{"id":37272,"date":"2024-05-23T10:35:11","date_gmt":"2024-05-23T08:35:11","guid":{"rendered":"https:\/\/prod.altaydagistan.com\/investigacion-de-spread-investigacion-de-credito-independiente\/"},"modified":"2026-05-13T12:14:40","modified_gmt":"2026-05-13T10:14:40","slug":"investigacion-de-spread-investigacion-de-credito-independiente","status":"publish","type":"page","link":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/","title":{"rendered":"Spread Research &#8211; Investigaci\u00f3n crediticia independiente"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"37272\" class=\"elementor elementor-37272 elementor-29740\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ad50a94 e-flex e-con-boxed e-con e-parent\" data-id=\"ad50a94\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;video&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0528d28 elementor-widget elementor-widget-shortcode\" data-id=\"0528d28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\t\t<div data-elementor-type=\"container\" data-elementor-id=\"37684\" class=\"elementor elementor-37684 elementor-29413 elementor-29413\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7d4c768a e-con-full e-flex e-con e-parent\" data-id=\"7d4c768a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-e9a1c69 e-flex e-con-boxed e-con e-child\" data-id=\"e9a1c69\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7cde6404 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"7cde6404\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tA trav\u00e9s de su marca Spread Research, EthiFinance se encuentra entre los principales proveedores independientes de investigaci\u00f3n crediticia en Europa.  \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7f65332 e-flex e-con-boxed e-con e-parent\" data-id=\"7f65332\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-0a484bb e-flex e-con-boxed e-con e-child\" data-id=\"0a484bb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-914611c e-con-full e-flex e-con e-child\" data-id=\"914611c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-791bb31 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"791bb31\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Investigaci\u00f3n crediticia independiente  <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6473f3 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"b6473f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_animation_delay&quot;:200}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-teams=\"true\">Spread Research fue fundada en 2004 y su equipo est\u00e1 compuesto actualmente por nueve analistas de cr\u00e9dito con sede en Francia e Italia, que proporcionan an\u00e1lisis fundamental y recomendaciones de inversi\u00f3n en los mercados de bonos high yield, h\u00edbridos corporativos y bonos convertibles.<\/span><\/p>\n<p>Ofrecemos nuestros servicios de investigaci\u00f3n crediticia a una amplia variedad de clientes, incluidos fondos de cr\u00e9dito institucionales especializados, hedge funds, mesas de negociaci\u00f3n, bancos privados y family offices en toda nuestra presencia europea. Nuestra cobertura incluye alrededor de 250 emisores de deuda en el mercado high yield. <\/p>\n<p>La calidad contrastada y la experiencia acumulada durante m\u00e1s de dos d\u00e9cadas posicionan a Spread Research como una marca s\u00f3lida en Europa, al nivel del an\u00e1lisis crediticio proporcionado por las entidades bancarias. En Francia, nuestro mercado local, somos l\u00edderes del mercado, y en Alemania, Italia, Suiza y Reino Unido nos situamos entre los principales proveedores. <\/p>\n<p>Nuestro reconocido posicionamiento experto en Europa se refleja en un n\u00famero destacado de menciones en medios financieros internacionales como Bloomberg, IFR-Reuters y LCD, as\u00ed como en prensa especializada francesa como L\u2019Agefi o Les Echos.<\/p>\n<p>Los servicios de Spread Research tambi\u00e9n incluyen el an\u00e1lisis ESG de la cartera de investigaci\u00f3n crediticia, basado en una metodolog\u00eda desarrollada internamente cuyo objetivo es integrar mejor los factores ESG en la evaluaci\u00f3n del riesgo crediticio.