With the risk of sounding like a broken record, we once again point towards the changes in the global relative value that have made the US much more attractive and leaving Europe less attractive. Some of the main takes from the November numbers: Massive buying of US bonds in November like we saw back in June and March (EUR 30bn) Decent buying of European bonds; absolute holdings in French, German and Italian long term debt securities increased. Japanese buying of Australian bonds continues at steady rate (Around EUR 25bn for 2020) Limited buying of Danish callables During 2020 the investments in Scandinavia have ... (full story)