Sovereign debt
Two waves of issuance — sovereign and AI-related — competing for the same pool of savings.
Regional financing
An extra €21bn for the regions with no transfer of spending powers: the ultimate debtor is always the same.
Spanish economy
94 million visitors and 13% of GDP: an engine as powerful as it is concentrated.
Monetary policy
Expectations anchored at 2.4% and a PMI in contraction: the hike is an insurance premium.
Sovereign debt
What happens when a state stops paying: consequences, restructuring and recovery.
Rating soberano
Why the credit ratings of both economies tell such different stories.
Sustainable finance
The challenge of linking ESG risk and credit risk in a single rating.
Economics & SDGs
Education, talent and independence: the pillars of future growth.
Five interactive dashboards tracking the world economy: the daily pulse, the structural picture, the map of geopolitical risk, the sector thermometer and the price of money and risk. Interface in Spanish.
Risk dashboard, central banks, macro table, commodities and sovereign debt. The pulse of each morning.
Open today’s dashboard 02Ten economies and five indicators with 2019-2027 series, comparisons and automated rating-angle commentary.
Compare countries 03Global risk index, active flashpoints, affected maritime chokepoints and their read-across to markets.
Open the map 04Leading indicators by sector plus an atlas of critical risks across fifteen subsectors: what breaks in each one and why.
Open the thermometer 05From €STR to the spread a CCC issuer pays: benchmark rates, sovereign premia, spreads by rating and CDS, with sources.
Open ratesCredit theory, applied accounting and the vocabulary used in a rating committee. Reference material for corporate bond analysts and risk departments. In Spanish.
The terms actually used in practice, with the nuance that separates knowing a definition from knowing how to use it.
AAA · DSix agencies aligned notch by notch, with the investment-grade cut-off and instrument notching.
01 · 06Anatomy of a rating, from issuer to instrument, ESG and credit, and how to read a balance sheet as a creditor.
18The books that shaped how I analyse: accounting, credit, debt, geopolitics and judgement under uncertainty.
No noise, no spam: one email when a new analysis or the monthly macro bulletin is out. Published in Spanish.
Op-eds, interviews and conference talks: Expansión, Cinco Días, El Confidencial, El País, El Economista, Canal Extremadura…
On the tax burden borne by Spanish households compared with Europe.
Canal Extremadura · Enero 2026The regional financing debate: solidarity versus ordinality and its regional impact.
Canal Extremadura · 2026Assessing the regional impact of the financing system reform.
Cinco Días · EntrevistaInterview on banking, solvency and the way out of the crisis, February 2021.
Expansión · AnálisisAnalysis of the crisis impact on the financial sector and the Spanish economy.
OK Diario · EntrevistaMacroeconomic forecasts for the Spanish economy after the pandemic.
The ConversationOp-eds on sustainable finance and ESG for a general audience.
SpainSIF · PonenciaConference talk on the role of rating agencies in sustainable finance.
LinkedInRegular analysis on monetary policy, geopolitics and markets.
Antonio Madera del Pozo — economist, credit rating analyst and university lecturer.
Economist, lecturer and speaker. PhD in Economics, cum laude (Ramón de San Pedro Award) and co-director of the online MBA at Universidad Europea. Over twenty years in credit risk analysis: from cooperative banking and IBEX 35 corporates to European sovereign ratings.
European credit rating agency supervised by ESMA. Analysis of sovereign and sub-sovereign entities, permanent member of the rating committees and responsible for developing sovereign rating methodologies integrating ESG factors.
Co-director of the fully online MBA programme; teaching in accounting and the economic environment.
University teaching in accounting and finance.
Credit risk of large corporates, project finance, LBOs and syndicated loans. Portfolio focused on IBEX 35 and continuous-market companies, plus regional and other sub-sovereign governments.
Credit risk analysis of corporates, LBOs and project finance.
Head of the finance department of a property development and construction company.
Ramón de San Pedro Award for best doctoral thesis. Financial soundness of Spanish rural credit cooperatives using logit models and Cox regression.
Book chapter · Springer
Book chapter · Taylor & Francis
7th International Conference on CSR, Sustainability, Ethics and Governance · Lisboa
6th Paris Financial Management Conference · París
10th International Workshop on Cooperative and Responsible Finance · Trento
International Public Policy Association · Montreal
European Association of Cooperative Banks
Fundación Cajas de Ahorro (Funcas)
Credit risk and ESG risk: two disciplines that are, as I have long argued, two ways of looking at the same thing. Four parts, twenty-two chapters and a methodological proposal of my own.
Available for media contributions, conference talks, executive education and economic analysis.