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7f9bd0d e-con-full e-flex e-con e-child\" data-id=\"7f9bd0d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-c7acbfc e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"c7acbfc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInDown&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-673b4c2 elementor-widget elementor-widget-text-editor\" data-id=\"673b4c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Con\u00e9ctese a la plataforma de Spread Research<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ff94d5e e-flex e-con-boxed e-con e-child\" data-id=\"ff94d5e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4a55529 elementor-widget elementor-widget-button\" data-id=\"4a55529\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/publications.spreadresearch.com\/login\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Iniciar sesi\u00f3n<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55cab13 elementor-widget elementor-widget-button\" data-id=\"55cab13\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/publications.spreadresearch.com\/registration\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Prueba gratuita<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2e700ece e-flex e-con-boxed e-con e-parent\" data-id=\"2e700ece\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-5e5c9ca8 e-flex e-con-boxed e-con e-child\" data-id=\"5e5c9ca8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-52bb7921 e-flex e-con-boxed e-con e-child\" data-id=\"52bb7921\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3a39735b elementor-widget elementor-widget-heading\" data-id=\"3a39735b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Beneficios para los clientes<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1815b31 e-flex e-con-boxed e-con e-child\" data-id=\"1815b31\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3044698f e-con-full e-flex e-con e-child\" data-id=\"3044698f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-cb369a7 e-con-full e-flex e-con e-child\" data-id=\"cb369a7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-21a18c23 elementor-widget elementor-widget-heading\" data-id=\"21a18c23\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Capacidad de respuesta oportuna de la investigaci\u00f3n \"en vivo\"  <\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49ba713a elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"49ba713a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Proporcionamos acceso directo a nuestros analistas a trav\u00e9s de conferencias, reuniones one-to-one o llamadas directas. Reaccionamos al flujo de noticias corporativas publicando informes oportunos en las plataformas de los clientes siempre que se produce un acontecimiento relevante, como resultados financieros, fusiones y adquisiciones, emisi\u00f3n de deuda o litigios. <\/p><p>Nuestros analistas dedicaron un volumen significativo de tiempo a los clientes durante el \u00faltimo periodo (por ejemplo, varios cientos de horas en 2023) respondiendo a preguntas sobre riesgos de impago, capacidad de refinanciaci\u00f3n, nuevas emisiones, resultados y tendencias sectoriales.<\/p><p>La productividad del equipo de investigaci\u00f3n de Spread Research ha seguido aumentando a lo largo de los a\u00f1os, alcanzando, por ejemplo, casi 1.400 documentos publicados en 2023. La capacidad de reacci\u00f3n ante el flujo de noticias y el mercado primario es clave. Proporcionamos previsiones financieras detalladas, an\u00e1lisis de modelos de negocio y an\u00e1lisis de covenants en el momento oportuno cada vez que se anuncia una nueva emisi\u00f3n.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-46c5e10 e-con-full e-flex e-con e-child\" data-id=\"46c5e10\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-093d16c elementor-widget elementor-widget-image\" data-id=\"093d16c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/sustainibility-meeting-768x512.webp\" class=\"attachment-medium_large size-medium_large wp-image-36792\" alt=\"\" srcset=\"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/sustainibility-meeting-768x512.webp 768w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/sustainibility-meeting-300x200.webp 300w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/sustainibility-meeting-18x12.webp 18w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/sustainibility-meeting.webp 850w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-05b595a e-con-full e-flex e-con e-child\" data-id=\"05b595a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-c42a5e9 e-con-full e-flex e-con e-child\" data-id=\"c42a5e9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b455c39 elementor-widget elementor-widget-heading\" data-id=\"b455c39\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Diferentes documentos para diferentes necesidades  <\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bb74e0 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"6bb74e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Cifras clave: las tablas con los principales ratios financieros est\u00e1n disponibles en formato Excel.<\/p><p><br><strong>Daily Morning Letter<\/strong>: Publicamos un Market Wrap diario y comentamos noticias recientes relevantes para inversores en high yield, as\u00ed como noticias crediticias sobre compa\u00f1\u00edas relevantes con grado de inversi\u00f3n.<\/p><p><br><strong>An\u00e1lisis de Resultados Trimestrales<\/strong>: Comentarios trimestrales detallados y opiniones de nuestros analistas sobre la situaci\u00f3n financiera de las empresas.