
Citi-IESE Credit and Debt Markets Project
A research project led by IESE's Center for International Finance
The Citi-IESE Credit and Debt Markets Research Project is born of the unprecedented economic disruption caused by COVID-19. The economic downturn prompted by the pandemic has raised financial stress levels at corporations across the globe. At the same time, non-investment grade financing markets in Europe have grown considerably in recent decades, with their larger probability of default. Taken together, Europe is facing an increasing number of troubled companies, large amounts of non-investment grade debt and economic turbulence. This will require hundreds of European companies to go through some form of balance sheet restructuring in the coming years. This situation requires new knowledge and understanding of debt markets, bankruptcy and restructuring systems and distress predictors, along with government and central bank policies in these areas. The Credit and Debt Markets Research Project seeks to provide that expertise.
The project forms part of IESE’s Center for International Finance (CIF), which advocates a multidisciplinary approach to generate and disseminate knowledge and promotes best practices in financial institutions and capital markets. To this end, it spearheads leading-edge research, academic events and conferences, and communication platforms to bring the Center’s findings to a wider audience.
The project is grateful for the support of:
Research Topics
IESE's Credit and Debt Markets Research Project will carry out research in six main areas:
Credit and Debt Markets Research Project

Christian Eufinger
Director of Credit and Debt Markets Research Project & Associate Professor

Yuki Sakasai
Senior Research Associate
Research Fellows
Advisory Committee

Franz Heukamp
Dean, IESE

Frits Prakke
Founding Partner, Alchemy Special Opportunities

Paco Ybarra
CEO, Institutional Clients Group, Citi

Hans Lorenzen
Head of European IG Credit Strategy, Citi