UK Market Monitor Q2 2024

We saw an upward move in both nominal and real gilt yields over the quarter. The nominal curve increased by an average of 26 basis points (bps), while the real curve increased by 31 bps.

Inflation continues to fall toward the BoE target, following the trend of the previous quarters. YoY RPI rate at the end of May was 3%, while the CPI rate 2%. Interest rate cut expectations are continuing to be pushed back as they have been all year but are forecasted now to be August/ September 2024.

Across the quarter, non-financials corporate credit spreads hovered around 95bps, 135 bps and 170bps for AA, A and BBB rated securities, respectively. During the quarter we saw higher volatility in credit spreads compared to recent quarters.

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UK Market Monitor Q4 2025

Over the quarter, the nominal gilt curve has shifted down by around 25 basis points across the medium to longer maturities.

UK Market Monitor Q3 2025

A broadly parallel upward shift of approximately 20 basis points is evident across the nominal gilts curve, with yields reaching multi-year highs.

UK Market Monitor Q2 2025

The short-term nominal curve shows a decrease in yields for tenors under 20 years, while remaining relatively flat at the longer end of the curve.

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