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BONDS: Europe Pi: OAT/GILT/BTP Flat Into Rolls

BONDS
  • OAT: OAT has steadily moved away from short to flat positioning since the end of January. Last week's trade was indicative of long reduction.
  • GILT: Gilt structural positioning was flat heading into the roll (our chart only shows positioning up to last Thursday when the roll began in earnest). There were some long reductions pre-roll.
  • BTP: BTP has edged off its usual structural long positioning, returning to flat last week. Longs were reduced in the most recent week of trade.
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  • OAT: OAT has steadily moved away from short to flat positioning since the end of January. Last week's trade was indicative of long reduction.
  • GILT: Gilt structural positioning was flat heading into the roll (our chart only shows positioning up to last Thursday when the roll began in earnest). There were some long reductions pre-roll.
  • BTP: BTP has edged off its usual structural long positioning, returning to flat last week. Longs were reduced in the most recent week of trade.
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