Before of this commit it used to be like this:

MULTI
EXEC
... actual commands of the transaction ...

Because after all that is the natural order of things. Transaction
commands are queued and executed *only after* EXEC is called.

However this makes debugging with MONITOR a mess, so the code was
modified to provide a coherent output.

What happens is that MULTI is rendered in the MONITOR output as far as
possible, instead EXEC is propagated only after the transaction is
executed, or even in the case it fails because of WATCH, so in this case
you'll simply see:

MULTI
EXEC

An empty transaction.