MNI Europe Pi (Positioning Indicator):........>

BONDS: MNI Europe Pi (Positioning Indicator): Steady Despite Market Volatility

- EGB/Gilt futures structural positioning has remained flat-to-short over the

past two weeks, though BTP and OAT short positions have shifted to flat.

- Despite market volatility, structural positioning across the German curve has

remained steady in the past two weeks.

- Schatz positioning remains flat, and while Bobl positions remain structurally

short, last week saw longs set.

- Bunds also saw fresh longs set, but the structural position remains flat. Buxl

remains alone among EGBs with its structural long position.

- OAT structural positioning has shifted from short (as was the case through

much of the preceding 2 months) to flat, with longs set last week.

- Gilt positioning remains flat alongside further signs of covering the net

short position seen amid late September's near-term Brexit deal optimism.

- BTP positions have moved back flat in the past two weeks, moving out of

structural shorts on account of short covering last week.

- For complete report see email or visit https://tinyurl.com/MNI-PI-23102018