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

BONDS
BONDS: /MNI Europe Pi (Positioning Indicator): Gilts Go Short
- Structural positioning is mixed across EGB futures, with a few shifts in the
German curve since our last biweekly update on March 20, and Gilts moving from
'flat' to 'short'.
- While Buxl structural positioning has remained flat since our last update,
there have been moves in each of the other contracts' positioning. 
- Schatz has moved from structural short to flat, with short covering seen last
week.
- With longs set last week, Bobl positioning has gone from flat to long.
Conversely, Bund positioning has moved from long to flat.
- Structural positioning in Gilts continues to fluctuate widely as it has for
the past 6 months, with the latest move to net short from flat.
- OAT structural positioning has remained flat since early February, with short
cover seen last week.
- BTP structural positioning has remained long since mid-March.
- For full matrix, see Analysis email at 0926BST/1026CET or contact us.

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