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

BONDS
BONDS: MNI Europe Pi (Positioning Indicator): Gilts Stay Short, BTPs Still Long
- Structural positioning in European bond futures remains unchanged since our
last update on April 2, mirroring steady directional price action (Gilts and
Bunds off 1-2%, BTPs up 1%) over the past two weeks.
- German positioning is largely flat. The notable exception is in Bobl, where
positioning remains long. Schatz shorts were set last week, but positioning
stays flat. Despite longs set last week, Bund positions also remain flat.
- Buxl short covering has done little to shift the needle, with positioning
still flat.
- OAT structural positioning has remained flat since early February, with short
cover seen last week.
- Gilt positioning has settled in short territory, with further shorts set last
week as Parliament set off on holiday amid the Brexit impasse.
- BTP structural positioning has remained long since mid-March, though last week
saw longs reduced.
**For full analysis see: https://emedia.marketnews.com/MNI-PI-15042019.pdf

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