Alternative & Sustainable


Who we are

Qivalio is a European rating, research and advisory group providing innovative services in the field of sustainable finance.
We help investors, companies and other organisations to meet their financing needs as well as manage and benefit from their rising environmental and social challenges.

More precisely, Qivalio provides to all corporate stakeholders (in particular investors) high-quality financial and ESG information and analysis pertaining to these corporates. This data is rigorously and fundamentally examined, using our bespoke methodology, so as to enable a meaningful assessment of companies’ contribution to sustainable growth.
Launched in 2017, Qivalio is a merger between Spread Research and EthiFinance, two French agencies respectively involved in financial and ESG rating activities for the past 15 years.


Qivalio is made up of a team of 40 people, located in Lyon and Paris, France. Qivalio works with more than 100 clients across Europe, including small and mid-cap companies, very large corporates, as well as investors (asset managers and institutional investors) and municipalities. Qivalio provides its services to a wide range of leading international clients mainly under the brands Spread Research, Spread Ratings, EthiFinance and Gaïa Rating.



An independent organization that combines
financial and extra-financial expertise


Spread Research Spread Rating Gaia Rating Ethifinance

Offer & Services

Qivalio has been supporting asset owners and asset managers for the past 15 years with risk assessment of assets from both a financial and a non-financial standpoint.

Credit Research

Fundamental and relative value analysis

Expertise in credit research covering all segments of corporate debt (High Yield, Convertible bonds, Crossover, Private Placement, Unitranche).


Unsolicited Ratings

A wide coverage of European corporate issuers in the fixed income market rated on behalf of portfolio managers or credit risk departments.



Our services can be distributed for analytic purposes with APIs processing our extended proprietary data on all HY and CB issuers from 2004.


Technical documentation


Gaïa Rating

Gaïa Rating is a non-financial rating agency specialised in rating the ESG performance of SMEs and mid-cap companies listed on European markets. Gaïa Rating’s coverage includes nearly one thousand stocks in the euro zone.



OneTrack provides ESG monitoring services for unlisted assets (Private Equity, Real Estate, Private Debt, Loans, etc.). Assessment benchmarks are customised to meet the needs of each client.



EthiFinance adapts its services to the investment philosophy of its clients and relies on its internal research and that of its partners (Inrate, Trucost, I Care & Consult, CDP) to draw up an inventory of risks and opportunities  on all types of issuers, as well as on a variety of asset types (equities, bonds, convertible bonds, etc.).


ESG Consulting

EthiFinance helps institutional investors, banks and management companies to define and implement a responsible investment approach and to integrate environmental, social and governance criteria into their strategy (definition of responsible investment policy, support for fund labelling …).


Active Ownership

On behalf of investors looking to strengthen their influence with companies, EthiFinance conducts missions for the enhancement of commitment and dialogue.



Mirela Vlad Senior Sales

Laetitia IsaacSenior Accounting Manager

Mateo Salcedo Credit Analyst

Céline Bonnefant Manager - Responsible Investment Services

Joan Sehim Credit Analyst

Aurélia PrellierExecutive Assistant

Jean-Rene Meduri Senior Credit Analyst

Clarisse MacéResponsible Investment Services

Bertrand PotierHead of Sales and Business Development - Rating activities

Margot CazeauxSales & Marketing

Johann ScavoneSenior Rating Analyst

Emmanuelle KrygerESG Research Assistant

Philippe TastevinHead of Sales and Business Development

Amélie RudowskiHR Manager

Maxime GuionieSenior Rating Analyst

Benjamin SabahiHead of Credit Research

Anne ChanonHead of CSR Services

Emmanuel De La VilleDeputy CEO

Caroline MoyManager - Gaïa Rating

Xavier LeroyHead of Investor Services

Fleur MastermanManager - OneTrack

Julien RerolleCEO

Thomas DilasserSenior Rating Analyst

Bastien GuerrierResponsible Investment Services

Christophe MaroniCTO

Anthony GiretSenior Credit Analyst, CFA

Anne MilaESG Research Assistant

Djivan TorossianCredit Analyst

Mathieu VernaySenior Sales

Aloys GuittonManager CSR

Enrica BrunaResponsible Investment Services

Ninon DecorESG Analyst

Chloé Gatto Responsible Investment Services

Diane Vignalou Manager Active Ownership

40 people at your service
split between Lyon and Paris

  • 2 Managers dedicated to methodologies
  • 12 Financial analysts
  • 12 ESG analysts
  • 14 People in sales support, marketing, admin IT …



