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

BONDS: MNI Europe Pi (Positioning Indicator): Rising Interest In Schatz Longs:

With the exception of OATs, EGB and Gilt positioning has moved more long / less

short since late April, with the German short end and Gilts standing out.

Overall, structural positioning is flat/long: no contracts in short territory.

- GERMANY: Schatz structural positioning has gone longest since at least early

2019 vs flat a couple of weeks ago. Bobl is longest since June 2019, while Bund

(flat) and Buxl (long) have remained fairly steady. Bobl/ Schatz/ Bund open

interest has been grinding higher, with Schatz/Bund at new OI highs, while Bobl

remains well below the lows, and Buxl OI has flatlined.

- OAT: Positioning has gone from longest in nearly 10 months to merely flat,

with longs reduced last week.

- GILTS: Positioning has moved away from short territory and into flat for the

first time since late March.

- BTP: shorts have dissipated since late March, with positioning hovering at

flat overall since late April.

- For full document see: https://emedia.marketnews.com/MNIPi11052020.pdf