J.P.Morgan European Client Survey Points To Modest Reduction In Overall Long Exposure

J.P.Morgan’s latest European bond investor survey reveals that “European real money investors in EGBs maintained their long duration exposure (levelling off at +0.21 years). This remains above the average observed since the beginning of 2020 (+0.07 years).”

• “Single-currency European real money investors in EGBs decreased their long duration exposure (from +0.50 to +0.39 years). This level remains significantly higher than the average observed since early 2021 (+0.31 years).”
• “Investors remained virtually neutral in their intra-EMU exposure (moving from 2% net long to 1% net short). This level remains above the average observed since the beginning of 2023 (7% net short).”
• “European multi-currency investors slightly decreased their long duration exposure in USD (from +0.18 to +0.16 years).”
• “In the UK, single-currency investors in GBP marginally decreased their long duration exposure (from +0.36 to +0.32 years). This level remains above the average observed since the beginning of 2023 (+0.27 years).”
• Note that all duration deviations are relative to the relevant benchmark and are given in years.