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 general 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 EUR 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.
- Mirela Vlad: email@example.com
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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.
Customised 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.
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.