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Europe Pi Positioning Update: Short Setting Prevalent Last Week (1/2)

BONDS

Short positioning remains the theme in Europe Pi, with all contracts seeing activity last week indicative of short setting (with the exception of longs being reduced in Schatz).

  • Compared with our last full update on Jul 3, Schatz (short) Bobl and Bund (very short), and Buxl (flat) are unchanged.
  • If anything Bund shorts have deepened while Schatz shorts have moderated slightly. Last week Schatz Open Interest dropped 5%, contrasting with 3+% increases in Bund and Buxl OI as prices dropped.

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