JPM: sovereign bond shortages expected to grow

Bloomberg reports:

Sovereign-bond purchases by the European Central Bank and the Bank of Japan are likely to fuel demand for fixed income that may exceed issuance this year by more than previously estimated, bolstering bond prices, according to JPMorgan Chase & Co.

Central-bank bond-buying will increase even after the end of a Federal Reserve program last year, leading to $600 billion in demand in excess of supply, according to a note to investors published by team of JPMorgan strategists that included Nikolaos Panigirtzoglou in London. The bank earlier estimated $412 billion in demand in excess of supply.

The full article is available here.

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