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BTPs Move Long, Joining Gilts; OAT Shorts Dissipate (2/2)

BONDS

Gilts continue to represent the biggest longs in Europe Pi, unchanged from mid-July. Last week's trade saw evidence of short-setting.

  • OAT has shifted to flat structural positioning, vs extreme shorts in late July and merely "short" in our last biweekly update. Longs were reduced last week.
  • BTP structural positioning has tilted into long territory from flat seen for most of the prior 4 months. Trade last week was indicative of short setting.

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