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MNI Europe Pi (Positioning Indicator): Lack Of (Open) Interest

BONDS
We've just published our latest MNI Pi (PDF here):
  • 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.

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