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BTP Positioning Moves Long, Gilt To Short, OAT Stays Flat (2/2)

BONDS

Elsewhere in Europe, there have been divergences evident across structural positioning:

  • OAT: OAT remains in flat structural positioning, where it has been for most of the past half-year. Trade last week was indicative of long setting.
  • GILT: Gilt structural positioning, like Bund, has moved to long in late 2023, to flat in Jan, to short structural positioning currently. in our previous two updates. Some long-setting was seen last week.
  • BTP: BTP structural positioning stands apart by moving into long territory for the first time since September, from flat previously, with some short covering seen last week.

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