J.P.Morgan European Client Survey Points To Stable Positioning Ahead Of Summer

J.P.Morgan’s latest European bond investor client survey reveals that “multi-currency European real money investors in EGBs maintained their long duration exposure (at +0.15 years). This level remains above the average observed since the beginning of ‘23 (+0.10 years).”

• “Single-currency European real money investors in EGBs modestly reduced their long duration exposure (from +0.31 to +0.28 years). This level is marginally below the average observed since early ‘21 (+0.32 years).”
• “Investors maintained their overweight exposure in the periphery (moving from 23% to 22% net long). This level remains above the average observed since the beginning of ‘24 (17% net long).”
• “European multi-currency investors maintained their duration exposure in USD (at +0.11 years).”
• “Single-currency investors in GBP maintained their long duration exposure (at +0.38 years). This level remains above the average observed since the beginning of ‘23 (+0.30 years).”
• Note that all duration deviations are relative to the relevant benchmark and are given in years.