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Europe Pi: Unchanged In OAT (Flat), Gilt (Short), BTP (Long) (2/2)

BONDS

Regarding structural positioning in ex-German futures contracts:

  • OAT: OAT remains in flat structural positioning, where it has been for most of the past half-year. Trade last week was indicative of short setting.
  • GILT: Gilt structural positioning remains short, maintaining the reversal seen this year in contrast to long positioning in late 2023. Longs were reduced last week.
  • BTP: BTP structural positioning remains in long territory, where it has been since early February - and last week's trade was indicative of further longs being set.

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