grips-dkf-20110329 (2) - IDS GmbH - Analysis and Reporting Services
grips-dkf-20110329 (2) - IDS GmbH - Analysis and Reporting Services
grips-dkf-20110329 (2) - IDS GmbH - Analysis and Reporting Services
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3<br />
Observation 1:<br />
Markets become more differentiated<br />
- Example: ‘Pf<strong>and</strong>briefmarkt’ after credit crisis<br />
2.0%<br />
1.5%<br />
1.0%<br />
Hypo-Real<br />
Dexia<br />
Euro-Hypo<br />
Bayern -LB<br />
LBBW<br />
Spread Pf<strong>and</strong>brief / Euro Swap<br />
0.5%<br />
0.0%<br />
-0.5%<br />
Source GRIPS / Bloomberg<br />
Jan-07<br />
Mar-07<br />
May-07<br />
Jul-07<br />
Sep-07<br />
Nov-07<br />
Jan-08<br />
Mar-08<br />
May-08<br />
Jul-08<br />
Sep-08<br />
Nov-08<br />
Jan-09<br />
Mar-09<br />
May-09<br />
Jul-09<br />
Sep-09<br />
Nov-09<br />
Jan-10<br />
Mar-10<br />
May-10<br />
Jul-10<br />
© <strong>IDS</strong> <strong>GmbH</strong> – <strong>Analysis</strong> <strong>and</strong> <strong>Reporting</strong> <strong>Services</strong><br />
3
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