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MNI Europe Pi(Positioning Indicator): BTPs Flip Into Short
MNI Europe Pi(Positioning Indicator): BTPs Flip Into Short
EXECUTIVE SUMMARY:
- European bond futures structural positioning is largely flat though leaning towards short territory, with short-setting evident across almost all contracts in last week's trade.
- The most notable consequence of the most recent shift has been a flip into short territory for BTP from "very long" as recently as February, while Bund positioning is now "very short".
Full PDF Analysis:
- GERMANY: There is little change since our March 22 update at the shorter end of the German curve, with Schatz and Bobl remaining at flat. However, Buxl has moved back to short from flat (it had previously been short pre-Mar/Jun Eurex roll), while Bund has shifted to very short from short. Shorts were set across all 4 contracts last week.
- OAT: OAT remains in flat structural positioning, the same for the past 2+ quarters. Trade last week was indicative of short-setting. X
- GILT: Gilt structural positioning is unchanged since our last update, at long. However, last week's trade saw some evidence of long reduction.
- BTP: BTP structural positioning has moved all the way to short from "long" in our previous update, and "very long" prior to that. Short-setting was seen last week.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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