J.P.Morgan Survey Points To Steady Long Positioning For European Clients

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 (+0.13 years from +0.14). This level remains above the average observed since the beginning of ‘23 (+0.10 years).”

• “Single-currency European real money investors in EGBs also maintained their long duration exposure (+0.28 years from +0.30). This level remains below the average observed since early ‘21 (+0.32 years).”
• “Investors maintained their overweight exposure in the periphery (15% net long). This level is below the average observed since the beginning of ‘20 (average of 23%).”
• “European multi-currency investors modestly increased their duration exposure in USD (from +0.07 to +0.11 years).”
• “Single-currency investors in GBP maintained their long duration exposure (+0.38 years). This level remains above the average observed since the beginning of ‘23 (+0.29 years).”
• Note that all duration deviations are relative to the relevant benchmark and are given in years.