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

BONDS: MNI Europe Pi (Positioning Indicator): Longer Gilts As BTPs Go Flat

- Overall futures positioning remains flat-to-long since our Feb 5 update,

though there have been some subtle shifts across the German curve, and Gilt

longs are more extended.

- Longs continue to be set in Gilt futures, which have moved from structural

long to very long amid concerns over a no-deal Brexit at the end of March.

- BTP structural positioning has faded from structural longs seen since the

beginning of the year, having moved to flat at the end of last week.

- Buxl positioning remains long, which has been the case for most of 2019 so

far. It is joined by Bobl, for which positioning has gone long for the first

time since summer 2018, despite long reduction in the most recent week.

- Meanwhile, Schatz positioning has moved from long to flat, with shorts set

last week. Bund positioning remains flat.

- OAT longs turned to structural flats a couple of days after our last update on

Feb 4, and well off longs seen in late Jan. Last week saw short cover.

- For full analysis: https://emedia.marketnews.com/MNI-PI-19022019.pdf