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J.P.Morgan Client Survey Points To Uptick In EGB Longs

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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), remaining above the average observed since the beginning of ‘23 (+0.10 years).”

  • “Single-currency European real money investors in EGBs increased their long duration exposure (from +0.30 to +0.34 years). This level is above the average observed since early ‘21 (+0.32 years).”
  • “Investors increased their overweight exposure to the periphery (from 18% to 23% net long). This level is in line with the average observed since the beginning of ‘20 (23% net long).”
  • “European multi-currency investors marginally decreased their duration exposure in USD (from +0.11 to +0.09 years).”
  • “Single-currency investors in GBP modestly decreased their long duration exposure (from +0.38 to +0.35 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.
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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), remaining above the average observed since the beginning of ‘23 (+0.10 years).”

  • “Single-currency European real money investors in EGBs increased their long duration exposure (from +0.30 to +0.34 years). This level is above the average observed since early ‘21 (+0.32 years).”
  • “Investors increased their overweight exposure to the periphery (from 18% to 23% net long). This level is in line with the average observed since the beginning of ‘20 (23% net long).”
  • “European multi-currency investors marginally decreased their duration exposure in USD (from +0.11 to +0.09 years).”
  • “Single-currency investors in GBP modestly decreased their long duration exposure (from +0.38 to +0.35 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.