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OAT Enters Long Territory, As BTPs Exit (2/2)

BONDS
From our MNI Pi update:
  • OATs have flipped to structurally short territory vs its previous position as the longest in MNI Pi, though there was some short covering evident last week.
  • Gilts have descended into short territory vs flat for most of the weeks leading up to the late-May contract roll. Further shorts were set last week.
  • BTP has exited the long positioning it saw for much of May (its longest stint in long territory since July 2022), and now stands at flat - however there were longs set last week.

Source: MNI Pi

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