MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI: CANADA Q3 INDUSTRIAL CAPACITY UTILIZATION RATE 79.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SocGen On Eurex Futures Rolls

EGBS
  • Schatz: The CTD bond will change during the roll from BKO Jun-25 to BKO Sep-25, extending the CTD bond maturity from 1.8 years to 2.1 years. Markets are positioned neutral, while open interest is higher than average. The front contract looks rich, as the net basis of the front contract is much lower than the net basis of the back contract, and we are bearish on the DU roll.
  • Bobl: CTD will change from OBL Apr-28 to OBL Oct-28. Markets have been relatively short the OE front contract since the beginning of August. The open interest is around the four-year average As the rolling of short positions from the front to back contract could offset the relative richness of the front contract, we are neutral on the OE roll.
  • SocGen suggest that CTDs in the following contracts are unlikely to change in the coming days:
  • Bunds: Markets have been positioned neutral, and the open interest is at a four-year low. We are therefore neutral on the RX roll.
  • Buxl: Markets have been slightly short, but the open interest is near its four-year low. We are therefore slightly bullish on the UB roll.
  • OAT: Markets are neutrally positioned in OAT futures, while the open interest is at its four-year low. We therefore do not expect much activity during the roll period and are neutral on the OAT roll
  • BTP: Markets are slightly short IKU3, while the open interest is just below its four-year average. We are slightly bullish on the IK roll
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.