European B- and below coverage
We cover a space, not just a list of single names: the European B- and below universe, followed as one connected market.
Closed-matter jurisdictions were not supplied and have been placed from general market knowledge only, marked with a dashed outline. These should be checked before publishing.
The shape of the book
Open coverage, % by broad sector
Where Sarria works
The bottom of high yield is where risk and return stop being proportional.
Around 85% of the European high yield market sits above B−, and the volume keeps building towards the investment grade line. The return on offer does not: it accelerates as credit quality falls. Sarria covers the other 15%, where it is steepest.
Spread used as a proxy for risk. Assumes a bucket of 15% of the book at 2.5–3x the average spread (CCC 919 bps vs index 267 bps; Bloomberg, Sep 2026) and equal-sized positions. With uncorrelated names it accounts for roughly two-thirds to four-fifths of portfolio variance; if names move together, around 40–45%.
Focused coverage
The European B- and below universe, as a whole.
In-depth research
From stressed and distressed to event-driven credits.
Diverse opportunities
Across sectors, jurisdictions and capital structures.
Built on fundamentals
Independent analysis, proprietary models, real insight.