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Gilt And BTP Positioning Moves To "Long"; OAT Stays Flat (2/2)

BONDS

Looking at ex-German contracts:

  • OAT: OAT remains in flat structural positioning, the same for the past 2 quarters. Trade last week was indicative of short-setting.
  • GILT: Following the late February roll period, prior to which Gilts were in structurally flat territory, positioning has moved to long. Trade over the past week was indicative of long-setting.
  • BTP: BTP structural positioning has moved to long from "very long" previously. The past week's trade was indicative of longs being reduced.



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