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MNI Europe Pi (Positioning Indicator): Shifting German Shorts

The broad trend in European bond futures is for flat-to-short positioning.

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The broad trend in European bond futures is for flat-to-short positioning, though the two outright short contracts (Gilt and Bobl) are less short than they were in late December. The past week saw widespread short setting, with some longs reduced in longer-end German contracts.

FOR FULL PDF ANALYSIS:

MNIPi12Jan2022.pdf

  • GERMANY: German futures positioning remains broadly flat. Each of Schatz, Bund, and Buxl are in that category. But Buxl has shifted from short in our previous update Dec 20; and conversely, Bobl has moved from flat to short. Last week saw shorts set in Schatz and Bobl, and longs reduced in Bund and Buxl.
  • OAT: Positioning continues to fluctuate, with the current reading of flat - compared to long in our prior update, and very short before that. Last week saw shorts set.
  • GILT: Structural positioning continues to be short, though off the extreme shorts in late December. The past week saw short-setting.
  • BTP: structural positioning has steadied out at flat in our last couple of updates, versus significant shorts in October and November. Shorts were set in the past week.