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MNI Europe Pi (Positioning Indicator): Lack Of (Open) Interest
MNI Europe Pi (Positioning Indicator): Lack Of (Open) Interest
EXECUTIVE SUMMARY:
- Structural positioning across most European bond futures contracts has remained flat since our last biweekly update on Apr 3, with a mix of short-setting and long reduction seen last week.
- There are modest signs of structural longs being formed in Bobl, while BTPs have been moving steadily away from flat territory.
- Open interest remains below its pre-SVB/Credit Suisse crisis levels across all contracts, with Gilt, Buxl and Schatz holding up most, and OAT, Bund, BTP least.
Full PDF Analysis:
- GERMANY: German contracts, except for Schatz's short, remain in structurally flat positioning. Schatz and Buxl saw shorts set last week, with longs reduced in Bobl and Bund.
- OAT: Positioning remains flat, a fairly typical story for 2023 so far for the contract. There was some long reduction last week.
- GILT: Positioning remains in flat territory, with some short setting seen last week.
- BTP: Positioning shifted from short to flat two weeks ago and has remained there since, with longs reduced 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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