This is striking to note that net portfolio flows have been very negative again in February (€-73 bn, mostly because of debt securities), the most negative since April 2016. This is not because of heavy sales of Eurozone bonds by non-residents but because of strong buyings of foreign bonds by Eurozone residents (€ 54bn). This is probably because of investors’ hedging related to French elections: would it be true, that would be positive for risky assets in case of a market-friendly outcome.
Eurozone : strong portfolio outflows in February
DRUT Bastien , Fixed Income and FX Strategy