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German Structural Shorts Stand Out

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

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