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BONDS: J.P.Morgan Survey Shows Reduction In EGB & Gilt Longs

BONDS
BulletMarketsFixed Income Bullets

J.P.Morgan's latest European bond investor client survey reveals that “multi-currency European real money investors decreased their long duration exposure in EGBs (from +0.23 to +0.18 years). This level remains above the average observed since the beginning of ‘23 (+0.13 years).”

  • “Single-currency European real money investors maintained their long duration exposure in EGBs (at +0.39 years). This level remains above the average observed since early ‘24 (+0.35 years).”
  • “Investors decreased their overweight exposure in the periphery (from 24% to 20% net long). This level remains above the average observed since the beginning of ‘23 (7% net long).”
  • “European multi-currency investors tweaked their USD exposure (moving from +0.01 years to neutral).”
  • “Single-currency investors in GBP decreased their long duration exposure (from +0.42 to +0.35 years). This level 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 decreased their long duration exposure in EGBs (from +0.23 to +0.18 years). This level remains above the average observed since the beginning of ‘23 (+0.13 years).”

  • “Single-currency European real money investors maintained their long duration exposure in EGBs (at +0.39 years). This level remains above the average observed since early ‘24 (+0.35 years).”
  • “Investors decreased their overweight exposure in the periphery (from 24% to 20% net long). This level remains above the average observed since the beginning of ‘23 (7% net long).”
  • “European multi-currency investors tweaked their USD exposure (moving from +0.01 years to neutral).”
  • “Single-currency investors in GBP decreased their long duration exposure (from +0.42 to +0.35 years). This level 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.