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***Latest one week changes in Dec-17 open......>

EGBS
EGBS: ***Latest one week changes in Dec-17 open interest versus market
direction.
*....................Pr Chnge 1wk...OI Chng 1wk..Trade
*Schatz.................-0.12........1.2%........set shorts
*Bobl...................-0.65........2.0%........set shorts
*Bund...................-1.77........1.3%........set shorts
*Buxl...................-3.64........1.9%........set shorts
*BTP....................-1.44.......-0.1%........reduce longs
*OAT....................-1.33.......-1.9%........reduce longs
*Gilts..................-3.54.......-0.2%........reduce longs
- The past week has shown a fairly consistent pattern that shorts have been set
on the German contracts but for non-German contracts the picture is a uniform
reduction of existing longs. Although not shown, this also extends into the US
contracts with a particularly large OI decline for the 5Y note ahead of the FOMC
decision tomorrow. On a longer term perspective, we note that the Bobl is where
recent entrants over the past 6 weeks have placed the most shorts.

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