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MNI Europe Pi (Positioning Indicator): BTP Shorts Dissipate

MNI Europe Pi (Positioning Indicator): BTP Shorts Dissipate


  • Futures contracts have come out of the Jun-Sep roll (for most EGBs, peaking from end-May through first week of Jun) in mixed fashion.
  • BTPs notably moved away from long-standing short territory, with OATs and Bobl structural positioning moving increasingly short.



  • GERMANY: Futures remain mostly in short positioning post-roll. Bobl remains very short and has moved even shorter since our last biweekly update. Buxl remains flat and Schatz and Bund remain short. Shorts were set in all German contracts last week, with the exception of Bunds which saw reduction in longs.
  • OAT: Positioning moved sharply toward very short over the past couple of weeks, with the French legislative elections (Jun 19) potentially playing a role (longs reduced last week).
  • GILT: Structural positioning has moved increasingly short (vs flat in our last biweekly update). Longs were reduced last week.
  • BTP: Structural positioning has moved out of short territory for the first time since the beginning of 2022, last seen flat. Longs were set last week.

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