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

BONDS: MNI Europe Pi (Positioning Indicator): BTPs And Gilts Switch Places

- Net long positioning in German bond futures has receded slightly in recent

weeks, while BTPs and Gilts have switched positions, with the former going long

and the latter flat.

- Structural positioning on Schatz futures has remained short for most of 2019,

and last week was no exception. Bund positioning ended last week at long, though

this is a moderation from 'very long' at the beginning of the week.

- Buxl and Bobl continue to vacillate between long and flat, as has been the

case for several months - at the end of last week, both had net flat positions.

- OAT structural positioning has remained flat since early February, though last

week saw longs set.

- Gilt long positioning has come off the boil since late February, as 'no deal'

Brexit odds have been priced out. Latest positioning is flat.

- BTP structural positioning moved back toward the long side last week.

- For full analysis: https://emedia.marketnews.com/MNI-PI-19032019.pdf