With the first legal challenge to......>

GILT SUMMARY: With the first legal challenge to the government's prorogation

efforts quashed by a Scottish court, former PM Sir John Major has entered the

fold with Gina Miller to launch legal action in a bid to stop the suspension of

parliament.

- Meanwhile, former Tory minister Oliver Letwin has indicated that he is

confident his plan can prevent prorogation. 

-The Dec-19 gilt future trades at 134.67, down 17 ticks from Thursday's close

and 13 ticks off the day's high; L-H: 134.54-134.8.

- Gilts have broadly sold off with yields 1-2bps higher on the day. Cash yields

(Last / 1d chg / L..H): 2Y (0.3564% / +0.8bp / 0.3525%...0.3631%); 5Y (0.2964% /

+0.8bp / 0.2952%...0.3033%); 10Y (0.4429% / +0.8bp / 0.4401%...0.4515%); 30Y

(0.9741% / -0.6bp / 0.9723%...0.9897%).

- The short sterling futures strip has steepened: W (flat/+0.5 ticks); R

(broadly flat); G (broadly - 0.0/0.5 ticks lower); B (- 1.0/1.5 ticks).