Here's a chart of gross yields to redemption (i.e. 'interest rates') since 1984 on ten-year UK government bonds (i.e. 'gilts') using series IUMAAJLW from the Bank of England's interactive database. For some infuriating reason, the series stops at April 2007, even series IUDAJLW, which says 'published 12 February 2009' stops at April 2007. Does anybody happen to know where I can download the last couple of years' worth of data? I've been Googling back and forth for over an hour and I just can't find anything useful. Click to enlarge:
UPDATE: with thanks to Lola in the comments, here are the yields from Feb 1999 to date (the y-axis exaggerates the movements, but it appears to tie in with BoE figures)
Nothing subtle about it
2 hours ago
7 comments:
What about the Barclays Equity / Gilt study?
...or Mornigstar? We have an account - I'll look tomorrow - if I get time!
What are you researching? Anything to do with the Pensions Regulator and their (idiot) funding demands?
Oops, I deleted one double post too many, let me reinstate that link:
http://www.fixedincomeinvestor.co.uk/x/bondchart.html?id=172&stash=8F4FBD0&groupid=8
Yes most useful, thanks. I only ask because I am trying to make up my mind whether it's time to sell 10 year gilt futures. The Pensions Regulator ought to be shut down, that's a different topic.
Well, the Pensions regulator is aprt of the problem for Gilts, as it has a funding requirement for pension funds based on Gilts and 100% funding that seems to drive equity sales and gilt purchases. That and 'liability driven investing/asset allocation'.
Any such crude rules will automatically tend to lead to massive misallocation of funds. Either way, it would be best if we scrapped the tax breaks and let everybody pay on average £2,000 less tax every year for them to save, invest, speculate or spend as they pleased.
Yep, been on that one for years. I hate all the 'tax break' based savings wrappers - all they do is give bankers something to mis-sell - except that I also don't agree with the bueaucratic/compo concept of mis-selling either!
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