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

BONDS: MNI Europe Pi (Positioning Indicator): Gilt Longs Stand Out

- Structural positioning in European bond futures remains to the long side for

the most part, with a surge in Gilt longs standing out since our Jan 29 update.

- Very long structural positioning in Bunds seen going into 2019 continues to

recede, though remains long overall. Also still long is Buxl, which has

overtaken Bund in extent of long positioning for the first time since mid-Dec.

- Meanwhile, Schatz positioning returned to short in the past week, following a

couple of weeks at flat. Bobl positioning remains flat, with some of the longs

set two weeks ago pared back last week.

- The steam came out of OAT longs a bit last week, with the contract going from

very long to long structural positioning.

- Gilt futures saw longs set last week, helping move the structural positioning

from flat to long since our last update.

- BTP structural positioning remains long, though longs were reduced last week,

and are well off structural longs seen at the beginning of the year.

- For full analysis: http://marketnews-m.objects.xtenit.com/MNI-PI-05022019.pdf