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

BONDS: MNI Europe Pi (Positioning Indicator): Surge In OAT Longs Continues

- EGB/Gilt futures positioning has become slightly more measured since the

beginning of 2019.

- German futures positioning is characterised by flatness at the front end and

longs further down the curve.

- Since our last biweekly update, Schatz positioning has gone from short to

flat, joining Bobl. Meanwhile, Bund positioning has moved from very long to

long, joining Buxl (which saw short cover last week) in that category.

- OAT structural positioning has gone from long to very long over the past two

weeks, with further longs set in the past week.

- Gilt positioning remains flat, but appears to be inching toward modest

structural short territory despite longs being set last week.

- BTP structural positioning remains long, with longs set last week. However,

the overall long position has receded somewhat since the start of the year.

- For full PDF version, including methodology:

http://marketnews-m.objects.xtenit.com/MNI-PI-29012019.pdf