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

BONDS: MNI Europe Pi (Positioning Indicator): Big Longs In Bunds, OATs, BTPs

- EGB/Gilt future structural positioning is decidedly long so far in 2019.

- Bund futures structural positioning is at its longest since August 2018,

despite longs being reduced in the week of Jan 7-11. This is in sharp contrast

to Schatz short positioning, with more shorts set last week.

- This is tantamount to structural positioning for German curve flattening.

- Elsewhere on the German curve, Bobl positioning is flat while Buxl is long -

with shorts set on both last week.

- Going into a week that includes the Brexit withdrawal bill vote, Gilt

structural positioning was flat, with modest shorts set last week.

- BTP structural longs have come off the boil slightly from end-2018`s peak

levels, but long positioning remains, with new longs set last week.

- OAT structural positioning has surged to longest levels since at least Jan

2018, though last week saw shorts set.

- For full PDF version, including methodology:

http://marketnews-m.objects.xtenit.com/MNI-PI-15012019.pdf