0¼% Treasury Gilt 2031

This gilt against the fitted par curve: its own gross redemption yield and remaining term, plotted on the same curve the gilt curve page draws. The divergence is the vertical distance — positive when the gilt yields more than its neighbours imply at that maturity.

The interpolation leaves the gilt itself out, so the figure measures how far it sits off the curve rather than restating it. A large divergence on a short gilt is usually liquidity rather than value.