MNI Europe Pi: Short Lean Extends Across Contracts

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• Since the quarterly rolls at the turn of Feb/Mar, European bond futures contracts have leaned increasingly toward structural shorts.
• 5 of 6 Eurex contracts tracked by MNI Pi are in either short or very short territory, with BTP the exception.
• BTP, as well as Gilts, appear to be drifting toward the short side.  
• Last week saw a combination of short covering and long-setting.
• GERMANY: German contracts are now all "short". Schatz, Bobl, and Buxl each carry that distinction, while Bund has become the biggest structural short in MNI Pi (at very short). Each contract saw trade indicative of short covering last week, with the exception of long-setting in Bobl.
• OAT: OAT reversed back into short territory in March, having been "flat" for most of February. Last week's trade was indicative of short cover.   
• GILT: Gilt structural positioning remains flat, where it was before the quarterly roll and indeed for most of the last 6 months. Last week some some longs set.
• BTP: BTP remains pulled away from its usual structural long positioning, and has now been "flat" since late January. Last week's trade was consistent with short cover.