Bondcritic conducts private credit research on demand from (1) the public (investor-paiD) and (2)from debt issuers (issuer-paid).
Investor-paid credit research is a core service of Bondcritic. In most cases, our independent credit research is only for our client(s) and not released to the public. Our research is conducted through rigorous process using a mosaic theory through available public information and is usually completed within 10 working days for a high-yield name.
If you, as a member of the public, would like us to cover any names or conduct a one-off credit research, please write us here.
We offer a issuer-paid credit research service to help the following bond issuers bridge information gaps with investors:
1. Unrated entities
2. Issuers without previous research coverage
3. Other issuers which attempt to communicate better with investors
1. Clarification on misunderstanding with investors which could lead to funding cost appropriate to credit risk
2. Bondcritic's succinct and unbiased communication with investors as an independent credit research provider
1. Research reports on unrated and unloved entities which could stem from a lack of coverage from investment banks or unknown names
2. Research reports with direct access to analysts and management
3. Free reports for the investing public
Type of issuer-paid credit research
1. Public credit research with recommendation or credit risk report to be published on public electronic platforms such as FactSet (USA), Research Exchange (UK), Research Pool (UK), Speevr (USA), Red Pulse (China) (only in the case the credit name is Chinese), and Bondcritic.com. The reports are completely free and available for the public.
2. Private credit research with or without recommendation.
issuer-paid credit research
Why do we launch issuer-paid credit research?
Bondcritic remains an independent credit research. We realize the danger of getting influenced by an issuer for a favorable bond recommendation. Rating agencies and investment banks are all influenced by issuers on potential businesses in the future. However, rating agencies do not offer their rating reports for free. We put in place a control mechanism to preserve our independent judgment. The compensation from an issuer, in effect, enables us to publish credit research for free for the public. In addition, an issuer will have the incentive to provide best information possible to us. As a result, issuer-paid credit research will be more detailed and investors can make a more informed decision.
How do we stay independent?
At Bondcritic, it is our credibility and reputation first. At each issuer-paid research contract we sign with, we make sure the compensation is unrelated to our recommendation. We also separate facts from opinion as well as material public versus private information. Issuers review our drafts before we publish reports to the public through our website, our distribution list, Speevr, Cbonds, ResearchPool, Research Exchange, and Red Pulse ( in the case the credit name is Chinese).
How do we separate issuer and investor-paid credit research ?
We disclose whether the research is issuer-paid (solicited) or investor-paid (unsolicited). Issuer-paid credit research is completely free for the investing public. An issuer provides us with information and can ask us not to publish the finished report and can correct facts inside the report. However, an issuer cannot influence our recommendation.
Can investor-paid credit research change a status to issuer-paid credit research? If so, will the compensation from an issuer lead to a recommendation change?
Yes, investor-paid credit research can change the status to issuer-paid credit research if a bond issuer believes it could provide additional information to Bondcritic or would like us to cover the issuer on a on-going basis. We will make a note in the first time the status changes. Rest assured that the compensation we will receive will be uncorrelated with whether we change our recommendation or not. At the end of the day, the compensation enables us to publish free credit research for the investing public.
How long does it take to get the issuer-paid credit research published?
Provided that we receive all the information requested and the management interview as well as site visits were completed on schedule, the whole process takes about 4-6 weeks for the initiation report to be published.
How do we contact Bondcritic for a preliminary assessment?
Please email Research@bondcritic.com