<\/p><p><br><strong>Comentario de Newsflow<\/strong>: Investigaci\u00f3n oportuna sobre refinanciaci\u00f3n de deuda, fusiones y adquisiciones, cuestiones ESG, litigios, desinversiones de activos, actualizaciones de guidance o cualquier noticia que pueda afectar materialmente a la calidad crediticia de un emisor.<\/p><p><br><strong>Precios te\u00f3ricos de nuevas emisiones<\/strong>: Tras el an\u00e1lisis del mercado primario y el comentario sobre nuevas emisiones, nuestros analistas definen un diferencial te\u00f3rico para cada nueva emisi\u00f3n.<\/p><p><br><strong>Informe mensual europeo<\/strong>: Resumimos mensualmente las principales tendencias tem\u00e1ticas, las nuevas emisiones y la evoluci\u00f3n sectorial.<\/p><p><br><strong>Comentario sectorial<\/strong>: Identificamos los principales impulsores fundamentales del cr\u00e9dito por sector, las nuevas emisiones, el an\u00e1lisis de las mejores y peores rentabilidades, as\u00ed como los bonos con capacidad de superar al sector.<\/p><p><br><strong>European Credit Stat<\/strong>: Actualizamos peri\u00f3dicamente la clase de activos high yield en relaci\u00f3n con la liquidez por rating y sectores cubiertos, as\u00ed como los ratios de cr\u00e9dito en funci\u00f3n de las previsiones m\u00e1s recientes.<\/p><p><br><strong>Perspectivas anuales<\/strong>: publicado a mediados de diciembre, este documento de unas 180 p\u00e1ginas resume nuestra visi\u00f3n crediticia de cada sector y la asignaci\u00f3n estrat\u00e9gica, as\u00ed como nuestras opiniones sobre diferenciales, nuevas tem\u00e1ticas y tendencias clave. <\/p><p><br><strong>Spread Research High Yield Priority List<\/strong>: Nuestros analistas actualizan el rendimiento de una cartera modelo de bonos high yield y proporcionan su visi\u00f3n crediticia sobre cada posici\u00f3n.<\/p><p><br><strong>Top Picks-Top Pans<\/strong>: Nuestras principales convicciones sobre los bonos que probablemente superar\u00e1n o tendr\u00e1n un rendimiento inferior al de sus respectivos \u00edndices.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0c4e0aa e-con-full e-flex e-con e-child\" data-id=\"0c4e0aa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8054468 elementor-widget elementor-widget-image\" data-id=\"8054468\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"987\" src=\"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/Sustainable-company-building-surrounded-with-trees-in-a-city-70676-768x987.jpg\" class=\"attachment-medium_large size-medium_large wp-image-36795\" alt=\"\" srcset=\"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/Sustainable-company-building-surrounded-with-trees-in-a-city-70676-768x987.jpg 768w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/Sustainable-company-building-surrounded-with-trees-in-a-city-70676-233x300.jpg 233w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/Sustainable-company-building-surrounded-with-trees-in-a-city-70676-796x1024.jpg 796w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/Sustainable-company-building-surrounded-with-trees-in-a-city-70676-1195x1536.jpg 1195w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/Sustainable-company-building-surrounded-with-trees-in-a-city-70676-1593x2048.jpg 1593w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/Sustainable-company-building-surrounded-with-trees-in-a-city-70676-9x12.jpg 9w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/Sustainable-company-building-surrounded-with-trees-in-a-city-70676.jpg 1493w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9b14ccf e-con-full e-flex e-con e-child\" data-id=\"9b14ccf\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3e9f37c e-con-full e-flex e-con e-child\" data-id=\"3e9f37c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9c2e09a elementor-widget elementor-widget-heading\" data-id=\"9c2e09a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Integraci\u00f3n ESG<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf30f40 elementor-widget__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"bf30f40\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Spread Research ha sido pionera en la incorporaci\u00f3n de factores ESG a la evaluaci\u00f3n del riesgo de cr\u00e9dito durante los \u00faltimos 20 a\u00f1os.<\/p><p><br>Anticipando acertadamente el nuevo paradigma derivado de la transformaci\u00f3n ASG, elaboramos informes ad hoc para integrar los factores ASG en nuestro an\u00e1lisis crediticio fundamental. Comentamos y realizamos seguimiento de los Objetivos de Desempe\u00f1o en Sostenibilidad incluidos en los bonos vinculados a la sostenibilidad emitidos por emisores europeos de bonos high yield. <\/p><p><br>Tambi\u00e9n proporcionamos y actualizamos peri\u00f3dicamente las puntuaciones ESG de la mayor\u00eda de las empresas dentro de nuestra cobertura.