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Matthias Dax
Sub-Sovereigns & Agencies, ESG
UniCredit Bank, Munich
Am Eisbach 4 - MRE3FI
80538 Munich
+49 89 378-13946

Matthias Dax is a credit analyst in UniCredit’s Financials Credit Research team, with a focus on Sub-Sovereigns, Agencies and Supras bonds and ESG topics. Matthias joined UniCredit in 2012 and has been working in the Research department since 2016. Before joining the Financial Credit Research team in 2019, Matthias worked in the Research Operations and Regulatory Controls unit. He holds a bachelor’s degree in Financial Services Management (BA) from AKAD University Stuttgart.

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802fedfa0a98e2c558ed3ea65fe334f83b3626910cc439352d9cdbffd8632ac2;;[{"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":"802fedfa0a98e2c558ed3ea65fe334f83b3626910cc439352d9cdbffd8632ac2","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"}}]