Having presented his Brexit proposal...>

GILT SUMMARY: Having presented his Brexit proposal to Brussels, PM Boris Johnson

is shortly expected to address MPs. So far the EU has given a relatively

lukewarm reception to the proposal, with Johnson stating that if it is rejected

outright then he would begin preparations for no-deal. Elsewhere, the minister

for exiting the EU, Michael Gove, has claimed that there could be a

parliamentary majority for the deal.

- The Dec-19 gilt future trades at 134.67, up 46 ticks from Wednesday's close

and trading near best levels; L-H: 134.36-134.7.

- Gilts have rallied with yields 4-5bps lower on the day. Cash yields (Last / 1d

chg / L..H): 2Y (0.3393% / -4.1bp / 0.3308%...0.358%); 5Y (0.2497% / -4.2bp /

0.2449%...0.2654%); 10Y (0.4545% / -4.7bp / 0.4511%...0.4731%); 30Y (0.9468% /

-3.8bp / 0.9449%...0.9643%).

- 2s10s (10.9bp / -0.5bp / 10.7bp..11.2bp); 2s30s (60bp / 0.6bp /

59.4bp..60.4bp).

- Short sterling futures have broadly rallied with reds outperforming: W (+

2.0/4.0 ticks); R (+ 3.5/4.0 ticks); G (+ 3.5 tick); B (+ 3.0/3.5 ticks)