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Neutral investors on longer-dated bonds fewest in six weeks -JPMorgan
September 26, 2017 / 2:36 PM / 3 months ago

Neutral investors on longer-dated bonds fewest in six weeks -JPMorgan

    NEW YORK, Sept 26 (Reuters) - The share of investors who
said they were holding longer-dated Treasuries equal to their
benchmarks shrank from last week to its smallest in six weeks,
JPMorgan Chase & Co's latest client survey showed on Tuesday.
    The move came after the Federal Reserve last week signaled
it may raise interest rates at its Dec. 12-13 policy meeting and
ongoing tensions between North Korea, and the United States and
its allies.
    At 10:13 a.m. (1413 GMT), the 10-year yield was
up 2 basis points at 2.237 percent. A week ago, it was 2.243
percent.
    Meanwhile, the share investors surveyed who said they held
fewer longer-dated Treasuries than their benchmarks grew to 30
percent, matching the level last seen on Aug. 14.  
    JPMorgan surveyed clients including bond fund managers,
central banks and sovereign wealth funds, as well as market
makers and hedge funds.
    The chart below displays the latest survey results of
JPMorgan's Treasury clients:

  All clients     Long   Neutral  Shorts     Net
                                           Position
 Sept. 25          11      59       30       -19
 Sept. 18          16      61       23        -7
 Sept. 11          9       64       27       -18
 Sept. 5           7       66       27       -20
 Aug. 28           7       75       18       -11
 Aug. 21           7       70       23       -16
 Aug. 14           11      59       30       -19
 Active clients                                
 Sept. 25          20      50       30       -10
 Sept. 18          10      70       20       -10
 Sept. 11          0       90       10       -10
 Sept. 5           0       80       20       -20
 Aug. 28           0       90       10       -10
 Aug. 21           0       90       10       -10
 Aug. 14           10      70       20       -10
 * NOTE: Positive value denotes net long, negative value denotes
net short

    

 (Reporting by Richard Leong; Editing by Chizu Nomiyama)
  

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