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

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.