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Short Covering Prevalent, Structural Positioning Little Changed

BONDS

A quick note on European bond futures positioning, following yesterday's MNI Europe Pi biweekly update - we saw heavy apparent short covering yesterday, with open interest dropping across most contracts (Bobl and OAT the exceptions) and prices rising.

  • Structural positioning was not much changed vs our Pi update, however.
  • Data through yesterday's close:
    Structural Positioning Last Day'sPrice ChangeOI % chg
    SchatzShortshort cover0.32-0.70%
    BoblFlatset longs1.220.93%
    BundShortshort cover2.69-0.28%
    BuxlShortshort cover6.68-0.53%
    OATFlatset longs2.770.35%
    BTPVery shortshort cover2.93-0.18%
    GiltShortshort cover2.15-0.14%
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A quick note on European bond futures positioning, following yesterday's MNI Europe Pi biweekly update - we saw heavy apparent short covering yesterday, with open interest dropping across most contracts (Bobl and OAT the exceptions) and prices rising.

  • Structural positioning was not much changed vs our Pi update, however.
  • Data through yesterday's close:
    Structural Positioning Last Day'sPrice ChangeOI % chg
    SchatzShortshort cover0.32-0.70%
    BoblFlatset longs1.220.93%
    BundShortshort cover2.69-0.28%
    BuxlShortshort cover6.68-0.53%
    OATFlatset longs2.770.35%
    BTPVery shortshort cover2.93-0.18%
    GiltShortshort cover2.15-0.14%