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MNI Europe Pi Update: Short Positioning Remains Prevalent

BONDS

Short structural positioning remains prevalent across Eurex futures contracts, per MNI Europe Pi. Our next full update will be out on Monday Oct 23, but for now an update:

  • All German contracts are in "short" territory, with Buxl "very short" - all unchanged since our last full Pi update on Oct 9 with the exception of Schatz (which has moved to short from flat). Price and OI moves are indicative of short setting in the most recent week's trade for Schatz and Bobl, with longs reduced in Bund and Buxl.
  • OAT structural positioning is modestly short, unchanged since our last full update. Longs were reduced in the most recent week.
  • BTP positioning is flat (unchanged since Oct 9), also with longs apparently reduced in the previous week.
  • Gilt is likewise flat (also unchanged), with shorts set in the most recent week

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