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The dominant news today is the no......>

BOND SUMMARY: The dominant news today is the no confidence motion triggered
against UK PM Theresa May, with the vote taking place this evening. It is
expected that she will survive the vote. Justice Secretary Davidd Gauke stated
this morning that if she loses, Article 50 will have to be extended. Gilt yields
are up around 3bps on the day, while cable has rallied to 1.253.
- The front end of the US TSY curve has rallied with the 2-year benchmark yield
pushing down to 2.760% from 2.781%.
- JGB futures trade at 151.61 in the middle of the day's range.
- German bunds lack direction and the curve is little changed. Current yields:
2-year -0.602%, 10-year 0.238%, 30-year 0.841%.
- French OATs have rallied since the open with the long-end outperforming. The
10-year yield has pushed down to 0.697% from a high of 0.727% and the 2s10s
spread has narrowed to 113.4bps from 115.7bps.
- Italian BTPs initially sold off and have since pared losses with yields
trading in the middle of the day's range. The curve is broadly flat on the day.
- Euribor futures are flat in whites through greens and down 0.5 ticks in blues.

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