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Julian Kreipl, CFA
Sub-Sovereigns & Agencies, ESG
UniCredit Bank, Munich
Am Eisbach 4 - MRE3FI
80538 Munich
+49 89 378-12961

Julian Kreipl is a credit analyst in UniCredit’s Financials Credit Research team, with a focus on the SSA and ESG universe. Julian joined UniCredit in 2018 after gathering more than five years of experience as a fixed income portfolio manager at LBBW Asset Management and as a credit analyst in the financials research division of LBBW. He holds a bachelor’s in business administration (B.A.) from Duale Hochschule/The Open University and is also a CFA charterholder.

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a872e37f1a1e96ce55fa9d71a9d0fca37c9a2bd34171df508eb1a6405ef6272c;;[{"layout":"detailed","uid":24424,"publicationDate":"01 Feb 21","emaObject":{"protectedFileLink":"https:\/\/www.research.unicredit.eu\/DocsKey\/fxfistrategy_docs_2021_179093.ashx?EXT=pdf&KEY=KZGTuQCn4lsvclJnUgseVCsY1pNwWYpSseITqiopMUYb21i9hmCfCA==&T=1","protectedFileLinkDe":"","protectedFileLinkIt":""},"title":"Rates Perspectives - EU bonds and Bunds...mirror, mirror on the wall, who is the safest of them all?","titleDe":"","titleIt":"","product":"Rates Perspectives","synopsis":"<ul class=\"ucrBullets\"><li> EU bonds will become an important new component of the European sovereign market. In principle, they will establish the much desired common euro-denominated safe asset with a \u201cpolitical joint and several\u201d structure.<\/li><\/ul><ul class=\"ucrBullets\"><li> In reality, however, compared with the strongest eurozone sovereigns, their pricing will reflect two aspects: liquidity and the perception of the political strength of the EU project. As the EU budget is ultimately guaranteed by the member states, EU bonds should not trade tighter than its strongest member.<\/li><\/ul><ul class=\"ucrBullets\"><li> The outperformance of EU bonds versus Bunds since the first SURE transaction reflects expectations that these assets will gain prominence and their liquidity will improve, making them more similar to sovereigns. We expect further tightening as a result.<\/li><\/ul><ul class=\"ucrBullets\"><li> At current yield levels, we prefer EU bonds to small and medium-sized sovereigns. At the extra-long end, we regard EU bonds as expensive versus Bunds and prefer OATs, which offer a considerable yield pickup. <\/li><\/ul><ul class=\"ucrBullets\"><li> The strong secondary-market performance of the EU SURE transactions was spread-supportive for other European supranationals. We expect EU bonds to trade more expensive than other E-Names.<\/li><\/ul>","synopsisDe":"","synopsisIt":"","hash":"a872e37f1a1e96ce55fa9d71a9d0fca37c9a2bd34171df508eb1a6405ef6272c","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"}}]