UniCredit Research

With more than 100 analysts in 14 locations, UniCredit Research helps to form the UniCredit group's vision in relation to macroeconomic scenarios and the financial markets. Furthermore, it supports clients in the development of investment plans, the strategic and tactical asset allocation of financial investments, security selection and risk management. UniCredit Research covers the areas Economics & FI/FX Research, Credit Research, Equity Research and Cross Asset Research.

Below, you'll find some essential information on each of the different Research areas.

Economics & Fixed Income/FX

The Economics & Fixed Income/FX team analyses and forecasts macroeconomic developments and trends in Fixed Income and FX markets in the G10 and major Emerging Markets, as well as key commodities. Our (macro) key focus is Europe, where UniCredit is the undisputed leader. We provide high quality analysis, cutting edge quantitative tools and a range of trading strategies, both through a strong and diversified publication range and through products tailored to the needs of our clients.

Credit Research

Credit Research is a strong competitive force in the forefront of European Credit Research, with high customer satisfaction through analysts striving for excellence, producing mainstream, on-demand, and cutting-edge research, and providing high quality and superior service. We cover Euro and European credit markets and developments, with a focus on and strength in Germany, Austria, Italy and the CEE countries, across sectors, single issuers, and product types, for both primary and secondary trading. We keep track of regulatory developments and their investment implications. We have an integrated credit strategy covering the whole universe, including ABS and Structured Credits, with active coverage of new and innovative instruments, as well as advisory on customer-specific portfolio optimisation.

Equity Research

The Equity Research team, operating from Warsaw, provides in-depth local analysis of a wide universe of Emerging European companies with an emphasis on high-quality research generating salient ideas and ground-breaking sector themes. In addition, we are presenting model equity portfolios and "top picks" investment ideas that support our clients with stock allocation decisions.

Cross Asset Research

Cross Asset Research provides our clients with investment recommendations across all major asset markets. In addition, we are presenting model portfolios that support clients with strategic and tactical asset allocation decisions and currency overlay management. We also support our clients with quantitative analysis of their cross-asset portfolios or investment strategies using advanced mathematical methods. Our Quantitative Cross Asset Research covers strategies for liability management and asset allocation, risk budgeting using modern optimization approaches and scenario generation using stochastic models.

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    Disclaimer

    The reports to which you have access through links on this website/app have been prepared for general information purposes by the corresponding Corporate & Investment Banking divisions of UniCredit Bank AG and UniCredit Bank Austria AG - both of which belong to the UniCredit Corporate & Investment Banking Division. The reports are distributed by the companies of the UniCredit Corporate & Investment Banking Division to professional and business clients. The reports do not constitute an offer or solicitation to buy or sell any financial instruments (including securities). The information contained therein has been obtained from sources believed to be reliable, but we do not make any representation to its completeness or accuracy. The reports reflect our current views which may be subject to change without notice.

    The UniCredit Corporate & Investment Banking Division companies and their respective representatives and employees may from time to time deal in, hold or act as market-makers or advisors, brokers or commercial and/or investment bankers of issuers of securities, or derivatives thereof, mentioned in the reports and may also be represented on the board of such issuers.

    The investments discussed in the reports may be unsuitable for investors depending on their specific investment objectives or financial position. Investors should obtain individual advice of their bankers/brokers or other advisors about the investments concerned prior to making them. No company of the UniCredit Corporate & Investment Banking Division or any of its representatives or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of the reports or their contents.

    Please note that the provision of investment services may be restricted in certain jurisdictions. You are required to acquaint yourself with any local laws and restrictions on the usage of this site and the availability of any services described therein. The information on this site is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution would be contrary to local law or regulation.

    Notice to UK residents:
    The reports to which you have access through links on this website have been prepared for general information purposes by the corresponding Corporate & Investment Banking divisions of UniCredit Bank AG and UniCredit Bank Austria AG. The reports are distributed by the companies of the UniCredit Corporate & Investment Banking Division to professional market participants ("market counterparties") or to institutional clients ("intermediate customers") (each according to the definition of the Financial Services Authority - "FSA") and are not intended for use by any other person, especially not for private customers as defined by the rules of the FSA. The reports do not constitute a solicitation to buy or an offer to sell any financial instruments (including securities). The information contained therein is based on carefully selected sources believed to be reliable, but we do not make any representation to its completeness or accuracy.

    We and/or other members of the UniCredit Corporate & Investment Banking Division may from time to time deal in, hold or act as market-makers or advisors, brokers or commercial and/or investment bankers of issuers of securities, or derivatives thereof, mentioned in the reports and may also be represented on the board of such issuers.

    The investments discussed or recommended in the reports may be unsuitable for investors depending on their specific investment objectives and financial position. Investors should obtain individual advice of their bankers/brokers or other advisors about the investments concerned prior to making them.

    UniCredit Bank AG London branch is regulated by FSA for the conduct of designated investment business in the UK.

    Notice to U.S. residents:
    The information contained in the reports is intended solely for institutional clients of UniCredit Bank AG and UniCredit Bank Austria AG ("UniCredit Corporate & Investment Banking Division") as well as UniCredit Capital Markets, Inc. in the United States, and may not be used or relied upon by any other person for any purpose. Such information is provided for informational purposes only and does not constitute a solicitation to buy or an offer to sell any financial instruments or securities under the Securities Act of 1933, as amended or under any other U.S. federal or state securities laws, rules or regulations.

    In jurisdictions where UniCredit Corporate & Investment Banking Division and UniCredit Capital Markets, Inc. are not registered or licensed to trade in securities, commodities or other financial products, any transaction may be effected only in accordance with applicable laws and legislation, which may vary from jurisdiction to jurisdiction and may require that a transaction be made in accordance with applicable exemptions from registration or licensing requirements.

    The UniCredit Corporate & Investment Banking Division and UniCredit Capital Markets, Inc. may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in these reports. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them. Past performance should not be taken as an indication or guarantee of further performance, and no representation or warranty, express or implied, is made regarding future performance.

    The UniCredit Corporate & Investment Banking Division and UniCredit Capital Markets, Inc. and its affiliated companies may, with respect to any securities, or derivatives thereof, discussed therein: (a) take a long or short position and buy or sell such securities; (b) act as investment and/or commercial bankers for issuers of such securities; (c) engage in market-making for such securities; (d) serve on the board of any issuer of such securities; and (e) act as a paid consultant or adviser to any issuer.

    The information contained in the reports may include forward-looking statements within the meaning of U.S. federal securities laws that are subject to risks and uncertainties. Factors that could cause a company's actual results and financial condition to differ from its expectations include, without limitation: political uncertainty, changes in economic conditions that adversely affect the level of demand for the company's products or services, changes in foreign exchange markets, changes in international and domestic financial markets, competitive environments and other factors relating to the foregoing. All forward-looking statements contained in the reports are qualified in their entirety by this cautionary statement.

    Unicredit Corporate & Investment Banking Division

    UniCredit Bank AG, Munich
    UniCredit Bank Austria AG, Vienna


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    Global Head of CIB Research

    Michael Baptista

    UniCredit Bank AG London Branch
    Moor House, 120 London Wall
    EC2Y 5ET London