J.P.Morgan Client Survey Sees Uptick In Outright EGB & Gilt Longs

J.P.Morgan’s latest European bond investor client survey reveals that “European real money investors in EGBs marginally increased their long duration exposure (from +0.11 to +0.15 years). This level remains above the average observed since the beginning of 2020 (+0.06 years).”

• “Single-currency European real money investors in EGBs also marginally increased their long duration exposure (from +0.39 to +0.42 years). This level remains higher than the average observed since early 2020 (+0.35 years).”
• “Investors modestly decreased their overweight exposure in intra-EMU since the last survey (from 12% to 7% net long). This level is above the average observed since the beginning of 2023 (6% net short).”
• “European multi-currency investors maintained their long duration exposure in USD (+0.05 years).”
• “In the UK, single-currency investors in GBP marginally increased their long duration exposure (from +0.27 to +0.31 years). This level remains above the average observed since the beginning of 2022 (+0.13 years).”
• Note that all duration deviations are relative to the relevant benchmark and are given in years.