<\/p><p><br>Para lograrlo de forma oportuna y consistente, nos hemos asociado con EthiFinance, agencia l\u00edder en calificaci\u00f3n de sostenibilidad con 20 a\u00f1os de experiencia en ESG.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7855aaf e-con-full e-flex e-con e-child\" data-id=\"7855aaf\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-59f1337 elementor-widget elementor-widget-image\" data-id=\"59f1337\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"768\" height=\"441\" src=\"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/reuben-teo-XvxFqD3uUEk-unsplash-768x441.jpg\" class=\"attachment-medium_large size-medium_large wp-image-36801\" alt=\"\" srcset=\"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/reuben-teo-XvxFqD3uUEk-unsplash-768x441.jpg 768w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/reuben-teo-XvxFqD3uUEk-unsplash-300x172.jpg 300w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/reuben-teo-XvxFqD3uUEk-unsplash-1024x588.jpg 1024w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/reuben-teo-XvxFqD3uUEk-unsplash-1536x882.jpg 1536w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/reuben-teo-XvxFqD3uUEk-unsplash-18x10.jpg 18w, https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/reuben-teo-XvxFqD3uUEk-unsplash.jpg 1920w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8f5b3de e-flex e-con-boxed e-con e-parent\" data-id=\"8f5b3de\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-fc34cf2 e-con-full e-flex e-con e-child\" data-id=\"fc34cf2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6546ac5 elementor-widget elementor-widget-n-accordion\" data-id=\"6546ac5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1060\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1060\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> COBERTURA DE HIGH YIELD EN EUROS   <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1060\" class=\"elementor-element elementor-element-8413d33 e-con-full e-flex e-con e-child\" data-id=\"8413d33\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c96cad4 elementor-widget elementor-widget-text-editor\" data-id=\"c96cad4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Automoci\u00f3n: <\/strong>Adient, ADLER PELZER, Benteler, Clarios (Power Solutions), Dana, Forvia, Gestamp, Grupo Antolin, IHO Verwaltung, Jaguar Land Rover, LKQ, OPmobility, Pasubio, Piaggio, Renault, Schaeffler, Smrp Bv, Standard Profil, Superior Industries, TI Fluid Systems, Volkswagen, ZF<\/p><p><span data-teams=\"true\"><strong>Bienes de capital: <\/strong>Belden, Evoca, Kiloutou, Loxam, Modulaire (Algeco), Nexans, Nimlas, Omnia Technologies, Profine, Purmo Group, Rexel, Rolls-Royce, Thyssenkrupp Elevator, Victoria<\/span><\/p><p><strong>Productos qu\u00edmicos:<\/strong> Arxada, Azelis, Bayer AG, Cabb, Ineos, INEOS Quattro, Italmatch Chemicals, Kem One, Lenzing, Nobian, Polynt, SNF(Spcm), Synthomer, The Chemours Company<\/p><p><span data-teams=\"true\"><strong>Construcci\u00f3n y utilities:<\/strong> OHLA, Paprec, Sacyr, SIG plc, Webuild<\/span><\/p><p><strong>Bienes de consumo: <\/strong>Birkenstock, Boparan, Coty, Energizer, Firmenich, Nomad Foods (Iglo), Ontex, Oriflame, Philips Domestic Appliance, Premier Foods, Rino Mastrotto, Tereos<\/p><p><strong>Cobradores de deudas: <\/strong>Arrow Global, Axactor, doValue, Encore, Intrum Justitia, IQera, KRUK, Lowell<\/p><p><strong>Juegos<\/strong>: 888, Allwyn International, Cirsa, Codere, IGT, Intralot, Lottomatica, Playtech, Ubisoft<\/p><p><span data-teams=\"true\"><strong>Healthcare<\/strong>: Cheplapharm, Neopharmed, Grunenthal, Biogroup, Phoenix Group, Advanz Pharma, Recordati, Almirall, Organon, Teva, Grifols, Iqvia, Avantor, Eurofins, Clariane, Opella, Biofarma, Mehil\u00e4inen, F.I.S, Gruppo San Donato, Doc Generici<\/span><\/p><p><strong>Metales:<\/strong> Constellium, Novelis, Sgl Carbon, Eramet<\/p><p><strong>Petr\u00f3leo y gas:<\/strong> Cgg, Repsol, Saipem S.p.A., Vallourec, Wintershall Dea<\/p><p><strong>Embalaje:<\/strong> Ardagh Group, Ball Corporation, Bormioli Pharma, Canpack, Crown Holdings, Graphic Packaging, Guala Closures, Huhtamaki, Kloeckner Pentaplast, Owens Illinois, Pro-Gest, Progroup, Reno de Medici, Schoeller Allibert, Silgan, Trivium, BEWI ASA<\/p><p><strong>Celulosa y papel<\/strong>: Ahlstrom, Fedrigoni, Graanul Invest, Lecta, Sappi, Wepa<\/p><p><span data-teams=\"true\"> <strong>Sector inmobiliario:<\/strong> Adler Group, Aedas Homes, Citycon, Heimstaden Bostad, Keepmoat, Miller Homes, Neinor Homes, Nexity, Unibail-Rodamco, Via Celere<\/span><\/p><p><strong>Venta al por menor:<\/strong> Alain Afflelou, Avolta, Bertrand Franchise, BestSecret, Burger King Francia, But, Casino Guichard-Perrachon, Cbr Fashion, Ceconomy, Douglas, ELO Group, Eroski, Fnac Darty, GN Store, HelloFresh, HSE24, Iceland Foods, International Design Group, Maisons Du Monde, Matalan, Maxeda, Pepco Group, Picard, Redcare Pharmacy, Samsonite, Stonegate, The