Having been declared the winner of.....>

GILT SUMMARY: Having been declared the winner of the Conservative party

leadership contest yesterday, Boris Johnson will formally assume his new role as

prime minister today. Early indications are that he is putting together a far

more Brexit-orientated cabinet.

- Today the BoE will buy Stg1.28bln medium-dated bullet.

- The Sep-19 gilt future trades at 132.05, down 3 ticks from Tuesday's close and

16 ticks off the day's low; L-H: 131.89-132.29.

- Gilts trade closer to unch on the day. Cash yields (Last / 1d chg / L..H): 2Y

(0.4761% / -0.5bp / 0.4676%...0.4791%); 5Y (0.4679% / -0.5bp /

0.4591%...0.471%); 10Y (0.686% / -0.4bp / 0.6763%...0.6887%); 30Y (1.316% / +0bp

/ 1.3065%...1.3185%).

- The short sterling futures strip has steepened slightly with reds & greens

underperforming: W (broadly + 0.0/0.5 ticks higher); R (- 0.5/1.5 ticks); G (+

1.0 tick); B (- 0.5/1.0 ticks).