Qivalio is a French limited company registered and headquartered in Lyon. Qivalio is run by a CEO and two deputies, with an Executive Committee comprising senior managers. The company’s Supervisory Board is composed of eight individuals with extensive experience and deep understanding of financial and/or ESG matters.
Qivalio is majority-owned by Andromède, the Hériard Dubreuil family’s investment holding company.  A group of institutional shareholders – the Club Rating –   and the founders hold the remaining shares.

Club Rating : AG2R La Mondiale, Apicil, Aviva France, BPI France, Eiffel Group, Groupama ARA, Klésia, Siparex, SMA BTP

Management & Supervisory Board


  • Élie Hériard Dubreuil , CEO
  • Emmanuel de La Ville
  • Philippe Tastevin

Supervisory Board

  •  Pierre Ducret – Chairman –  Climate Adviser to the Caisse des Dépôts Group. He also chairs the Institute for Climate Economics (I4CE) and is interim Chairman of Finance for Tomorrow.
  •  Monique Barbut – Independent  – non Executive Director
  • Caroline Bois
  • Blaise Ganguin
  • Dominique Hériard Dubreuil,
  • Bertrand Jounin- Apicil, – representing the institutional investors holding their joint stakes in Club Rating
  • Jean-Florent Rérolle,  Independent
  • Carol Sirou , Independent



Our news


Press Release
Paris, Lyon, 29 June 2020 – Qivalio, the French credit rating agency registered with ESMA
and ESG analysis and consulting agency, today announces a capital increase through funds
raised from Andromède, the Hériard Dubreuil family’s investment holding company.
Élie Hériard Dubreuil has been appointed Chief Executive Officer of Qivalio.
Emmanuel de La Ville, the founder of EthiFinance, Qivalio’s ESG arm, and Philippe Tastevin
are also members of the company’s general management.
Élie Hériard Dubreuil has declared: “I thank for their trust all the Qivalio’s Board members
and institutional investors. Our joint objective is to build a leading European player in terms
of financial and sustainable research, rating and advice. We, the Qivalio’s women and men,
will fulfill this mission, out of Paris and Lyon, whilst preserving our independence.”
The eight Board members are: Pierre Ducret (Chairman), Monique Barbut (Independent non
Executive Director, INED), Caroline Bois, Blaise Ganguin, Dominique Hériard Dubreuil,
Bertrand Jounin (Apicil, representing the institutional investors holding their joint stakes in
Club Rating), Jean-Florent Rérolle (INED) and Carol Sirou (INED).
Pierre Ducret has added: “A fair transition is core to our strategy. In the current context,
exacerbated by the Covid-19 crisis, debt corporate financing is going to increase the demand
for SMEs’ credit ratings in Europe. At the same time, demand for ESG services, and in
particular Qivalio’s specialty of ESG integration into credit analysis, is growing unabated. In
these circumstances, the entry of Andromède in Qivalio’s capital is happening at the right
time for the Paris financial centre. With the financial and human resources it contributes to
the company, our new majority shareholder confirms Qivalio’s positioning as a tool of choice
for European corporates and investors.”
Julien Rérolle, Qivalio’s founding CEO, has wished to end his executive duties after 16 years.
He will keep following Qivalio’s development as a Board censor.
The terms of the transaction remain confidential.

