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

BONDS: MNI Europe Pi (Positioning Indicator): Short Schatz, Long Bunds: 

- The main shift in European bond futures positioning since our update on Feb 19

is in Germany, where Bunds have moved longer and Schatz have moved shorter.

- Compared with a week ago, there has been a shift in German curve positioning,

with Schatz going from flat to short, further carrying on its move lower from

longs seen earlier in February. This has been mirrored by a move in Bund

positioning from flat to very long. 

- Bobl and Buxl structural positioning remains long (the latter which has been

the case for most of 2019 so far).

- Little movement seen in OAT structural positioning, which remains flat despite

longs set last week, and well off longs seen in late January.

- BTP structural positioning has moved a little flatter with longs reduced last

week, but remains flat overall.

- While our indicator suggests Gilt positioning has moved flat from very long in

the past week, this is due to heavy roll volumes distorting the reading.

- For full analysis see https://emedia.marketnews.com/MNI-PI-26022019.pdf