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Mostly Flat Positioning Outside Of Germany

BONDS

Other developments in European bond futures positioning since our last Europe Pi update on June 19:

  • OATs have edged out of structurally short territory, where it spent a brief period earlier in June after flipping from long, and now sit flat . Some long-setting was seen last week.
  • Gilt remains in the short territory it found itself in our last update vs flat for most of the weeks leading up to the late-May contract roll. There was some short cover last week.
  • BTP structural positioning remains flat , where it has spent most of the past 2 months (after a stint in "long" territory in May). The contract saw some short covering last week.

Source: MNI Europe Pi

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