Monday, 29 April, 2019
BTP Longs At Extremes – MNI
– BTPs stand out for their extreme long structural positioning in our latest update (as of April 26), with few changes seen elsewhere in futures positioning since April 12.
– German futures have been relatively steady over the past month, with overall positioning unchanged.
– Schatz positioning remains flat, with longs set last week. Bobl positioning remains long, with more longs set last week.
– Bund and Buxl both remain flat, with both seeing short cover last week.
– OAT structural positioning has remained flat since early February, with short cover seen last week.
– Gilt shorts have been reduced over the past two weeks, with positioning now flat. Notably, last week saw some short covering.
– BTP structural positioning has moved higher from long since mid-March to very long – indeed, these are the most extreme longs in at least a year.
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