Very Group, THOM Group<\/p><p><strong>Servicios:<\/strong> APCOA, Applus, Assemblin, Atalian, David Lloyd Leisure, Elior, Elis, House of HR, InPost, Just Eat Takeaway.com N.V, PureGym, Q-Park, Rekeep, Selecta, Verisure, Scan Global Logistics<\/p><p><strong>Tecnolog\u00eda:<\/strong> Almaviva, AMS, Engineering Group, Infineon, Lutech, Mooney, Nexi, Paysafe, Teamsystem, Transcom, AT-T, Telecom Italia<\/p><p><strong>Viajar:<\/strong> Accor, Air France \u2013 Klm, Avis Budget, Carnival Corporation &#038; PLC, Edreams Odigeo, Finnair, Hurtigruten, Iag, Lufthansa, Merlin Entertainments Plc, Motel One, Nh Hotels, Sani Ikos, Travelodge, TUI Cruises, Tui Group<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-19037adb e-flex e-con-boxed e-con e-parent\" data-id=\"19037adb\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-4e9fdec0 e-flex e-con-boxed e-con e-child\" data-id=\"4e9fdec0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-788116f9 e-flex e-con-boxed e-con e-child\" data-id=\"788116f9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6850b3b0 elementor-widget elementor-widget-heading\" data-id=\"6850b3b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Casos pr\u00e1cticos<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-134deab4 e-flex e-con-boxed e-con e-child\" data-id=\"134deab4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6826759f e-n-tabs-mobile elementor-widget elementor-widget-n-tabs\" data-id=\"6826759f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;tabs_justify_horizontal&quot;:&quot;start&quot;,&quot;horizontal_scroll&quot;:&quot;disable&quot;}\" data-widget_type=\"nested-tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-tabs\" data-widget-number=\"1747350943\" aria-label=\"Pesta\u00f1as. Abre elementos con Intro o Espacio, ci\u00e9rralos con Escape y navega con las fechas.\">\n\t\t\t<div class=\"e-n-tabs-heading\" role=\"tablist\">\n\t\t\t\t\t<button id=\"e-n-tab-title-17473509431\" data-tab-title-id=\"e-n-tab-title-17473509431\" class=\"e-n-tab-title\" aria-selected=\"true\" data-tab-index=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"e-n-tab-content-17473509431\" style=\"--n-tabs-title-order: 1;\">\n\t\t\t\t\t<span class=\"e-n-tab-icon\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-angle-down\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M143 352.3L7 216.3c-9.4-9.4-9.4-24.6 0-33.9l22.6-22.6c9.4-9.4 24.6-9.4 33.9 0l96.4 96.4 96.4-96.4c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9l-136 136c-9.2 9.4-24.4 9.4-33.8 0z\"><\/path><\/svg>\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-angle-down\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M143 352.3L7 216.3c-9.4-9.4-9.4-24.6 0-33.9l22.6-22.6c9.4-9.4 24.6-9.4 33.9 0l96.4 96.4 96.4-96.4c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9l-136 136c-9.2 9.4-24.4 9.4-33.8 0z\"><\/path><\/svg>\t\t<\/span>\n\t\t\t\t\t<span class=\"e-n-tab-title-text\">\n\t\t\t\tM\u00e9tricas y pron\u00f3sticos crediticios  \t\t\t<\/span>\n\t\t<\/button>\n\t\t\t\t<button id=\"e-n-tab-title-17473509432\" data-tab-title-id=\"e-n-tab-title-17473509432\" class=\"e-n-tab-title\" aria-selected=\"false\" data-tab-index=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"e-n-tab-content-17473509432\" style=\"--n-tabs-title-order: 2;\">\n\t\t\t\t\t<span class=\"e-n-tab-icon\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-angle-down\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M143 352.3L7 216.3c-9.4-9.4-9.4-24.6 0-33.9l22.6-22.6c9.4-9.4 24.6-9.4 33.9 0l96.4 96.4 96.4-96.4c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9l-136 136c-9.2 9.4-24.4 9.4-33.8 0z\"><\/path><\/svg>\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-angle-down\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M143 352.3L7 216.3c-9.4-9.4-9.4-24.6 0-33.9l22.6-22.6c9.4-9.4 24.6-9.4 33.9 0l96.4 96.4 96.4-96.4c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9l-136 136c-9.2 9.4-24.4 9.4-33.8 0z\"><\/path><\/svg>\t\t<\/span>\n\t\t\t\t\t<span class=\"e-n-tab-title-text\">\n\t\t\t\tEl mercado de las nuevas emisiones\t\t\t<\/span>\n\t\t<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t<div class=\"e-n-tabs-content\">\n\t\t\t\t<div id=\"e-n-tab-content-17473509431\" role=\"tabpanel\" aria-labelledby=\"e-n-tab-title-17473509431\" data-tab-index=\"1\" style=\"--n-tabs-title-order: 1;\" class=\"e-active elementor-element elementor-element-1c93fb2b e-con-full e-flex e-con e-child\" data-id=\"1c93fb2b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-5041e9e7 e-flex e-con-boxed e-con e-child\" data-id=\"5041e9e7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7ffb10d6 elementor-widget elementor-widget-heading\" data-id=\"7ffb10d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Atenci\u00f3n de los inversores clave: m\u00e9tricas y previsiones crediticias  <\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-278d29db e-flex e-con-boxed e-con e-child\" data-id=\"278d29db\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-79e590ff elementor-widget elementor-widget-text-editor\" data-id=\"79e590ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Es fundamental comprender las tendencias crediticias entre sectores y calificaciones, al tiempo que se realiza un seguimiento de la liquidez corporativa.Este fue el centro del enfoque de SR durante la crisis de Covid-19 cuando identificamos negocios que se consideraban esenciales.Esto sigui\u00f3 siendo cierto cuando los precios del gas natural se dispararon en Europa y provocaron un fuerte aumento de la inflaci\u00f3n y las tasas de inter\u00e9s.  <\/span><span data-ccp-props=\"{\"201341983\":0,\"335551550\":6,\"335551620\":6,\"335559739\":160,\"335559740\":259}\"> <\/span><\/p><p><span data-contrast=\"auto\">A la luz de estas necesidades, SR publica peri\u00f3dicamente el European High-Yield Credit Stats. En este informe, presentamos nuestros ajustes de previsi\u00f3n recientes m\u00e1s significativos, ratios de cr\u00e9dito por sector, ratios de cr\u00e9dito por rating, datos sobre liquidez y stock de deuda, as\u00ed como una visi\u00f3n general del mercado primario. El European High Yield Credit Stats se publica con car\u00e1cter trimestral. Se basa en datos propios de SR, que proceden directamente de modelos financieros actualizados.<br\/> <br\/> <br\/> <br\/>   <\/span><span data-ccp-props=\"{\"201341983\":0,\"335551550\":6,\"335551620\":6,\"335559739\":160,\"335559740\":259}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div id=\"e-n-tab-content-17473509432\" role=\"tabpanel\" aria-labelledby=\"e-n-tab-title-17473509432\" data-tab-index=\"2\" style=\"--n-tabs-title-order: 2;\" class=\" elementor-element elementor-element-92fff5f e-con-full e-flex e-con e-child\" data-id=\"92fff5f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-05bfbbc e-flex e-con-boxed e-con e-child\" data-id=\"05bfbbc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-77dc6bc elementor-widget elementor-widget-heading\" data-id=\"77dc6bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Atenci\u00f3n de los inversores clave: el mercado de las nuevas emisiones  <\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6461aa2 e-flex e-con-boxed e-con e-child\" data-id=\"6461aa2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-52325a8 elementor-widget elementor-widget-text-editor\" data-id=\"52325a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Realizando seguimiento del mercado primario, nuestros analistas definen un spread te\u00f3rico para cada nueva emisi\u00f3n. Proporcionar un an\u00e1lisis crediticio r\u00e1pido es fundamental, especialmente al evaluar a un nuevo emisor en el mercado. Identificamos los comparables m\u00e1s adecuados y comparamos los negocios entre s\u00ed para evaluar el precio justo de SR. Proporcionamos el rendimiento y el spread m\u00ednimos que consideramos justos, independientemente de las IPT, si las hubiera.    Dado que la visibilidad sobre la inflaci\u00f3n y la mejora de las tendencias econ\u00f3micas sigue siendo limitada en la eurozona, las refinanciaciones de bonos han dominado en 2024, con un n\u00famero creciente de operaciones oportunistas de refinanciaci\u00f3n de deuda.<br\/> <br\/> <br\/> <br\/> <\/span><span data-ccp-props=\"{\"134233118\":true,\"201341983\":0,\"335551550\":6,\"335551620\":6,\"335557856\":16777215,\"335559739\":160,\"335559740\":240}\"> <\/span><\/p><p><span data-contrast=\"auto\">El 17 de junio de 2024, BestSecret, uno de los principales actores europeos en moda de descuento, con clientes en 27 pa\u00edses, anunci\u00f3 una nueva emisi\u00f3n de bonos a tipo variable por importe de 550 millones de euros, con estructura 5NC1. La compa\u00f1\u00eda tiene previsto utilizar los ingresos brutos de la emisi\u00f3n, junto con 113 millones de euros de caja, para: (i) reembolsar y amortizar sus bonos existentes, por importe de 400 millones de euros; (ii) financiar una distribuci\u00f3n al accionista, por importe de 250 millones de euros; y (iii) pagar honorarios y gastos relacionados con la operaci\u00f3n propuesta, por importe de 13 millones de euros. Los nuevos bonos cuentan con una calificaci\u00f3n B1\/B+, en l\u00ednea con los bonos existentes. El 18 de junio, proporcionamos un an\u00e1lisis crediticio detallado de BestSecret y nuestro precio justo antes de que se fijara el precio de los nuevos bonos.      <\/span><span data-ccp-props=\"{\"134233118\":true,\"201341983\":0,\"335551550\":6,\"335551620\":6,\"335557856\":16777215,\"335559739\":160,\"335559740\":240}\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-28c02407 e-flex e-con-boxed e-con e-parent\" data-id=\"28c02407\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-1c332880 e-flex e-con-boxed e-con e-child\" data-id=\"1c332880\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3848bf62 elementor-widget elementor-widget-heading\" data-id=\"3848bf62\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Contacte con nuestros expertos<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5dfa48e5 e-grid e-con-boxed e-con e-child\" data-id=\"5dfa48e5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e2808b elementor-cta--layout-image-left elementor-cta--mobile-layout-image-above elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"8e2808b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<a class=\"elementor-cta\" href=\"mailto:mirela.vlad@spreadresearch.com\">\n\t\t\t\t\t<div class=\"elementor-cta__bg-wrapper\">\n\t\t\t\t<div class=\"elementor-cta__bg elementor-bg\" style=\"background-image: url(https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/06\/MirelaVlad-284x300.jpg);\" role=\"img\" aria-label=\"MirelaVlad\"><\/div>\n\t\t\t\t<div class=\"elementor-cta__bg-overlay\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tMirela VLAD\t\t\t\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tSales Director Europe\n\n \n+33 6 19 38 30 86 <br \/>\n mirela.vlad@spreadresearch.com <br><br>\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11786ab elementor-cta--layout-image-left elementor-cta--mobile-layout-image-above elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"11786ab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<a class=\"elementor-cta\" href=\"mailto:frederic.bensimon@ethifinance.com\" target=\"_blank\">\n\t\t\t\t\t<div class=\"elementor-cta__bg-wrapper\">\n\t\t\t\t<div class=\"elementor-cta__bg elementor-bg\" style=\"background-image: url(https:\/\/www.ethifinance.com\/wp-content\/uploads\/2025\/06\/WhatsApp-Image-2025-04-04-at-14.07.58-1-263x300.jpeg);\" role=\"img\" aria-label=\"WhatsApp Image 2025-04-04 at 14.07.58 (1)\"><\/div>\n\t\t\t\t<div class=\"elementor-cta__bg-overlay\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tMathieu Vernay\t\t\t\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tSales Director\nCredit Research <br \/><br \/>+33 <span data-teams=\"true\">6 64 82 78 88<\/span> <br \/>\nfrederic.bensimon@ethifinance.com <br><br>\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A trav\u00e9s de su marca Spread Research, EthiFinance se encuentra entre los principales proveedores independientes de investigaci\u00f3n crediticia en Europa.  <\/p>\n","protected":false},"author":2,"featured_media":42951,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-37272","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Spread Research - Investigaci\u00f3n crediticia independiente - EthiFinance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spread Research - Investigaci\u00f3n crediticia independiente - EthiFinance\" \/>\n<meta property=\"og:description\" content=\"A trav\u00e9s de su marca Spread Research, EthiFinance se encuentra entre los principales proveedores independientes de investigaci\u00f3n crediticia en Europa.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/\" \/>\n<meta property=\"og:site_name\" content=\"EthiFinance\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-13T10:14:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2025\/03\/spread-research.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1042\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data1\" content=\"12 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/investigacion-de-spread-investigacion-de-credito-independiente\\\/\",\"url\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/investigacion-de-spread-investigacion-de-credito-independiente\\\/\",\"name\":\"Spread Research - Investigaci\u00f3n crediticia independiente - EthiFinance\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/investigacion-de-spread-investigacion-de-credito-independiente\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/investigacion-de-spread-investigacion-de-credito-independiente\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ethifinance.com\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/spread-research.jpg\",\"datePublished\":\"2024-05-23T08:35:11+00:00\",\"dateModified\":\"2026-05-13T10:14:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/investigacion-de-spread-investigacion-de-credito-independiente\\\/#breadcrumb\"},\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/investigacion-de-spread-investigacion-de-credito-independiente\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/investigacion-de-spread-investigacion-de-credito-independiente\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.ethifinance.com\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/spread-research.jpg\",\"contentUrl\":\"https:\\\/\\\/www.ethifinance.com\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/spread-research.jpg\",\"width\":2000,\"height\":1042},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/investigacion-de-spread-investigacion-de-credito-independiente\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/hogar\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Spread Research &#8211; Investigaci\u00f3n crediticia independiente\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/#website\",\"url\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/\",\"name\":\"Ethifinance\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/#organization\",\"name\":\"Ethifinance\",\"url\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.ethifinance.