01

Alternative & Sustainable

02

Who we are

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

 

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

A team of 40 people, located in Lyon and Paris, France
More than 100 clients across Europe, including small and mid cap enterprises, 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

03

Organisation

An independent organization that combines
financial and extra-financial expertise

Qivalio
Spread Research Spread Rating Gaia Index Ethifinance
04

Offers & 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.

  • Analytics

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

  • Documents techniques

 

ESG

ESG rating agency for small & midcaps

We collect and score more than 100 datapoints annually for each of the 1,000 European companies under our coverage. Gaïa Rating specialises on small and midcap companies

ESG services for alternative assets

OneTrack is our platform for the collection and assessment of ESG data applied to complex asset classes such as private equity, private debt, and real estate.

Portfolio analysis & reporting

Experience in developing responsible investment strategies and integrating them into asset management processes. We also assist our clients in the conversion or creation of funds, as well as in obtaining SRI accreditation.

Active ownership

Our experts offer shareholder engagement services to investors with a view to improving companies CSR performance.

05

Equipe

Mirela Vlad Senior Sales

Pierre-Yves Le Stradic Head of Research & Operations

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

Déborah RajaossafaraResponsible Investment Services

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

40 people at your service
between Lyon and Paris

  • 2 Managers dedicated to methodologies
  • 12 financial analysts
  • 12 ESG analysts
  • 14 people in sales support, marketing, admin IT …
06

CORPORATE GOVERNANCE

Institutional investors

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 seven individuals with extensive experience and deep understanding of financial and/or ESG matters.
Qivalio is majority-owned by a group of institutional shareholders, including several insurance companies. The remaining capital is shared between the founders and management. This set-up gives the group the financial resources it needs to grow as well as a dynamic corporate culture, all shareholders’ interests being aligned.
Institutional investors : AG2R La Mondiale, Apicil, Aviva France, BPI France, Eiffel Group, Groupama ARA, Klésia, Siparex, SMA BTP.

Management & Supervisory Board

Management

  • Julien Rérolle, CEO
  • Emmanuel de La Ville, Deputy CEO
  • Philippe Tastevin, Head of Sales & Business Development

Supervisory Board

  • Chairman : Pierre Ducret, 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.
  • Bertrand Jounin, Vice-Chairman, Deputy CEO, Gresham Banque, Apicil Group
  • Nicolas Fourt, Deputy CEO, Acofi Gestion, Independent Non-Executive Director
  • Jean-Florent Rérolle* Independent Non-Executive Director
  • Bruno Silva, Deputy CEO, Groupama ARA
  • Alban de la Selle
  • Julien Rérolle

*Jean-Florent and Julien are not related

07

Our news

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
2020-01-31
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