Every column on a row of the conventional and index-linked gilt lists, in the order the list shows them, and the figure each one carries.
Each row of the conventional gilts list and the index-linked gilts list is one gilt in issue, priced from the day's report. The two lists carry the same kind of row but not quite the same columns: an index-linked gilt has an index ratio and a real yield where a conventional one has a modified duration and a gross yield. The order differs too, so read the header before the first row.
The columns both lists share
| Column | What the figure is |
| ★ | The watchlist control. Signed in, it stars the gilt; signed out it links to the sign-in page and its label says so. |
| Gilt | The gilt's name, with its ticker and ISIN beneath. The name opens the gilt's own page. |
| Coupon | The fixed interest paid each year per £100 of nominal value. A cash rate on the nominal, not a return on the price. |
| Clean price | The price of the gilt itself, before the interest built up since the last coupon, per £100 nominal. |
| Accrued interest | Interest built up since the last coupon, and the number of days it covers. |
| Dirty price | Clean price plus accrued interest: what a buyer actually pays per £100 nominal. |
| Issued | The date the gilt was first issued. |
| Matures | The redemption date, when the £100 nominal comes back. |
| Tenor | The maturity band the gilt falls in — short, medium or long — which is what the toolbar's maturity filter counts. |
| Trend | A sparkline of the gilt's yield over the last twelve months, shown where the report holds history for it. |
Both lists open sorted by maturity, soonest first, so the first row is the gilt that redeems soonest on that report.
The conventional list's own columns
| Column | What the figure is |
| Mod. dur. | How much the price moves when the yield moves by 1%, in years. A duration of seven means a 1% fall in yield is worth roughly a 7% rise in price. |
| Gross yield | The yield if the gilt is held to maturity, with coupons reinvested at the same rate, compounded once a year. |
| DMO yield | The same yield on the Debt Management Office's market convention: coupons twice a year, counted on actual days. |
| Net redemption yield | The gross yield after income tax on the coupons, at the tax band chosen in the page head. With no band chosen it is the 40% figure. |
The index-linked list's own columns
| Column | What the figure is |
| Index ratio | How far prices have risen since the gilt was issued. It scales the coupon and the redemption alike, and the DMO publishes it. |
| Real yield | The return after the inflation the gilt is priced for, rather than the cash return. |
| Net real yield | The real yield after income tax on the coupons. |
| Impl. RPI | The annual inflation the gilt's real and nominal yields imply — what the market is pricing in. |
An index-linked gilt is quoted on the real basis: its coupons and redemption are uplifted by the published index ratio, and no forecast of tomorrow's inflation is wired in.
Reading one row, in order
- Start with Matures and Tenor. They say when the money comes back, which is what a row is usually chosen on.
- Read the coupon beside the yields. The coupon is the cash rate on £100 of nominal and does not move; the yields are what the price turns it into.
- Compare the clean price with 100. Below it the gilt stands at a discount to the £100 repaid at maturity; above it, at a premium. Neither word is a judgement.
- Add the accrued interest to the clean price for the dirty price. That is the cash figure, and the one the trade form starts from.
- Read the two yields together. Gross is before income tax, net redemption after it; the gap between them is what tax does to the coupon.
- Check the trend last. It says what the yield has done over twelve months, not what it will do next.
Where the figures come from
Prices are the mid of the DMO's bid and offer, per £100 nominal, and every figure on the page assumes the settlement in the page head — T+1 unless you change it. The page head also sets the report date and the tax band, and the table is rebuilt for whichever of the three you choose.
A gilt's own page adds the figures the list has no room for: the bid, mid and offer prices, settlement and the index ratio at your settlement date, the cash-flow schedule and its NPV columns. The column-by-column guide works the same row through in editorial form, and reading the list covers the controls around the table.
When no report has been published yet the list shows an empty state rather than a stale price. The terms behind this page are the glossary's coupon, clean-price, accrued-interest, dirty-price, modified-duration, gross-yield, dmo-yield, net-yield, trend, index-ratio, real-yield, net-real-yield and implied-rpi.