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BONDS: J.P.Morgan Client Survey Points To Increase In Peripheral Exposure

BONDS
BulletMarketsFixed Income Bullets

J.P.Morgan’s latest European bond investor client survey reveals that “multi-currency European real money investors in EGBs modestly increased their long duration exposure since the last survey (from +0.18 to +0.21 years). This level remains above the average observed since the beginning of ‘23 (+0.11 years).”

  • “Single-currency European real money investors in EGBs also modestly increased their long duration exposure (from +0.28 to +0.30 years). This level remains broadly in line with the average observed since early ‘21 (+0.32 years).”
  • “Investors increased their overweight exposure in the European periphery since the last survey (from 13% to 20% net long). This level remains above the average observed since the beginning of ‘23 (4% net long).”
  • “European multi-currency investors decreased their duration exposure in USD (from +0.17 to +0.13 years).”
  • “Single-currency investors in GBP maintained their long duration exposure (+0.45 years). This level remains well above the average observed since the beginning of ‘24 (+0.36 years).”
  • Note that all duration deviations are relative to the relevant benchmark and are given in years.
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J.P.Morgan’s latest European bond investor client survey reveals that “multi-currency European real money investors in EGBs modestly increased their long duration exposure since the last survey (from +0.18 to +0.21 years). This level remains above the average observed since the beginning of ‘23 (+0.11 years).”

  • “Single-currency European real money investors in EGBs also modestly increased their long duration exposure (from +0.28 to +0.30 years). This level remains broadly in line with the average observed since early ‘21 (+0.32 years).”
  • “Investors increased their overweight exposure in the European periphery since the last survey (from 13% to 20% net long). This level remains above the average observed since the beginning of ‘23 (4% net long).”
  • “European multi-currency investors decreased their duration exposure in USD (from +0.17 to +0.13 years).”
  • “Single-currency investors in GBP maintained their long duration exposure (+0.45 years). This level remains well above the average observed since the beginning of ‘24 (+0.36 years).”
  • Note that all duration deviations are relative to the relevant benchmark and are given in years.