February 12, 2025 18:33 GMT
BONDS: Europe Pi: OAT Short, Gilt Flat, BTP Long (2/2)
BONDS
Outside of Germany in Europe Pi, structural positioning is slightly more mixed:
- OAT: OAT is in short positioning (was "very short" in our last update). Recent trade suggests long reduction.
- GILT: Gilt structural positioning remains flat. The most recent week saw trade indicative of long reduction.
- BTP: BTP has returned to its usual structural long positioning, after briefly touching flat territory in January. Shorts were set in the most recent week of trade.
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