J.P.Morgan Client Survey Points To Generally Steady EGB Positioning

J.P.Morgan’s latest European bond investor client survey reveals that “European real money investors in EGBs maintained their long duration exposure (+0.14 years). This level is above the average observed since the beginning of ‘23 (+0.10 years).”

• “Single-currency European real money investors in EGBs also maintained their long duration exposure (+0.34 years). This level remains marginally above the average observed since early ’21 (+0.32 years).”
• “Investors marginally increased their overweight exposure in the periphery (from 23% to 25% net long). This level remains broadly in line with the average observed since the beginning of ‘20 (23% net long).”
• “European multi-currency investors maintained their duration exposure in USD (+0.08 years).”
• “Single-currency investors in GBP modestly increased their long duration exposure (from +0.35 to +0.38 years). This level remains above the average observed since the beginning of ‘23 (+0.29 years).”
• Note that all duration deviations are relative to the relevant benchmark and are given in years.