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Special Edition Podcast Mini Series: 25 for 25 Episode 1

Hosts Winnie Cisar (Global Head of Strategy, ÂÒÂ׶ÌÊÓƵ) is joined by Simon Adamson (Head of European Financials), Andy Belton (Head of European Basics & Infrastructure), and Andrew Moulder (Head of European Utilities), plus Zachary Griffiths, CFA (Head of US IG & Macro Strategy), to kick off our 25 for 25 series celebrating ÂÒÂ׶ÌÊÓƵ’ 25th anniversary.

They revisit the founding vision for independent credit research, the opening of the London office, and defining moments from the Global Financial Crisis to Credit Suisse’s failure. The team explores how cash flow analysis has remained core, how relative value shifted from CDS to bonds, the rise of complex structures like hybrids and bank bail-in capital, and why volatile markets can be both a research catalyst and a commercial challenge. They also cover client engagement, reverse inquiry shaping coverage (Icelandic banks), and how utilities, banks, and infrastructure credit have evolved in Europe.