Volume 2: Winnie Cisar
CreditSights in Conversation
Meet Winnie Cisar,
Global Head of Strategy at CreditSights
“A relentless pursuit of knowledge makes for the best analysts and strategists.”
Q&A
Q: Can you share the key milestones in your journey to becoming Global Head of Strategy at CreditSights, and the pivotal lessons that influenced your strategic approach?
A: I’ve had the opportunity to work in many lines of business that relied upon or created research. From starting in energy and power investment banking the day after Lehman filed for bankruptcy to joining high yield research and spending time on the trading desk, each of my roles prior to finding strategy provided a strong foundation for understanding how different clients consume research I joined the Strategy team at Wells Fargo in 2014 and saw a number of market blow ups – the commodities crisis, which peaked in 2016; the first round of Trump’s trade war with China in 2018 and Covid in March 2020. When my former company decided to restructure research and align strategy with the trading desk, I knew I wanted to find a place where I could again work with fundamental research analysts and the timing with CreditSights was fortuitous.
Q: How do you and your team at CreditSights stay informed and agile in response to unpredictable developments such as tariff changes, and incorporate these into your strategic planning?
A: We aim to stay as proactive as possible, incorporating scenario analysis into all of our forecasting and using prior periods as guides for the future. Though it’s impossible to know exactly what the market will bring, many cycles have similarities to prior cycles. Identifying these similarities and assessing what worked (and what didn’t work) while also honing in on key differences help the strategy team target content that will resonate with a wide audience and create actionable opportunities for clients.
Q: What strategies do you use to foster a collaborative and creative atmosphere within your research team to drive innovative solutions?
A: We first aim to understand the problems thar need to be solved, which vary depending on the client type, content set and broader market backdrop. Then we look for the right people to solve those problems – the CreditSights strategy team always aims to incorporate as many viewpoints from subject matter experts as possible. We create an open and constant dialogue on the team and our colleagues across Fitch Solutions, Fitch Ratings and even Hearst. I try to instill in my team that we do not need to be the smartest in the room, but being the most useful will take us far. That utility includes hands on research, engaging with the broader firm and our wide range of clients.
Q: How do you navigate decision-making in the face of rapid changes and complexities within the financial sector to ensure strategic success?
A: Our decision-making process incorporates being as proactive as possible given how quickly market dynamics can shift, while also knowing what we need to react to. Some of this comes with years of experience and seeing different cycles play out, while our relationships with a variety of experts across markets, sectors and products allows us to ensure that we know who to call when we need to make a quick decision on a topic with which we are not as well-versed. We want to provide views and research that are highly relevant, and we are very disciplined in how frequently we change our views. While it is always important to adapt to news flow, our credibility is built on well-informed research that clients can rely on for more than a day, a week, or even a month.
Q: In what ways does CreditSights capitalize on its strengths to maintain a competitive edge in the industry and enhance its research offerings?
A: CreditSights biggest strength is its people. Our research analysts have an incredible depth and breadth of experience and the joining of fundamental research with Covenant Review, LFI and Bixby offers a best-in-class product built upon the foundation of smart and dedicated people. CreditSights offers a unique platform to its research analysts, who do not have to report to a trading desk or manage to a benchmark, to identify missing pieces for clients and custom build independent research that will resonate.
Q: What advice would you give to those aiming for leadership positions in credit analysis, particularly in strategic roles?
A: I oftentimes joke that strategy picked me as I had quite a journey across many different lines of business before finding my home in strategy. Having a strategic role means that you will always feel a little behind and that there is so much more to learn. Understanding and embracing that discomfort keeps me energized to seek out new information but it can also be overwhelming. For those who are interested in strategy and credit analysis, getting in the reps is how you build a solid foundation – brainstorm new ideas, crunch the numbers, talk to other analysts and read/listen to everything you can on your market or sector. A relentless pursuit of knowledge makes for the best analysts and strategists.
Q: When building your research team, what core qualities do you prioritize to ensure adaptability and success in a fast-paced environment?
A: I look for team members who are curious, industrious and humble. Being a strategist means that we are going to be wrong – we are not actually able to predict the future – and this is especially true as people begin their career in research or strategy. A big dose of humility combined with willingness to learn and the work ethic to put ideas into practice make for strong research analysts and strategists.
Q: How do you utilize webinars and podcasts to keep your audience informed and engaged with the latest strategic insights from CreditSights?
A: Webinars and podcasts are really the most fun part of the job (besides chatting with clients) as they showcase what the strategy team has been thinking about. We use the opportunity to bring in colleagues to highlight ideas that can be lost in the deluge of information that our clients are processing every day. For webinars, we get real time feedback from our polls and the audience capitalizes on the opportunity to ask us questions. When I was younger, I always envied radio talk show hosts – it seemed like such a fun job, and the podcast and webinars make me feel like I am living my childhood dream job.
Top Picks
Summer Learning Program:
CreditSights’ Summer Learning Program, which began as a solution during the work-from-home covid period, has expanded into a flagship program that offers a wealth of information for those new to credit and those just looking for a refresher. The program, which is truly a labor of love for the Strategy team, is constantly evolving to stay in step with market trends and cover highly impactful market trends. Plus, we love to engage with he ‘future’ of the credit markets through our virtual office hours sessions.
The Know More. Risk Better. Podcast:
The CreditSights podcast is going strong and letting me live my dream of being a talk radio host with the bonus of showcasing the depth and breadth of our analyst team. From a podcast on podcasts to deep dives into the rates and energy markets with industry experts, my co-hosts and I indulge in our natural curiosity to talk about things that are underappreciated, misunderstood, or just interesting (an added bonus is that my mom listens to it).
Article: Friend or Foe: Public and Private Credit
The Strategy team leveraged data from across the firm to put together a comprehensive deep dive into the world of private credit. Together LFI’s pricing and market commentary, Covenant Review’s covenant quality scoring, CreditSight analyst intel and the Fitch Ratings’ private credit portfolios allow Strategy to shine a light on a highly opaque asset class.
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