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BTP Moves Into Short Territory, Joining OAT; Gilts Steady At Flat (2/2)

BONDS

OAT futures remain in structurally short territory where they have been since early July (apart from a spell in September in very short territory). Shorts were set last week.

  • Gilt positioning has remained very steady at flat since mid-September, after having oscillated between longs and shorts. Shorts were set last week.
  • BTP structural positioning has shifted to short territory vs flat in our previous update. Some long reduction was evidenced last week.

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