SocGen's EU Governments Weekly Bond Positioning Report

The weekly analysis of flows into eurozone government bonds shows that for the week ended last Friday, investors were net buyers of Germany's Bunds and France's OATs, and, net sellers of Italy's BTPs and Spain's SPGBs, said Societe Generale.-- Bunds saw net buying over the week, continuing the trend from the previous six weeks and driven by both domestic and non-domestic investors. Domestic investors were net buyers, extending the buying momentum from the prior 10 weeks, with activity concentrated in the 5-10y and 10-20y sectors, where asset managers and insurers were the most active participants. Non-domestic investors were also net buyers for the seventh consecutive week, primarily in the 5-10y sector, led by hedge funds and insurers.-- OATs experienced net buying, continuing the trend observed over the previous six weeks and driven by both domestic and non-domestic investors. Domestic investors were net buyers for the 11 consecutive week, with activity concentrated in the 20y+ and 10-20y segments, led primarily by asset managers and insurers. Meanwhile, non-domestic investors were also net buyers for the seventh consecutive week, driven by hedge funds, with demand focused mainly in the 5-10y and 10-20y maturities.-- BTPs saw net selling, reversing the buying trend from the previous six weeks and driven by non-domestic investors. Domestic investors were net buyers, extending the buying trend of the past four weeks, with activity concentrated mainly in the 5-10y and 2-5y segments, led by banks. Non-domestic investors were net sellers, reversing the buying trend of the past 11 weeks, driven primarily by asset managers and hedge funds in the 20y+ and 10-20y segments.-- SPGBs saw net selling, reversing the buying trend from the previous four weeks and driven by non-domestic investors. Domestic investors were net buyers, extending the buying trend seen over the last four weeks, with activity concentrated in the 10-20y sector and driven primarily by banks and insurers. Non-domestic investors turned net sellers for the week, with activity focused mainly in the 10-20y and 2-5y categories and driven largely by banks and hedge funds.

-- The weekly analysis of flows into eurozone government bonds shows that for the week ended last Friday, investors were net buyers of Germany's Bunds and France's OATs, and, net sellers of Italy's BTPs and Spain's SPGBs, said Societe Generale.

-- Bunds saw net buying over the week, continuing the trend from the previous six weeks and driven by both domestic and non-domestic investors. Domestic investors were net buyers, extending the buying momentum from the prior 10 weeks, with activity concentrated in the 5-10y and 10-20y sectors, where asset managers and insurers were the most active participants. Non-domestic investors were also net buyers for the seventh consecutive week, primarily in the 5-10y sector, led by hedge funds and insurers.

-- OATs experienced net buying, continuing the trend observed over the previous six weeks and driven by both domestic and non-domestic investors. Domestic investors were net buyers for the 11 consecutive week, with activity concentrated in the 20y+ and 10-20y segments, led primarily by asset managers and insurers. Meanwhile, non-domestic investors were also net buyers for the seventh consecutive week, driven by hedge funds, with demand focused mainly in the 5-10y and 10-20y maturities.

-- BTPs saw net selling, reversing the buying trend from the previous six weeks and driven by non-domestic investors. Domestic investors were net buyers, extending the buying trend of the past four weeks, with activity concentrated mainly in the 5-10y and 2-5y segments, led by banks. Non-domestic investors were net sellers, reversing the buying trend of the past 11 weeks, driven primarily by asset managers and hedge funds in the 20y+ and 10-20y segments.

-- SPGBs saw net selling, reversing the buying trend from the previous four weeks and driven by non-domestic investors. Domestic investors were net buyers, extending the buying trend seen over the last four weeks, with activity concentrated in the 10-20y sector and driven primarily by banks and insurers. Non-domestic investors turned net sellers for the week, with activity focused mainly in the 10-20y and 2-5y categories and driven largely by banks and hedge funds.