HOME > Contacts >  Contact us

Contact us

Latest Articles


Dr. Luca Cazzulani
Co-Head of Strategy Research
FI Strategist
UniCredit Bank, Milan
Piazza Gae Aulenti, 4 - Tower C - MRE6R
I-20154 Milan
+39 02 8862-0640

Luca Cazzulani is UniCredit’s Co-Head of Strategy Research and an FI strategist. He covers market dynamics with a particular focus on the EMU. Luca has an MSc in Econometrics  from the London School of Economics (LSE) and a PhD in economics from a joint program between the Università Cattolica and the Università Bocconi.

Latest contribution

88204f0aa7a4eb4281ab6c14a52d727f0e070fdafa5d4ce4eb0db334bd47e4c1;;[{"layout":"detailed","uid":23724,"publicationDate":"29 Oct 20","emaObject":{"protectedFileLink":"https:\/\/www.research.unicredit.eu\/DocsKey\/fxfistrategy_docs_2020_178319.ashx?EXT=pdf&KEY=KZGTuQCn4lsvclJnUgseVFcI2-vTFR2nRi29dMwdIovM3G3jxYh8vw==&T=1","protectedFileLinkDe":"","protectedFileLinkIt":""},"title":"Rates Perspectives - Exploring the impact of EU bonds on the EGB market","titleDe":"","titleIt":"","product":"Rates Perspectives","synopsis":"<ul class=\"ucrBullets\"><li> The ECB\u2019s strong presence in the sovereign-bond market, which we expect to continue through next year, together with robust demand from foreign central banks will further increase the scarcity of safe assets in the euro area. <\/li><\/ul><ul class=\"ucrBullets\"><li> EU bonds could become an alternative to Bunds going forward, given their high rating, provided that their outstanding grows fast. Low ECB buying would also be desirable, to leave most outstanding bonds to private investors. From a portfolio perspective, EU bonds have shown a high and stable correlation with Bunds.<\/li><\/ul><ul class=\"ucrBullets\"><li> Small and mid-size sovereign issuers are likely to face stronger competition from EU bonds, given they will feature similar liquidity. EU bonds also offer good diversification relative to semi-core bonds, as underpinned by their more-stable performance in times of market stress.<\/li><\/ul><ul class=\"ucrBullets\"><li> The EU will become a key player in the EUR-denominated SSA primary market, but we do not expect that the higher liquidity and volume of EU bonds will negatively influence demand for other Supras and Agencies due to the relatively small yield pickup they offer.<\/li><\/ul>","synopsisDe":"","synopsisIt":"","hash":"88204f0aa7a4eb4281ab6c14a52d727f0e070fdafa5d4ce4eb0db334bd47e4c1","available":"0","settings":{"layout":"detailed","size":"default","showanalysts":"-1","showcompanies":"-1","showcountries":"-1","showcurrencies":"-1","nodate":"0","notitle":"0","noproduct":"0","noflags":"0","dateformat":"d M y","nolinktitle":"0","synopsislength":"400","synopsisexpand":"1","shownav":"0","limit":"1"}}]