May 01, 2023 12:14 GMT
MNI Europe Pi (Positioning Indicator): German Shorts Return
German shorts appear to be returning, with OAT, Gilt and Gilt moving away from short territory.
- Structural positioning is beginning to shift across most European bond futures, after being flat for most of April.
- In particular German shorts appear to be returning, with OAT, Gilt and Gilt moving away from short territory.
- Last week saw mostly long-setting, with some short cover.
Full PDF Analysis:
- GERMANY: The standout move in Germany is the sharp move to strucurally "very short" from short in Schatz (despite some short cover last week). Additionally, Bobl and Bund have moved from flat to short (despite some longs set last week). Buxl is the outlier, remaining in flat territory (some long setting last week).
- OAT: Positioning has ticked to long vs flat in most of our updates so far in 2023. Last week saw some short covering.
- GILT: Gilts have moved from flat to long territory, with some longs set last week.
- BTP: Structural positioning has remained flat over the past month, with some longs set last week.