February 24, 2025 18:18 GMT
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.

78 words