November 20, 2023 16:24 GMT
...Mostly Flat Positioning Outside Of Germany (2/2)
Outside of the German contracts, positioning is mostly flat:
- OAT: OAT contracts have been in flat structural positioning for all of Nov, vs short territory for most of the previous 3+ months. Last week's trade was evident of some short covering.
- GILT: Gilt is very marginally short (was structurally flat Thursday, moved very slightly short Friday), after being mostly flat since mid-September. Some short cover was evident last week.
- BTP: BTP structural positioning has edged to flat vs short previously. Last week's trade indicated long-setting.