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

BONDS: MNI Europe Pi (Positioning Indicator): German Longs Into The Roll: 

- As we near time for EGB M0/U0 rolls (first notice date for front futures is

June 8), positioning remains firmly long in German contracts, while OATs and BTP

have stayed flat. Again, there are no contracts in short territory for the

second consecutive biweekly update. (Contact us for full PDF analysis.)

- GERMANY: The standout in Germany remains Schatz, for which structural

positioning remains longest since at least early 2019. Not much shift in the

other contracts over the past couple of weeks, with Bobl and Buxl remaing long,

and Bund edging from flat to long territory. That said, we saw longs reduced

last week."

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

with longs reduced last week.

- Gilt: Positioning remains flat, but our indicator may be distored by the start

of the roll on May 20 (now around 1/2 complete ahead of May 28 1st notice).

- BTP: Positioning remains flat, with short covering continuing as contract

prices head higher.