After former PM Sir John Major.........>

GILT SUMMARY: After former PM Sir John Major announced that he was launching

legal action to prevent the government from proroguing parliament, the sitting

PM Boris Johnson has argued that such efforts would frustrate his attempts to

renegotiate the Brexit deal with Brussels.

- The Dec-19 gilt future trades at 134.53, down 31 ticks from Thursday's close

and trading near worst levels; L-H: 134.5-134.8.

- Gilts have sold off with yields 1-2bps higher on the day. Cash yields (Last /

1d chg / L..H): 2Y (0.3668% / +1.9bp / 0.359%...0.3715%); 5Y (0.3074% / +1.9bp /

0.3018%...0.313%); 10Y (0.4564% / +2.2bp / 0.4463%...0.4587%); 30Y (0.9917% /

+1.1bp / 0.9683%...0.9921%).

- : 2s10s (7.2bp / 0.1bp / 6.7bp..7.8bp); 2s30s (60.7bp / -0.9bp /

58bp..61.2bp).

- The short sterling futures strip has steepened: W (trades mixed); R (broadly

flat); G (- 0.5/1.0 ticks); B (- 1.5/2.0 ticks).