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BONDS: J.P.Morgan European Client Survey Points To Mixed Positioning Adjustments

BONDS
BulletMarketsFixed Income Bullets

The latest J.P.Morgan European client survey reveals that “multi-currency European real money investors maintained their long duration exposure in EGBs (at +0.20 years). This level remains above the average observed since the beginning of ‘23 (+0.13 years).”

  • “Single-currency European real money investors decreased their long duration exposure in EGBs (from +0.34 to +0.28 years). This level is below the average observed since early ‘24 (+0.35 years).”
  • “Investors increased their overweight exposure in the periphery (from 23% to 25% net long). This level is still above the average observed since the beginning of ‘23 (6% net long).”
  • “European multi-currency investors’ USD exposure was little changed (moving from neutral to +0.01 years).”
  • “Single-currency investors in GBP increased their long duration exposure (from +0.35 to +0.42 years). This level is above the average observed since the beginning of ‘24 (+0.36 years).”
  • Note that all duration metrics are compared to their respective benchmarks.
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The latest J.P.Morgan European client survey reveals that “multi-currency European real money investors maintained their long duration exposure in EGBs (at +0.20 years). This level remains above the average observed since the beginning of ‘23 (+0.13 years).”

  • “Single-currency European real money investors decreased their long duration exposure in EGBs (from +0.34 to +0.28 years). This level is below the average observed since early ‘24 (+0.35 years).”
  • “Investors increased their overweight exposure in the periphery (from 23% to 25% net long). This level is still above the average observed since the beginning of ‘23 (6% net long).”
  • “European multi-currency investors’ USD exposure was little changed (moving from neutral to +0.01 years).”
  • “Single-currency investors in GBP increased their long duration exposure (from +0.35 to +0.42 years). This level is above the average observed since the beginning of ‘24 (+0.36 years).”
  • Note that all duration metrics are compared to their respective benchmarks.