Special Edition Podcast Mini Series: 25 for 25: E1 Hosts Winnie Cisar (Global Head of Strategy) and Zachary Griffiths, CFA (Head of US IG & Macro Strategy) sit down with European veterans Simon Adamson (Head of European Financials), Andy Belton (Head of European Basics & Infrastructure), and Andrew Moulder (Head of European Utilities) to explore the origins and evolution of independent credit research at CreditSights. The conversation revisits the founding vision, the launch of our London office, and defining moments from the Global Financial Crisis. The team discusses why cash flow analysis remains core, how relative value migrated from CDS to bonds, and the rise of complex instruments like hybrids and bank bail-in capital. They also dig into client engagement and reverse inquiry (including early work on Icelandic banks), and how European banks, utilities, and infrastructure credit have transformed over two decades.