MNI Europe Pi: Longs Extend

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• The trend of reduced shorts and increased longs across European bond future structural positioning continued into February.
• Now just 1 of 7 contracts is in structurally short territory, vs 5 at the start of the year, with 4 longs (3 "very long").
• The latest week (to Monday Feb 2) saw relatively mixed trade: while it was mostly indicative of further long-setting, there was also some long reduction and short-setting.
• GERMANY: German positioning remains extremely mixed. Bobl structural positioning has shifted into very long territory from merely "long" previously. Like Schatz (long), it has moved from "short" at the start of 2026. Bund has ticked up to flat after being short in our last update. Buxl remains very short. The latest's week trade showed longs set in each contract except Bund (long reduction).
• OAT: OAT structural positioning has moved back to short vs flat in our previous bi-weekly update. The latest week's trade was indicative of long-setting.
• GILT: Gilt structural positioning remains very long. However, there was some long reduction evident in the latest week's trade.
• BTP: BTP structural positioning remains in very long territory. Trade indicative of further long-setting was seen in the latest week.