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OAT Shorts Return, Gilt And BTP Flat (2/2)

BONDS
  • OAT: OATs have dipped back into structurally short territory per MNI Pi, having flipped from long to short back to flat since early June. Some short covering was seen last week.
  • GILT: Gilt positioning has reverted to flat where it was most of Q2, having moved into short territory through most of June. There was some long-setting last week.
  • BTP: BTP structural positioning remains flat, where it has spent most of the past 3 months (after a stint in "long" territory in May). The contract saw some short covering last week.

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