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J.P.Morgan European Client Survey Shows Increase Gilt Longs

BONDS
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J.P.Morgan’s latest European bond investor client survey reveals that “European multi-currency real money investors in EGBs maintained their long duration exposure in the time since the last survey (levelling off at +0.14 years). This remains above the average observed since the beginning of ‘22 (+0.03 years).”

  • “Single-currency European real money investors in EGBs reduced their long duration exposure (from +0.39 to +0.30 years). This level is below the average observed since early ‘21 (+0.32 years).”
  • “Investors modestly reduced their overweight exposure in the periphery (from 19% to 15% net long). This level is above the average observed since the beginning of ‘23 (1% net short).
  • “European multi-currency investors modestly increased their duration exposure in USD (from +0.03 to +0.07 years).”
  • “Single-currency investors in GBP increased their long duration exposure (from +0.33 to +0.38 years). This level remains above the average observed since the beginning of ‘23 (+0.28 years).”
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J.P.Morgan’s latest European bond investor client survey reveals that “European multi-currency real money investors in EGBs maintained their long duration exposure in the time since the last survey (levelling off at +0.14 years). This remains above the average observed since the beginning of ‘22 (+0.03 years).”

  • “Single-currency European real money investors in EGBs reduced their long duration exposure (from +0.39 to +0.30 years). This level is below the average observed since early ‘21 (+0.32 years).”
  • “Investors modestly reduced their overweight exposure in the periphery (from 19% to 15% net long). This level is above the average observed since the beginning of ‘23 (1% net short).
  • “European multi-currency investors modestly increased their duration exposure in USD (from +0.03 to +0.07 years).”
  • “Single-currency investors in GBP increased their long duration exposure (from +0.33 to +0.38 years). This level remains above the average observed since the beginning of ‘23 (+0.28 years).”