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BONDS: J.P.Morgan Client Survey Sees EGB Longs Cut Alongside German Fiscal News

BONDS
BulletMarketsFixed Income Bullets

J.P.Morgan's latest European bond investor client survey reveals that “multi-currency European real money investors significantly decreased their long duration exposure in EGBs since the last survey (from +0.18 to +0.12 years). This is below the average observed since the beginning of ‘24 (+0.17 years)”.

  • “Single-currency European real money investors also significantly decreased their long duration exposure in EGBs (from +0.39 to +0.18 years). This is well below the average observed since early ‘23 (+0.34 years)”.
  • “Investors decreased their overweight exposure in the periphery (from 20% to 16% net long). This remains above the average observed since the beginning of ‘23 (7% net long)”.
  • “European multi-currency investors increased their exposure in USD (from neutral to +0.02 years)”.
  • “Single-currency investors in GBP maintained their long duration exposure (+0.35 years). This remains broadly in line with the average observed since the beginning of ‘24 (+0.37 years)”.
  • Note that all survey metrics are compared to their respective benchmarks.
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J.P.Morgan's latest European bond investor client survey reveals that “multi-currency European real money investors significantly decreased their long duration exposure in EGBs since the last survey (from +0.18 to +0.12 years). This is below the average observed since the beginning of ‘24 (+0.17 years)”.

  • “Single-currency European real money investors also significantly decreased their long duration exposure in EGBs (from +0.39 to +0.18 years). This is well below the average observed since early ‘23 (+0.34 years)”.
  • “Investors decreased their overweight exposure in the periphery (from 20% to 16% net long). This remains above the average observed since the beginning of ‘23 (7% net long)”.
  • “European multi-currency investors increased their exposure in USD (from neutral to +0.02 years)”.
  • “Single-currency investors in GBP maintained their long duration exposure (+0.35 years). This remains broadly in line with the average observed since the beginning of ‘24 (+0.37 years)”.
  • Note that all survey metrics are compared to their respective benchmarks.