The report for 14 May 2026 records a broad fall in yields, and its three biggest movers were all very long-dated gilts — the part of the curve where the same yield change is worth the most in price.
What the day's report recorded
The stored report for 14 May 2026 records yields falling across the whole list and falling by more the further out you look. The nearest conventional gilt to two years' maturity stood at a gross redemption yield of 4.212%, down 4.8 basis points on the previous report, while the nearest to thirty years' maturity was 5.682%, down 7.3 basis points. Every conventional gilt the report priced moved down — seventy fell and none rose — and the fall widened from the five-year point to the thirty. The whole list is on the conventional gilts page, where each row carries its own change.
| Nearest to | Reported gross yield | Change since previous report |
| 2 years | 4.212% | −4.8 bp |
| 5 years | 4.402% | −5.5 bp |
| 10 years | 4.940% | −6.2 bp |
| 30 years | 5.682% | −7.3 bp |
The three biggest movers
The movers list for 14 May 2026 is dominated by the far end of the curve. The largest yield fall was in the 1⅛% Treasury Gilt 2073, down 7.9 basis points; behind it the 3½% Treasury Gilt 2068 and the 4% Treasury Gilt 2063 each fell 7.7 basis points. All three mature in the 2060s and 2070s, which is not a coincidence: on a day when the long end moves most in yield, the gilts furthest from maturity will show the largest change because they have the most duration.
| Gilt | Coupon | Maturity | Change since previous report |
| 1⅛% Treasury Gilt 2073 | 1.125% | 22 October 2073 | −7.9 bp |
| 3½% Treasury Gilt 2068 | 3.5% | 22 July 2068 | −7.7 bp |
| 4% Treasury Gilt 2063 | 4.0% | 22 October 2063 | −7.7 bp |
A note on the coupons in that table: a low coupon such as 1.125% does not make a gilt a small mover. What drives the price change is the maturity and the modified duration that comes with it, so a fifty-year gilt with a tiny coupon can still move more in price on a given yield change than a shorter gilt with a large one. The movers list ranks by yield change, not by price change, though on this day the two point the same way.
Why the far end leads on a day like this
A yield change and a price change run in opposite directions and in different sizes. A falling gross yield means a rising price, and the size of the rise is duration times the yield change. Long-dated gilts have high duration, so a 7.9-basis-point fall in yield produces a noticeably larger price gain than a 4.8-basis-point fall on a two-year gilt would. That is why a session in which the long end moves most in yield also produces the most movement in price at the long end: the two effects compound.
A falling yield means a rising price. On 14 May 2026 the gilts on the movers list got dearer, and every row on the list sat in the falling-yield group rather than the rising-yield one.
Reading a movers list
A movers list is a shortlist of the largest changes on the day, and it is easy to read it as a list of the most important gilts. It is not: it is the tail of a distribution, and on a broad day the tail can be close to everything else. On 14 May 2026 the largest mover fell 7.9 basis points while the two-year point fell 4.8 — a difference of a few basis points, not a different world. The gilt yield curve is the better tool for the shape of the day; the movers list is the better tool for the extremes of it.
- Read the movers list for the extremes, and the whole-list summary for the breadth.
- Check each mover's maturity: on a long-end day the longest gilts will dominate the list.
- Remember a falling yield is a rising price before reading a mover as good or bad news.
- Set a day's movers against the day's breakeven — an average of 350 basis points across the index-linked gilts on 14 May 2026 — before calling it a market event.
Background, not advice
This note reads one stored report; it is general background, not investment advice for any reader's circumstances. The figures are those the report for 14 May 2026 recorded and say nothing about the next session, and a price that has moved is not a realised gain or loss unless the gilt is sold. The primary source for a real yield or change is the day's report.