Free Trial

German Structural Shorts Stand Out

BONDS
German bond futures structural positioning stands out vs the rest of Europe for the number and degree of "shorts" emerging in the past month as the space sold off (full Europe Pi PDF is available here).
  • Schatz remains in short structural positioning, same as our last Europe Pi update on June 19, but Bobl has moved to "very short" from merely short prior (shorts were set last week for both contracts).
  • Bund meanwhile has shifted from flat to "very short", with longs reduced last week.
  • Buxl positioning remains flat (short cover was seen last week).

Other developments in European bond futures positioning since our last Europe Pi update on June 19:OATs have edged out of structurally short territory, where it spent a brief period earlier in June after flipping from long, and now sit flat. Some long-setting was seen last week.Gilts remain in the

To read the full story

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.