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J.P.Morgan Survey Points To Increased European Peripheral Exposure

BONDS

J.P.Morgan’s latest European bond investor client survey reveals that “European real money investors in EGBs maintained their long duration exposure (moving from +0.15 to +0.14 years). This level is above the average observed since the beginning of 2022 (+0.03).”

  • “Single-currency European real money investors in EGBs also maintained their long duration exposure (at +0.39 years). This level remains above the average observed since early 2020 (+0.04 years).”
  • “Investors increased their overweight exposure in the European periphery vs. the last survey (from 12% to 19% net long). This level is above the average observed since the beginning of 2021 (15% net long).”
  • “European multi-currency investors modestly increased their duration exposure in USD (from +0.01 to +0.03 years).”
  • “Single-currency investors in GBP increased their long duration exposure (from +0.29 to +0.33 years). This level is above the average observed since the beginning of 2023 (+0.28 years).”
  • Note that all duration deviations are relative to the relevant benchmark and are given in years.
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J.P.Morgan’s latest European bond investor client survey reveals that “European real money investors in EGBs maintained their long duration exposure (moving from +0.15 to +0.14 years). This level is above the average observed since the beginning of 2022 (+0.03).”

  • “Single-currency European real money investors in EGBs also maintained their long duration exposure (at +0.39 years). This level remains above the average observed since early 2020 (+0.04 years).”
  • “Investors increased their overweight exposure in the European periphery vs. the last survey (from 12% to 19% net long). This level is above the average observed since the beginning of 2021 (15% net long).”
  • “European multi-currency investors modestly increased their duration exposure in USD (from +0.01 to +0.03 years).”
  • “Single-currency investors in GBP increased their long duration exposure (from +0.29 to +0.33 years). This level is above the average observed since the beginning of 2023 (+0.28 years).”
  • Note that all duration deviations are relative to the relevant benchmark and are given in years.