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Logo_simplified_green_by_altay-01-01.png\",\"contentUrl\":\"https:\\\/\\\/www.ethifinance.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Logo_simplified_green_by_altay-01-01.png\",\"width\":433,\"height\":74,\"caption\":\"Ethifinance\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ethifinance.com\\\/es\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/company\\\/ethifinance\\\/\",\"https:\\\/\\\/www.youtube.com\\\/@ethifinance_EU\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Spread Research - Investigaci\u00f3n crediticia independiente - EthiFinance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/","og_locale":"es_ES","og_type":"article","og_title":"Spread Research - Investigaci\u00f3n crediticia independiente - EthiFinance","og_description":"A trav\u00e9s de su marca Spread Research, EthiFinance se encuentra entre los principales proveedores independientes de investigaci\u00f3n crediticia en Europa.","og_url":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/","og_site_name":"EthiFinance","article_modified_time":"2026-05-13T10:14:40+00:00","og_image":[{"width":2000,"height":1042,"url":"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2025\/03\/spread-research.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Tiempo de lectura":"12 minutos"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/","url":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/","name":"Spread Research - Investigaci\u00f3n crediticia independiente - EthiFinance","isPartOf":{"@id":"https:\/\/www.ethifinance.com\/es\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/#primaryimage"},"image":{"@id":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2025\/03\/spread-research.jpg","datePublished":"2024-05-23T08:35:11+00:00","dateModified":"2026-05-13T10:14:40+00:00","breadcrumb":{"@id":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/#breadcrumb"},"inLanguage":"es","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/"]}]},{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/#primaryimage","url":"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2025\/03\/spread-research.jpg","contentUrl":"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2025\/03\/spread-research.jpg","width":2000,"height":1042},{"@type":"BreadcrumbList","@id":"https:\/\/www.ethifinance.com\/es\/investigacion-de-spread-investigacion-de-credito-independiente\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/www.ethifinance.com\/es\/hogar\/"},{"@type":"ListItem","position":2,"name":"Spread Research &#8211; Investigaci\u00f3n crediticia independiente"}]},{"@type":"WebSite","@id":"https:\/\/www.ethifinance.com\/es\/#website","url":"https:\/\/www.ethifinance.com\/es\/","name":"Ethifinance","description":"","publisher":{"@id":"https:\/\/www.ethifinance.com\/es\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ethifinance.com\/es\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es"},{"@type":"Organization","@id":"https:\/\/www.ethifinance.com\/es\/#organization","name":"Ethifinance","url":"https:\/\/www.ethifinance.com\/es\/","logo":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/www.ethifinance.com\/es\/#\/schema\/logo\/image\/","url":"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/05\/Logo_simplified_green_by_altay-01-01.png","contentUrl":"https:\/\/www.ethifinance.com\/wp-content\/uploads\/2024\/05\/Logo_simplified_green_by_altay-01-01.png","width":433,"height":74,"caption":"Ethifinance"},"image":{"@id":"https:\/\/www.ethifinance.com\/es\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/ethifinance\/","https:\/\/www.youtube.com\/@ethifinance_EU"]}]}},"_links":{"self":[{"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/pages\/37272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/comments?post=37272"}],"version-history":[{"count":5,"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/pages\/37272\/revisions"}],"predecessor-version":[{"id":50015,"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/pages\/37272\/revisions\/50015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/media\/42951"}],"wp:attachment":[{"href":"https:\/\/www.ethifinance.com\/es\/wp-json\/wp\/v2\/media?parent=37272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}