UK 5-year nominal par gilt yield
UK 5-year nominal par gilt yield stood at 4.92% on Oct 15, 2026, according to Bank of England. It is one of the indicators in the Gilt yields table (Value · Daily), with a complete series running from Dec 1, 1993 to Oct 15, 2026. The complete series with an interactive chart, free to download.
This indicator in the Gilt yields table
| Indicator | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | 02-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal par yields | |||||||||||
| 5-year nominal par yield | 4.92 | 4.97 | 4.98 | 4.97 | 4.97 | 4.99 | 4.94 | 4.9 | 4.93 | 4.89 | |
| 10-year nominal par yield | 5.31 | 5.38 | 5.39 | 5.39 | 5.4 | 5.43 | 5.39 | 5.34 | 5.36 | 5.33 |
Understanding UK 5-year nominal par gilt yield
Mid-market annualised coupon rates required for a newly issued five-year British government bond to trade exactly at its nominal par value across the United Kingdom are quantified by this daily indicator. Derived from the broader liability curve, par yields reflect the weighted average of coupon-bearing instruments maturing around the five-year mark rather than a single cash flow. Unlike longer maturity variants, this measure captures near-term fiscal refinancing pressures and immediate monetary policy expectations without extending into multi-decade risk horizons.
Interpreting daily shifts requires acknowledging that par yields incorporate coupon payments distributed throughout the bond's life, which complicates direct comparisons against zero-coupon alternatives. Analysts should review changes on a daily basis while filtering out market noise caused by temporary liquidity squeezes or auction effects. Comparing this series with real yield equivalents reveals shifting market compensation for future retail price inflation over the medium term.
Frequently asked questions
- How does a par yield differ from a zero-coupon yield?
- A par yield incorporates regular coupon payments throughout the bond's life, whereas a zero-coupon yield reflects a single bullet payment at maturity.
- Why focus on the five-year maturity horizon?
- It captures medium-term monetary policy expectations and government refinancing cycles without the noise of overnight rates or the distant risk premiums of multi-decade debt.
- Are these yields revised after initial publication?
- Daily curve estimates are generally final, though underlying pricing models may undergo methodological refinements by the issuing authority.