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

BONDS: MNI Europe Pi (Positioning Indicator): Broadly Flat Into The Roll

- As we head into the rolling (M9/U9) period for EGBs, structural positioning

has gone slightly longer, with no contracts in net short positions, compared

with two shorts in our May 13 update.

- Reminder that Eurex first notice/last trade for M9 contracts is June 6 and we

will not provide a positioning update until after the roll is complete.

- The Schatz and Bund net structural positions have moved from short in our last

update to flat at present, with short covering seen last week. Bobl positioning

remains long, while Buxl remains flat.

- For yet another month, OAT structural positioning has remained flat - where it

has been since early February.

- Gilt futures are well into the roll (first notice on May 30), but prior to the

roll picking up heavily had moved from borderline short to flat.

- BTP structural positioning has edged off most extreme longs in at least a

year, but remain very long.

- For full analysis see: https://emedia.marketnews.com/MNI-PI-28052019.pdf