The backlash against PM May's 'new'....>

GILT SUMMARY: The backlash against PM May's 'new' Brexit deal pledge has been

immediate. MPs across the Commons have stated that the proposals are

insufficient to garner parliamentary support, while some eurosceptics have

warned that the PM could be gone by the weekend.

- Leader of the Brexit Party Nigel Farage and his counterpart for the Liberal

Democrats Vince Cable (representing the two extremes of the Brexit divide and

likely to come first and second in the EP election) took part in a televised

debate. Nothing substantial transpired, with both leaders rehashing longstanding

positions on immigration and the economy.

- The Jun-19 gilt future trades at 128.91, up 53 ticks from Tuesday's close and

10 ticks off the day's high; L-H: 128.68-129.01. Gilts have rallied with yields

3-4bps lower on the day. Cash yields (Last / 1d chg / L..H): 2Y (0.7055% /

-2.8bp / 0.7039%...0.712%); 5Y (0.8016% / -3.5bp / 0.8%...0.8083%); 10Y (1.0417%

/ -4bp / 1.0399%...1.0496%); 30Y (1.5904% / -3.5bp / 1.5889%...1.5983%)

- The short sterling futures strip has flattened: W (broadly + 0/3 ticks

higher); R (+ 3.5/4.5 ticks); G (+ 4.5/5.5 ticks); B (+ 5/5.5 ticks).