & Gas Galp Energia EUROPEAN HIGH YIELD/UNSOLICITED RATINGS
Oil & Gas Motor Oil Hellas EUROPEAN HIGH YIELD
Oil & Gas Repsol EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/HYBRID
Oil & Gas Rubis Terminal EUROPEAN HIGH YIELD
Oil & Gas Vallourec EUROPEAN HIGH YIELD/EUROPEAN CONVERTIBLE
Oil & Gas Wintershall Dea EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/HYBRID
Packaging Ardagh Group EUROPEAN HIGH YIELD
Packaging Canpack EUROPEAN HIGH YIELD
Packaging Crown Holdings EUROPEAN HIGH YIELD
Packaging Guala Closures EUROPEAN HIGH YIELD
Packaging Klöckner Pentaplast EUROPEAN HIGH YIELD
Packaging Owens Illinois EUROPEAN HIGH YIELD
Packaging Pro-Gest EUROPEAN HIGH YIELD
Packaging Progroup EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Packaging Reno de Medici EUROPEAN HIGH YIELD
Packaging Schoeller Allibert EUROPEAN HIGH YIELD
Packaging Smurfit Kappa EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD/EUROPEAN XOVER & IG
Packaging Titan Holdings EUROPEAN HIGH YIELD
Packaging Trivium EUROPEAN HIGH YIELD
Pulp & Paper Ahlstrom-Munksjo EUROPEAN HIGH YIELD
Pulp & Paper Ence Energia Y Celulosa TestIT/EUROPEAN CONVERTIBLE
Pulp & Paper Fedrigoni EUROPEAN HIGH YIELD
Pulp & Paper Lecta EUROPEAN HIGH YIELD
Pulp & Paper Sappi EUROPEAN HIGH YIELD
Pulp & Paper Stora Enso EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD/EUROPEAN XOVER & IG
Real Estate Adler Group EUROPEAN HIGH YIELD
Real Estate Aedas Homes EUROPEAN HIGH YIELD
Real Estate Consus DISCONTINUED HIGH YIELD/EUROPEAN CONVERTIBLE
Real Estate Corestate EUROPEAN HIGH YIELD
Real Estate Foncia EUROPEAN HIGH YIELD
Real Estate Heimstaden Bostad EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/HYBRID
Real Estate Keepmoat EUROPEAN HIGH YIELD
Real Estate Neinor Homes EUROPEAN HIGH YIELD
Real Estate Nexity EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Real Estate PHM Group EUROPEAN HIGH YIELD
Real Estate Signa Development Selection EUROPEAN HIGH YIELD
Real Estate Unibail-Rodamco EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/HYBRID
Real Estate Via Celere EUROPEAN HIGH YIELD
Retail Alain Afflelou EUROPEAN HIGH YIELD
Retail Arcaplanet EUROPEAN HIGH YIELD
Retail BM European Value Retail EUROPEAN HIGH YIELD
Retail Burger King France EUROPEAN HIGH YIELD
Retail But EUROPEAN HIGH YIELD
Retail Casino Guichard-Perrachon EUROPEAN HIGH YIELD/HYBRID
Retail Cbr Fashion EUROPEAN HIGH YIELD
Retail Douglas EUROPEAN HIGH YIELD
Retail Dufry EUROPEAN HIGH YIELD
Retail El Corte Ingles EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG
Retail Fnac Darty EUROPEAN HIGH YIELD
Retail HSE24 EUROPEAN HIGH YIELD
Retail Hema EUROPEAN HIGH YIELD
Retail Iceland Foods EUROPEAN HIGH YIELD
Retail International Design Group EUROPEAN HIGH YIELD
Retail Maisons Du Monde UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Retail Matalan EUROPEAN HIGH YIELD
Retail Maxeda EUROPEAN HIGH YIELD
Retail Picard EUROPEAN HIGH YIELD
Retail Punch Pubs EUROPEAN HIGH YIELD
Retail Rallye EUROPEAN HIGH YIELD/EUROPEAN CONVERTIBLE
Retail Samsonite EUROPEAN HIGH YIELD
