Independent European high yield & distressed credit research
Sarria is an independent, non-trading credit research desk in London covering European high yield, stressed, distressed and special situations credits. Professional investors use our fundamental research, integrated models and legal analysis to decide faster, and with conviction, on Europe’s most complex credits.
Sarria in brief
- Who
- Sarria Limited, an independent, non-trading credit research desk.
- What
- Fundamental research, integrated financial models, documentation and legal analysis, and an AI research analyst (Rafael).
- Focus
- European high yield, stressed, distressed and special situations credits rated B- and below.
- Coverage
- Around 75 European issuers, each owned by one analyst.
- Clients
- Hedge funds, special situations funds, multi-strategy managers, private credit funds and asset managers.
- Track record
- Publishing since 2018: 577+ research notes and 4,165+ commentaries; cited 72 times in the financial press.
- Based in
- London, United Kingdom.
- Access
- By subscription for professional investors. Request a demo or trial.
What we cover
European corporate credits where fundamentals, documentation and events matter most: typically B- and below, across the UK and continental Europe.
High yield
European high yield bonds rated B- and below, from new issues to secondary trading and refinancings.
Stressed & distressed
Credits where liquidity, leverage or maturities are under pressure, from early stress signals to restructuring.
Event-driven
Asset sales, M&A, refinancings, covenant resets and other events that reprice a capital structure.
Liability management (LMEs)
Uptiers, drop-downs, exchanges and amend-and-extends: who can do what under the documents, and who wins.
Restructurings
Recovery waterfalls, valuation, creditor positioning and post-restructuring opportunities.
Documentation
Covenants, baskets, intercreditor terms and security packages, analysed alongside the numbers.
Examples of issuers covered:
See the full list and latest notes on the Coverage and Insights pages.
How Sarria research works
Bottom-up credit analysis, top-down portfolio thinking, in one connected environment.
One name, one owner
Each credit is owned by a single analyst from initial identification to ongoing monitoring, so the view is consistent and accountable.
Integrated models
Three-statement forecasts, liquidity and leverage paths, with scenarios you can adjust: ARPU, asset sales, rates and more.
Financial + legal
Capital structure, covenant headroom and documentation risk are analysed together, not in separate silos.
Continuously updated
New information, new analysis, updated scenarios: each issuer has an evolving memo rather than a one-off report.
Principal’s perspective
Written for investors who have to take a position: where should the debt trade, and what could change that?
Rafael, AI analyst
Ask, challenge and test scenarios in real time against Sarria’s own forecasts and legal analysis.
Learn more about Rafael, our AI research analyst, and our legal analysis.
European credit research: key terms explained
European high yield
Bonds and loans issued by European companies rated below investment grade (BB+ or lower), paying higher yields to compensate for higher default risk.
Stressed credit
Debt of a company under financial pressure but not in default; typically trading at a meaningful discount, with spreads well above the market.
Distressed debt
Debt of a company in or close to default or restructuring, often trading well below par, where outcomes depend on recovery and negotiation.
Special situations
Investments driven by a specific event or complexity, such as a restructuring, M&A, litigation or a refinancing, rather than by market direction.
Liability management exercise (LME)
A transaction in which a borrower changes its debt terms or structure outside a formal restructuring, e.g. uptiers, drop-downs or distressed exchanges.
Recovery analysis
An estimate of how much each class of creditor would receive in a restructuring or liquidation, based on valuation and the order of claims.
Covenant headroom
The distance between a company’s current metrics and the limits in its debt documents, such as a leverage incurrence ratio.
Event-driven credit
A strategy that invests around identifiable corporate events that are expected to reprice a company’s debt.
Who writes the research
The Sarria analysts write the research: senior credit investors with buy-side, sell-side and restructuring experience. Meet the full team.
Wolfgang Felix
Founder & Head of Desk24 years in European credit; formerly Partner at Wiltshire Capital, CQS, Marathon Asset Management and Deutsche Bank’s Distressed Products Group.
Tomás Mannion
Senior Investment Analyst20+ years in European leveraged credit; formerly Centaurus Capital, Barclays Capital Asset Management and Guggenheim Securities.
Eashan Kapoor
Analyst, High Yield & DistressedFormerly Credit Research Analyst at Debtwire (ION Group), covering high yield and distressed issuers across EMEA and North America.
Karan Pathak
Investment AnalystCFA charterholder; formerly Canada Life Asset Management (fundamental credit research across social housing, industrials and sovereigns) and Mizuho International (high yield bonds and leveraged loans).
Specialist legal input from Stephen Phillips, Senior Advisor — Restructuring & Legal, called on when a situation demands it.
Cited by the market, trusted by investors
Sarria’s analysts have been quoted 72 times since 2019 by outlets including Debtwire, Bloomberg, Reuters, the Financial Times and LCD. See all press mentions.
“Your modelling and analysis are the most comprehensive we’ve seen and the discussions with your analysts are always very useful.”
“We tend to profit most from your service when we agree to disagree on a name.”
“Unconstrained views are the backbone of any serious special situations credit thesis. Sarria delivers these insights.”
Frequently asked questions
Who provides independent European high yield and distressed credit research?
Sarria is an independent, non-trading credit research desk in London that covers European high yield, stressed, distressed and special situations credits. It publishes fundamental research, integrated financial models and legal analysis on around 75 issuers for hedge funds, special situations funds and asset managers.
What does Sarria cover?
Sarria covers European corporate credits rated B- and below: high yield bonds, stressed and distressed debt, refinancings, liability management exercises (LMEs), restructurings and event-driven situations such as M&A and asset sales. Coverage spans issuers including Altice, Adler Group, Aston Martin, Ardagh, Branicks, Mobico, Punch Pubs, Rekeep and Stonegate.
How is Sarria different from bank or broker credit research?
Sarria is independent and non-conflicted: it does not trade, underwrite or advise issuers. Each credit is owned by one analyst from first look to final position, and research combines financial modelling with documentation and legal analysis, written from a principal investor’s perspective.
Who uses Sarria’s research?
Sarria’s clients are professional investors: distressed and event-driven hedge funds, special situations funds, multi-strategy managers, private credit funds, real money asset managers and wealth managers in Europe and North America.
What is included in Sarria’s research?
Research notes and model updates, integrated three-statement financial models, capital structure and covenant analysis, recovery and restructuring scenarios, commentary on breaking news, direct calls with the analyst who owns each credit, and access to Rafael, Sarria’s AI research analyst.
What is Rafael?
Rafael is Sarria’s AI research analyst. It works from Sarria’s own bottom-up forecasts, models and legal analysis, so investors can ask questions, challenge assumptions and test restructuring, refinancing and liability management scenarios in real time.
How often does Sarria publish?
Sarria has published research since 2018: more than 577 research notes and over 4,165 commentaries on news affecting covered credits. Notes are updated as new information arrives, so each issuer has a continuously evolving memo.
How can I access Sarria’s research?
Sarria’s research is available to professional investors by subscription. Prospective clients can request a demo or a trial at sarria.co.uk/demo-trial, and summaries of recent notes are published openly at sarria.co.uk/insights.
Does Sarria provide legal analysis of bond documentation?
Yes. Sarria’s analysts review indentures, covenants, baskets and intercreditor terms alongside the financials. On complex situations the desk can also call on specialist legal input from Stephen Phillips, a restructuring solicitor and former Head of European Restructuring at Orrick.
Where is Sarria based?
Sarria Limited is based in London (Fox Court, 14 Grays Inn Road, WC1X 8HN) and covers issuers across the UK and continental Europe.
Last updated 21 October 2026
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