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. As soon as February 14, 2020, we published a Special Comment which detailed the most exposed High-Yield issuers to China, facing major economic disruptions as the first country hit by the coronavirus. Since then, the coronavirus has been quickly developing in all regions, mostly affecting Europe.
On March 10, 2020, while stressing growing liquidity risks for those not having refinanced their debt due in 2020-2021, we fully reshuffled our Portfolio model and recommended to switch to more resilient names and sectors. The same day, we published a Sector Comment on the Automotive sector, which detailed the coronavirus impact on HY auto-parts and OEM issuers in the sector. In the following days, we published comparable Sector reports on the Healthcare, Gaming, Travel & Leisure and TMTs. Since the crisis has been escalating, we have been publishing updated reports on issuers as soon as managements provided their first estimates on the impact of the virus.
In the context of the current Sell-off of all risky assets, we are more than ever prepared to cope with what appears to be an even more severe downturn than in 2008-2009, during the global financial crisis. As we write, total return reached -16.5% on a YTD basis. The situation is hugely exacerbated by record outflows among HY ETF and active European funds over the past two weeks, i.e €2.1bn and €2bn respectively according to our proprietary data. As earnings season is progressing, we are currently monitoring issuers’ liquidity positions, assuming worst-case scenarii on a case-by-case basis by YE20 and YE21, whenever possible.
Our 10 fully operational analysts dedicated to EHY are monitoring the crisis and Spread Research will remain a key partner of the fixed income community across Europe, as we have been over the past 16 years.
Within the Qivalio group, we believe that independent Credit Research houses have to be in close ties with investors who are currently struggling with negative returns and likely substantial outflows. In light of such an exceptional situation, we have decided to extend our free trial period to 45 days, from current 3 weeks, still in accordance with the MiFID 2 framework. The team will remain fully committed to assist PMs, Buy-side Credit Analysts, traders and all other clients in this troubled period.
All the best,
The Spread Research Team

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

In Europe’s High-Yield Market Even the Best is Below Average
By Laura Benitez
(Bloomberg) — Even the best yields on some of the riskiest
bonds in the market are low in historical terms as investors’
pile into junk debt.
The bonds backing Banijay’s acquisition of the Dutch
production company behind the TV show ‘Black Mirror’, for
example, are expected to offer buyers yields of between 6 to 7%
on the lowest-rated tranche of the subordinated debt. While
that’s one of the highest rates in months, the proposed coupon
is still below the 8.2% average yield for the CCC+ rating, as
measured by Bloomberg’s Barclays CCC index.
The clamor for yield is heating up amid prospects of
lackluster returns this year, and so far junk-rated borrowers
have capitalized by cutting pricing and upsizing their
offerings. Yields on European junk bonds have fallen to around
3.4%, hovering near all time lows, according to Bloomberg’s
Barclays index data.
If the deal to finance the French media company’s purchase
of Endemol Shine Group goes ahead in the 6 to 7% range, it would
become one of the rare higher yielding securities offered to
investors in Europe’s junk bond market.
Greek Infrastructure company Ellaktor SA came to the market
with a 600 million euros deal in November at 6.375%, while Greek
maker of retail refrigerators Frigoglass SAIC this week priced a
260 million euros deal at 6.875%
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.

Spread Research – European High Yield Prospects 2020

Spread Research team has the pleasure to announce the publication of The European High Yield Prospects 2020.
The document analyses the unexpected rally and the favourable technicals in 2019, emphasizing the credit metrics outlook by sector and by rating and the more supportive underlying trends on the macro side as year-end approached.
The report also elaborates on ESG factors with an important potential impact on the European High Yield market. Spread Research has already integrated the G and S-factors in the credit analysis, with the E-factor as well as an overall ESG score expected to be released early next year.
After the strong performance in 2019 Spread Research team expects for 2020 a more modest return around 2-2.5%. The team sees a strong year in terms of new issues, with risks arising from newcomers and ongoing aggressive indentures.
Nevertheless, our analysts believe that outperformance can be generated by cutting exposure to some expensive defensive and non-cyclical names, by selectively playing some cyclicals and by being ready to make some bets.
Last but not least, we are very pleased to report that the Spread Research HY Portfolio Model has generated total return of +14.7% ytd.
The Spread Research EHY Prospects 2020 report is available on www.spreadresearch.com for our subscribers.
We are happy to discuss the topics of this report which our analysts will detail also during our European High Yield Conferences in Paris and London early next year.
To register at these events please follow the links:
– Paris 22 January : https://spreadresearchevents.cleverapps.io/EuropeanHighYieldConference.php – London 4 February : https://spreadresearchevents.cleverapps.io/EuropeanHighYieldConferenceLondon.php

Happy New Year!
Spread Research Team
Contact: info@spreadresearch.com