UK Gilt 5-Year Yield (Daily)

## What this measures

The Bank of England's estimate of the 5-year nominal par yield on UK government bonds (gilts), in percent per year, daily. It is read off the yield curve the Bank fits to gilt prices each business day (database series IUDSNPY).

## Why it matters

The 5-year gilt yield tracks where markets expect Bank Rate to sit over the next few years, and it sets the price of UK five-year fixed mortgages.

## How to read it

Higher means dearer government borrowing at that term. Yields rise when markets expect higher policy rates or inflation, or ask more to hold the debt. Compare with the series' own history, with the other tenors (the curve slope) and with the US Treasury yield of the same term.

## What it does not say

It is a point on a fitted curve, not the quoted yield of one bond, so it differs slightly from benchmark-bond yields on screens. It is nominal, not inflation-adjusted. The curve is estimated after the close and can be revised.

## Source

Bank of England, Statistical Interactive Database (IADB), series IUDMNPY / IUDSNPY ("Yield from British Government Securities, 10 year / 5 year Nominal Par Yield"), bankofengland.co.uk/boeapps/database. Reproduction of data in the Database is licensed under the UK Open Government Licence v3.0 (bankofengland.co.uk/legal). Attribution: Contains Bank of England data licensed under the Open Government Licence v3.0. Not endorsed by the Bank of England. Refreshed daily by /api/cron/global-yields-sync; history from 1993.