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BONDS: Europe Pi: Long-Setting, Short Cover Across Futures In Past Week

BONDS
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Structural positioning is largely flat across European bond futures as of Monday's close, per MNI Europe Pi.

  • Each of the German contracts is in structurally flat positioning, as are Gilt; OAT are short, with BTPs long.
  • This is a subtle shift in the longer direction - Bobl and Buxl had been short as of our Jan 28 update, while OAT has shifted from "very short", and BTP has moved from "flat".
  • The week to Monday saw longs set across all contracts overall, with the exception of short cover in Schatz. Monday's trade was similar, with short cover in Schatz and Bobl, and longs set across the other contracts.
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Structural positioning is largely flat across European bond futures as of Monday's close, per MNI Europe Pi.

  • Each of the German contracts is in structurally flat positioning, as are Gilt; OAT are short, with BTPs long.
  • This is a subtle shift in the longer direction - Bobl and Buxl had been short as of our Jan 28 update, while OAT has shifted from "very short", and BTP has moved from "flat".
  • The week to Monday saw longs set across all contracts overall, with the exception of short cover in Schatz. Monday's trade was similar, with short cover in Schatz and Bobl, and longs set across the other contracts.
image