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

BONDS: MNI Europe Pi (Positioning Indicator): Short OATs

- With core/semi-core EGB futures reaching new highs over the past two weeks

since our last update, the most notable changes in positioning have been at the

short end of the German curve (going long), contrasted by a flip to structural

shorts in France and a move from long to flat in Gilts.

- GERMANY: Both ends of the German curve have gone structurally long, the first

time Schatz and Buxl positioning has been simultaneously long in 2019.

Meanwhile, structural positioning in Bobl and Bunds remains flat. Notably, all

German futures contracts saw longs set last week.

- OAT: Positioning has gone structurally short (the shortest among EGBs at this

point, in fact), versus longs seen for most of 2019.

- GILT: The structural longs enjoyed for 1-2 weeks did not last; positioning has

gone back to flat, which was previously the case for the 6 preceding weeks.

- BTP: Positioning remains flat for our second consecutive update, after net

longs were posted for most of the previous 5 months.

**For full PDF analysis see: https://emedia.marketnews.com/MNI-PI19082019.pdf