Gilts have sold this morning as........>

GILT SUMMARY: Gilts have sold this morning as investors have broadly taken May's

heavy loss last night as increasing the likelihood of an extension to Article 50

and decreasingly the likelihood of a no deal.

- The Mar 19 Gilt future is down 28 ticks at 122.92, having traded in a range of

122.87-123.04 today.

- Immediately after the vote Corbyn tabled a vote of no confidence in the

government, the vote will take place tonight close to 1900GMT where May is

broadly expected to win. 

- Despite market pricing, and the will of the Commons to avoid it, the base case

must still be 'no-deal' as the only legislature currently in place is that the

UK will leave the EU on Mar 29.

- Losses across the curve were felt most in the 10-Yr where yields rose 3.1bps

to 1.289%, the 2s10s is 1.1bps steeper with the 5s30s steepening by 0.3bps.   

- May's focus will now be on trying to gain (minor) concessions from the EU

before having to outline her "Plan B" to the Commons on Monday as per the Grieve

amendment.