MNI Europe Pi: German Longs At Shorter End
Aug-11 13:33By: Tim Cooper
Bunds
EXECUTIVE SUMMARY
Futures representing the shorter end of the German curve and BTPs remain in the longest structural positioning in Europe Pi, with flat/short positioning seen elsewhere since our previous update on Jul 23.
Last week's trade was indicative of very mixed positioning, with both shorts and longs set in some contracts, as well as some longs reduced.
- GERMANY: German contracts' structural positioning has been relatively steady since late July, with some subtle shifts. Schatz remains in "long", though has failed to pierce "very long" territory. Bobl has shifted into long territory alongside. Bund and Buxl remail short as with the last update. Shorts were set across 3 of 4 contracts last week, with the exception being Buxl (longs reduced)."
- OAT: OAT remains in flat territory, where it has been almost the entire year. Last week's trade was indicative of reduced longs.
- GILT: Gilt structural positioning remains in short territory. There were some longs set last week, however.
- BTP: BTP continues to edge further into "very long" territory. Indeed, trade indicative of further long-setting was seen in the most recent week.
