Treasury
SocGen's EU Governments Weekly Bond Positioning Report
The weekly analysis of flows into eurozone government bonds shows that, for the week ending last Friday, investors were net buyers of Germany's Bunds, France's OATs and Spain's SPGBs, and net sellers of Italy's BTPs, said Societe Generale.Bunds saw net buying over the week, continuing the trend of the previous 11 weeks and driven by both domestic and non-domestic investors. Domestic investors were net buyers, extending a 15-week buying streak, with activity concentrated in the 5-10y sector, where banks and asset managers were the most active participants. Non-domestic investors were also net buyers for the 12th consecutive week, primarily in the 5-10y and 10-20y sectors, led by asset managers and banks.OATs experienced net buying, continuing the buying trend observed over the previous three weeks and driven primarily by both domestic and non-domestic investors. Domestic investors were net buyers for the 16th consecutive week, with activity concentrated in the 20y+ and 10-20y segments, led mainly by asset managers. Meanwhile, non-domestic investors continued to be net buyers for the second consecutive week, driven by hedge funds and asset managers, with activity focused mainly in the 20y+ maturity.BTPs saw net selling, reversing the buying trend, driven by domestic investors. Domestic investors were net sellers, reversing the buying trend of the previous nine weeks, with activity concentrated mainly in the 20y+ segment and led by banks. Non-domestic investors continued to be net buyers, driven primarily by asset managers and hedge funds in the 20y+ and 2-5y segments.SPGBs saw net buying, extending the buying trend of the previous four weeks, driven by non-domestic investors. Domestic investors were net sellers after being buyers for the previous two weeks, with activity concentrated in the 5-10y and 10-20y sectors and driven primarily by asset managers. Non-domestic investors remained net buyers for the fifth consecutive week, with activity focused mainly in the 5-10y and 10-20y segments and driven largely by asset managers.
$CXY