MNI Europe Pi: Longs Recede Post-Roll

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EXECUTIVE SUMMARY

• The long-leaning overall structural positioning seen in mid-late November has mostly receded since the quarterly futures roll (Dec-Mar).
• That's particularly the case for German contracts where longs are now hard to come by, with OAT also seeing a notable shift toward the short side.
• Last week's trade (amid the ECB and BoE meetings) saw shorts set and longs reduced across most contracts.
• GERMANY: Bobl remains in long territory but other German contracts have shifted since late November. Bund and Buxl most notably are now in short structural positioning, vs long previously. They are joined by Schatz which previously was "very short". The latest's week trade showed short-setting in each contract, with the exception of Schatz (short cover).
• OAT: OAT structural positioning has flipped to short from long previously. Last week's trade was indicative of short-setting.
• GILT: Gilt structural positioning was relatively flat going into the Dec/Mar rolls and remains so. The latest week saw some long reduction.   
• BTP: BTP structural positioning has dipped into long vs previously "very long" territory. Trade indicative of short-setting was seen last week.