The Supreme Court has ruled that PM....>

GILT SUMMARY: The Supreme Court has ruled that PM Boris Johnson acted unlawfully

when proroguing parliament. The President of the Supreme Court Lady Hale stated:

"This was not a normal prorogation in the run-up to a Queen's Speech. It

prevented Parliament from carrying out its constitutional role for five out of

the possible eight weeks between the end of the summer recess and exit day on

31st October. Proroguing Parliament is quite different from Parliament going

into recess."

- The Dec-19 gilt future trades at 133.6, down 12 ticks from Monday's close and

8 ticks off the day's high; L-H: 133.12-133.68.

- Gilts have rallied with modestly with yields <1bps lower on the day. Cash

yields (Last / 1d chg / L..H): 2Y (0.4588% / -1.1bp / 0.4523%...0.4953%); 5Y

(0.394% / -0.5bp / 0.3872%...0.4325%); 10Y (0.544% / -0.4bp / 0.5384%...0.586%);

30Y (0.9619% / -0.7bp / 0.9558%...1.0039%)

- Short sterling futures trade mixed with reds outperforming: W (trades mixed);

R (+ 0.5/1.0 ticks); G (broadly + 0.0/0.5 ticks higher); B (trades mixed).