The Govt survived the vote of..........>

GILT SUMMARY: The Govt survived the vote of confidence last night as was broadly

expected, and May can now begin looking for minor Concessions from the EU before

presenting her 'plan B' Brexit to the Commons on Monday. 

- Perhaps crucially, May only won by 19 votes. Short of the 21 votes she would

of needed to effectively nullify the 10 DUP MPs propping up her Govt and

applying pressure over the Irish backstop.  

- Telegraph this morning reported leaked conference calls where Ex-Cheq Hammond

told business leaders no-deal Brexit could be "taken off the table" within days,

Gilts have been unaffected as a no-deal is already largely priced out. 

- The Mar 19 Gilt future is up 19 ticks at 122.89, having traded in a range of

122.76-122.91 today.

- The 2s10s has flattened with the 2-Yr yield down 0.9bps at 0.82%, 5-Yr down

1.1bps at 0.955%, and 10-Yr down 1.8bps at 1.293%. The ultra long end has

underperformed, 30-Yr yield down 0.2bps and 50-Yr up 0.1bps. 

- There is no major UK data due today. Focus is on the DMO reopening of the

1.00% Apr-24 Gilt at 1030GMT, expected volume is Stg1.75.