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MNI Europe Pi: Bunds Turn Long, Bobl Short, Gilt Flat

BONDS

After a week of mixed trade (indicative of some shorts set, some short cover, and some longs reduced/set across various contracts), structural positioning across the space has shifted subtly since our last update on Nov 6 (which was based on OI/price data through Nov 3).

  • GERMANY: Buxl and Schatz structural positioning remains short, but Bobl has shifted to short from flat, and Bund has become the only structurally long contract in Europe Pi.
  • OAT: OAT contracts remain in flat structural positioning for another update, vs short territory for most of the previous 3 months.
  • GILT: Gilt structural positioning has edged away from short to flat since our last update.
  • BTP: BTP structural positioning remains in short territory with minimal change since mid-October.
  • Our next full MNI Europe Pi update will be published on Monday Nov 20.

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