Gilt dealing costs
What a gilt costs to deal is not one fee but a shape — a commission, a spread, or neither — and understanding the shape is what lets a stated dealing cost sit honestly beside the yield the market quotes.
Articles
Guides to gilts and to using GiltIQ, written against the site's own data and pages.
New to GiltIQ, or stuck on a page? Start with the comprehensive Help — one walkthrough of everything the site does, from the market pages to the trade ledger and the reports.
Articles
The DMO purchase and sale service, step by step
The DMO runs a purchase and sale service that lets members of the public deal gilts directly with the issuer rather than through a broker, and walking it step by step shows where it differs from a platform order.
Gilt settlement and the dealing day
A gilt trade has two dates — the dealing day it is agreed and the later settlement date the cash and the gilt actually change hands — and the gap between them decides the accrued interest and whether the next coupon is yours.
Green gilts and the green curve
A green gilt is an ordinary gilt whose proceeds are earmarked for environmental projects, and reading its own gross yield against the fitted curve — which it sits outside — is how the market's view of it becomes visible.
Gilt auctions and the issuance calendar
New gilts are sold to the market on a calendar that the Debt Management Office publishes in advance, and the price each one fetches is decided at its auction, not on that calendar.
Nominal and index-linked gilts compared
A nominal gilt fixes the pounds it pays while an index-linked gilt fixes their purchasing power, and comparing the two shows the inflation the market is pricing in as impl. RPI.
Guides
How a gilt trade settles
A settled gilt trade comes down to one equation — the dirty price paid equals the clean price plus accrued interest — and the settlement date, the nominal and any dealing cost all hang off it.
Reading the dealing screen
The gilt list is a dealing screen in miniature — a clean price, a yield and a change figure for every gilt — and reading the columns in the order a trade needs them turns a wall of numbers into an answer.
What you pay on settlement
The cash that leaves your account on a gilt trade is the dirty price for the nominal you bought, plus any dealing cost, and it is worked from the clean price and the accrued interest to the settlement date.
Clean and dirty at checkout: what you pay for a gilt
The clean price is what the gilt is worth and the dirty price is the cash you hand over, and the difference between them is the accrued interest built up to the settlement date.
Help
Order timing and the yield recorded on a trade
When a trade is booked, GiltIQ records the yield at the moment of the trade for that lot, so each purchase carries the yield it was actually struck at rather than a blended figure across a holding.
Pages
Who issues gilts, and how much is in issue
Gilts are issued by the UK Debt Management Office on behalf of HM Treasury, and the outstanding nominal per gilt sits beside its DMO yield on the gilt's own record.