SocGen's EU Governments Weekly Bond Positioning Report
The weekly analysis of flows into eurozone government bonds shows that for the week ending Friday, investors were net buyers of Germany's Bunds, France's OATs, Italy's BTPs, and Spain's SPGBs, said Socete Generale.-- Bunds saw net buying over the week, continuing the trend of the previous 10 weeks and driven by both domestic and non-domestic investors. Domestic investors were net buyers, extending a 14 week buying streak, with activity concentrated in the 20y+ sector, where insurers were the most active participants. Non-domestic investors were also net buyers for the 11 consecutive week, primarily in the 20+y and 5-10y sectors, led by asset managers and banks.-- OATs experienced net buying, continuing the buying trend observed over the previous two weeks and driven primarily by both domestic and non-domestic investors. Domestic investors were net buyers for the 15th consecutive week, with activity concentrated in the 20y+ and 10-20y segments, led mainly by asset managers. Meanwhile, non-domestic investors turned net buyers after seeing net selling over the previous week, driven by asset managers and banks, with activity focused mainly in the 20y+ and 5-10y maturities.-- BTPs saw net buying, continuing the previous week's buying trend, driven by both domestic and non-domestic investors. Domestic investors remained net buyers, extending their seven-week buying streak, with activity concentrated mainly in the 5-10y and 20y+ segments and led by banks and insurers. Non-domestic investors turned net buyers, reversing last week's selling trend, driven primarily by asset managers in the 10-20y and 5-10y segments.-- SPGBs saw net buying, extending the buying trend of the previous three weeks and driven by both domestic and non-domestic investors. Domestic investors were net buyers for the second consecutive week, with activity concentrated in the 10-20y and 20y+ sectors and driven primarily by insurers. Non-domestic investors remained net buyers for the fourth consecutive week, with activity focused mainly in the 10-20y and 20y+ segments and driven largely by asset managers and banks.