/GILT SUMMARY: Boris Johnson kicked off his....>

EGBS: /GILT SUMMARY: Boris Johnson kicked off his election campaign this morning

for the UK Conservative party leadership. The eurosceptic MP warned that both

the major parties face an existential threat if they do not deliver on the

outcome of the EU referendum. Moreover, Johnson stated that while he is not

aiming for a no-deal outcome, he will prepare for it.

- Gilt yields have edged higher through the morning. Current yield levels:

2-year 0.596%, 5-year 0.639%, 10-year 0.857%, 30-year 1.447%.

- Bunds trade a touch stronger across much of the curve, with the 30-year

outperforming. The 2s30s spread has narrowed ~3bp.

- The very long-end of the BTP curve has steepened on the back of the 30-year

yield inching higher. Current yield levels: 2-year 0.408%, 5-year 1.639%,

10-year 2.363%, 30-year 3.384%.

- Euribor futures are broadly 0.5-1.0 ticks higher. Short sterling futures are

down 0.5-3.0 ticks with slight underperformance in reds and greens.