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J.P.Morgan Survey Points To Relatively Stable Positioning Amongst European Investors

BONDS
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J.P.Morgan’s latest European bond investor client survey reveals that “multi-currency European real money investors in EGBs modestly increased their long duration exposure since the last survey (from +0.15 to +0.17 years). This level remains above the average observed since the beginning of ‘23 (+0.11 years).”

  • “Single-currency European real money investors in EGBs decreased their long duration exposure (from +0.28 to +0.25 years). This level is below the average observed since early ‘21 (+0.30 years).”
  • “Investors marginally decreased their overweight exposure in periphery since the last survey (from 22% to 20% net long). This level is broadly in line with the average observed since the beginning of ‘24 (18% net long).”
  • “European multi-currency investors increased their duration exposure in USD (from +0.11 to +0.15 years).”
  • “Single-currency investors in GBP increased their long duration exposure (from +0.38 to +0.41 years). This remains well above the average observed since the beginning of 2024 (+0.34 years).”
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J.P.Morgan’s latest European bond investor client survey reveals that “multi-currency European real money investors in EGBs modestly increased their long duration exposure since the last survey (from +0.15 to +0.17 years). This level remains above the average observed since the beginning of ‘23 (+0.11 years).”

  • “Single-currency European real money investors in EGBs decreased their long duration exposure (from +0.28 to +0.25 years). This level is below the average observed since early ‘21 (+0.30 years).”
  • “Investors marginally decreased their overweight exposure in periphery since the last survey (from 22% to 20% net long). This level is broadly in line with the average observed since the beginning of ‘24 (18% net long).”
  • “European multi-currency investors increased their duration exposure in USD (from +0.11 to +0.15 years).”
  • “Single-currency investors in GBP increased their long duration exposure (from +0.38 to +0.41 years). This remains well above the average observed since the beginning of 2024 (+0.34 years).”