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Overall, positioning is a bit more long than it was in mid-Sept. The strong performance of the BTP in recent weeks (cash yields hitting all-time lows) is mirrored in much longer positioning.
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- GERMANY: The standout move in Germany over the past few weeks has been in Buxl, drifting from long to flat, with shorts set last week. The other 3 German contracts saw longs set last week. At the short end, Schatz is little changed, in short territory. Bobl remains long, while Bund has come back a bit to long vs very long previously.
- OAT: Positioning has moved back from short territory to flat, with longs set last week.
- GILT: Positioning is long, though off the longest levels seen in Aug-Sep. Last week saw a reduction in longs.
- BTP: Positioning has returned to very long positioning, where it spent much of the summer - further longs were set 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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