September 14, 2018 / 9:03 PM / 2 months ago

UPDATE 1-Speculative U.S. 10-year T-note net shorts little changed -CFTC

    * Hedge funds' 10-year T-note net shorts hit record high
    * Speculative net fed funds shorts rise to seven-month peak 

 (Adds background, details on latest data)
    Sept 14 (Reuters) - Speculators' net bearish bets on U.S.
10-year Treasury note futures were little changed earlier this
week, as the government was set to sell $73 billion in
coupon-bearing debt, according to Commodity Futures Trading
Commission data released on Friday.
    The U.S. Treasury Department sold $35 billion of three-year
debt, $23 billion in 10-year notes and $15 billion in 30-year
bonds this week to solid investor demand.
    Still bearish Treasury bets paid off this week as benchmark
10-year yields touched 3 percent on Friday for the
first time in about six weeks. 
    The amount of speculators' bearish, or short, positions in
10-year Treasury futures exceeded bullish, or long, positions by
682,684 contracts on Sept. 11, according to the CFTC's latest
Commitments of Traders data.
    A week earlier, speculators held 682,757 net short positions
in 10-year T-note futures.
    Speculative 10-year net shorts remained close to the 700,514
contracts reached in August.
    Hedge funds raised their 10-year T-note net shorts to an
all-time peak of 935,061 contracts, while asset managers pared
their 10-year net longs to 946,781 contracts from 971,250 the
week before.
    Bond dealers' net 10-year shorts dropped to 93,528
contracts, the lowest amount since May.
    
    BEARISH RATE BETS GROW
    Among other Treasury futures, speculators raised their net
shorts in two-year T-notes to 197,128, the highest since Feb. 6.
    Speculators' net shorts in bond futures increased to 47,090,
which was the most since March 2017.
    Among interest rates products, speculative net shorts in
Eurodollar futures rose to 3.12 million contracts on Tuesday,
which was the most since July 29.
    Speculators raised their net shorts in federal funds futures
to 61,180 contracts, the highest in nearly seven months.
    Relatively strong U.S. business and jobs data and signals on
more rate increases from Federal Reserve officials have boosted
bearish bets on rates futures, analysts said. 
    Below is a table of the speculative positions in Treasury
futures on the Chicago Board of Trade and in Eurodollar futures
on the Chicago Mercantile Exchange in the latest week:
 U.S. 2-year T-notes (Contracts of $200,000) 
        11 Sep 2018       Prior week
        week           
 Long         425,573        470,170
 Short        622,701        618,234
 Net         -197,128       -148,064
 
U.S. 5-year T-notes (Contracts of $100,000) 
        11 Sep 2018       Prior week
        week           
 Long         536,980        494,371
 Short      1,389,548      1,350,057
 Net         -852,568       -855,686
 
U.S. 10-year T-notes (Contracts of $100,000) 
        11 Sep 2018       Prior week
        week           
 Long         431,445        424,804
 Short      1,114,129      1,107,561
 Net         -682,684       -682,757
 
U.S. T-bonds (Contracts of $100,000) 
        11 Sep 2018       Prior week
        week           
 Long         132,475        118,241
 Short        179,565        158,618
 Net          -47,090        -40,377
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        11 Sep 2018       Prior week
        week           
 Long          98,280        105,003
 Short        321,959        326,819
 Net         -223,679       -221,816
 Eurodollar (Contracts of $1,000,000) 
        11 Sep 2018       Prior week
        week           
 Long       1,072,998        987,519
 Short      4,195,610      3,969,227
 Net       -3,122,612     -2,981,708
 Fed funds (Contracts of $1,000,000) 
        11 Sep 2018       Prior week
        week           
 Long         135,566        141,471
 Short        196,746        174,287
 Net          -61,180        -32,816
 
 (Editing by James Dalgleish)
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