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

J.P.Morgan’s latest European bond investor client survey reveals that “European real money investors in EGBs marginally reduced their long duration exposure (from +0.12 to +0.11 years). This level remains above the average observed since the beginning of 2021 (+0.06 years).”

• “Single-currency European real money investors in EGBs also marginally reduced their long duration exposure (from +0.39 to +0.36 years). This level is above the average observed since early 2022 (+0.30 years).”
• “Investors decreased their overweight exposure in intra-EMU since the last survey (from 21% to 14% net long). This level is in line with the average observed since the beginning of 2024.”
• “European multi-currency investors turned from very small long to neutral in their duration exposure in USD (from +0.02 years to neutral).”
• “In the UK, single-currency investors in GBP further reduced their long duration exposure (from+0.30 to +0.23 years). This level remains above the average observed since the beginning of 2023.”
• Note that all duration deviations are relative to the relevant benchmark and are given in years.