Retail Schustermann & Borenstein EUROPEAN HIGH YIELD
Retail Stonegate EUROPEAN HIGH YIELD
Retail THOM Group EUROPEAN HIGH YIELD
Retail Telepizza EUROPEAN HIGH YIELD
Retail The Very Group EUROPEAN HIGH YIELD
Retail Zalando UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Services APCOA EUROPEAN HIGH YIELD
Services Allied Universal EUROPEAN HIGH YIELD
Services Atalian EUROPEAN HIGH YIELD
Services David Lloyd Leisure EUROPEAN HIGH YIELD
Services Delivery Hero SE EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Services Elior EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Services Elis EUROPEAN HIGH YIELD/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Services House of HR EUROPEAN HIGH YIELD
Services InPost EUROPEAN HIGH YIELD
Services Just Eat Takeaway.com N.V EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Services Multiversity EUROPEAN HIGH YIELD
Services PeopleCert EUROPEAN HIGH YIELD
Services PureGym EUROPEAN HIGH YIELD
Services Rekeep EUROPEAN HIGH YIELD
Services Selecta EUROPEAN HIGH YIELD
Services Sisal Pay EUROPEAN HIGH YIELD
Services Verisure EUROPEAN HIGH YIELD
Shipping Cma Cgm EUROPEAN HIGH YIELD
Shipping Hapag-Lloyd EUROPEAN HIGH YIELD
Technology AMS EUROPEAN HIGH YIELD/EUROPEAN CONVERTIBLE
Technology Almaviva EUROPEAN HIGH YIELD
Technology Cedacri EUROPEAN HIGH YIELD
Technology Diebold Nixdorf EUROPEAN HIGH YIELD
Technology Engineering Group EUROPEAN HIGH YIELD
Technology Indra Sistemas DISCONTINUED HIGH YIELD/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Technology Infineon DISCONTINUED HIGH YIELD/HYBRID
Technology Lutech EUROPEAN HIGH YIELD
Technology Paysafe EUROPEAN HIGH YIELD
Technology Soitec EUROPEAN CONVERTIBLE
Technology Teamsystem EUROPEAN HIGH YIELD
Technology Transcom EUROPEAN HIGH YIELD
Telecom AT-T EUROPEAN HIGH YIELD/HYBRID
Telecom Cellnex telecom EUROPEAN HIGH YIELD
Telecom Digi Communications EUROPEAN HIGH YIELD
Telecom Eircom EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Telecom Eolo EUROPEAN HIGH YIELD
Telecom Iliad EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD/UNSOLICITED RATINGS
Telecom MásMóvil EUROPEAN HIGH YIELD
Telecom Tdc EUROPEAN HIGH YIELD
Telecom Telecom Italia EUROPEAN HIGH YIELD/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Travel Accor EUROPEAN HIGH YIELD/EUROPEAN XOVER & IG/HYBRID
Travel Air France - Klm EUROPEAN HIGH YIELD/UNSOLICITED RATINGS/EUROPEAN CONVERTIBLE
Travel Avis Budget EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Travel Carnival Corporation & PLC EUROPEAN HIGH YIELD
Travel Edreams Odigeo EUROPEAN HIGH YIELD
Travel Europcar EUROPEAN HIGH YIELD
Travel Hertz EUROPEAN HIGH YIELD
Travel Hurtigruten EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD
Travel Iag EUROPEAN HIGH YIELD/EUROPEAN CONVERTIBLE/EUROPEAN XOVER & IG
Travel Lufthansa EUROPEAN HIGH YIELD/DISCONTINUED HIGH YIELD/EUROPEAN CONVERTIBLE/HYBRID
Travel Merlin Entertainments Plc EUROPEAN HIGH YIELD
Travel Nh Hotels EUROPEAN HIGH YIELD
Travel Sani Ikos EUROPEAN HIGH YIELD
Travel TUI Cruises EUROPEAN HIGH YIELD
Travel Wfs EUROPEAN HIGH YIELD