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BONDS: J.P.Morgan Survey Shows Extension Of EGB Longs, Trimming Of Gilt Longs

BONDS
BulletMarketsFixed Income Bullets

J.P.Morgan’s latest European bond investor client survey reveals that “multi-currency European real money investors in EGBs further increased their long duration exposure since the last survey (from +0.21 to +0.24 years). This level remains above the average observed since the beginning of ‘23 (+0.11).”

  • “Single-currency European real money investors in EGBs also further increased their long duration exposure (from +0.30 to +0.37 years). This level is now above the average observed since early ‘24 (+0.34).”
  • “Investors maintained their overweight exposure in the periphery since the last survey (20% to 19% net long). This level remains above the average observed since the beginning of ‘23 (4% net long).”
  • “European multi-currency investors essentially maintained their duration exposure in USD (from +0.13 to +0.12 years).”
  • “Single-currency investors in GBP decreased their long duration exposure (from +0.45 to +0.40 years). This level remains 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 further increased their long duration exposure since the last survey (from +0.21 to +0.24 years). This level remains above the average observed since the beginning of ‘23 (+0.11).”

  • “Single-currency European real money investors in EGBs also further increased their long duration exposure (from +0.30 to +0.37 years). This level is now above the average observed since early ‘24 (+0.34).”
  • “Investors maintained their overweight exposure in the periphery since the last survey (20% to 19% net long). This level remains above the average observed since the beginning of ‘23 (4% net long).”
  • “European multi-currency investors essentially maintained their duration exposure in USD (from +0.13 to +0.12 years).”
  • “Single-currency investors in GBP decreased their long duration exposure (from +0.45 to +0.40 years). This level remains 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.