The weekly analysis of flows into eurozone government bonds shows that, for the week ended last Friday, investors were net buyers of all sovereign bonds -- Germany's Bunds, France's OATs, Italy's BTPs and France's SPGBs, said Societe Generale.
Bunds saw net buying over the week, continuing the trend of the previous 13 weeks and driven by non-domestic investors. Domestic investors were net sellers, extending the selling trend from the previous week, with activity concentrated in the 20y+ and 2-5y sectors, where insurers and asset managers were the most active participants. Non-domestic investors were also net buyers for the 14th consecutive week, primarily in the 5-10y and 2-5y sectors, led by asset managers and banks.
OATs experienced net buying, reversing the selling trend observed in the previous week and were driven by both domestic and non-domestic investors. Domestic investors were net buyers for the 18th consecutive week, with activity concentrated in the 20y+ segment, led mainly by asset managers and insurers. Meanwhile, non-domestic investors were also net buyers, reversing the prior week's selling trend, driven by hedge funds, with activity focused mainly in the 5-10y maturity.
BTPs saw net buying, continuing the buying trend from the previous week and driven by both domestic and non-domestic investors. Domestic investors were net buyers, extending the prior week's buying trend, with activity concentrated mainly in the 0-2y and 5-10y segments, led by banks. Non-domestic investors also remained net buyers, driven primarily by asset managers and banks, with activity focused on the 5-10y and 2-5y segments.
SPGBs saw net buying, extending the buying trend of the previous six weeks, driven by both domestic and non-domestic investors. Domestic investors were net buyers for the second consecutive week, with activity concentrated in the 5-10y sector and driven primarily by banks and insurers. Non-domestic investors remained net buyers for the seventh consecutive week, with activity focused mainly in the 5-10y and 20y+ segments, driven largely by asset managers and insurers.