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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.
MNI Europe Pi (Positioning Indicator): Gilt Longs Stand Out
MNI Europe Pi (Positioning Indicator): Gilt Longs Stand Out
EXECUTIVE SUMMARY:
- European bond futures structural positioning the past 6 weeks has been characterized mainly by shorts in German contracts.
- However since our last full MNI Europe Pi update on Jul 17 there have been some developments including Gilts moving longer and OAT moving shorter.
- Over July as a whole we saw a rise in Gilt, Schatz and OAT open interest, with Bobl and BTP OI declining and Bund/Buxl relatively flat.
Full PDF Analysis:
- GERMANY: If anything, Bobl and Bund have moved away from extreme shorts seen in the first half of July, but remain very much in short territory (Bund structural positioning is still "very short"). Schatz remains short, while Buxl has drifted into modestly short positioning from flat previously. Last week saw mixed trade: longs were set in Schatz, with shorts set in Bund and Buxl; Bobl saw some short covering.
- OAT: OAT has entered "very short" structural positioning, vs merely short in our previous update. Further shorts were set last week.
- GILT: Gilts stand apart in the space with a move into long territory in the past couple of weeks (though some long reduction was evident last week). This contrasts with the contract's short territory status through most of June.
- BTP: BTP structural positioning remains flat - basically unchanged in the months since a short period in "long" territory in May. Trade last week was indicative of short cover.
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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