giltsyield.com

Dirty price move

-£0.040

21 Jul 2026 → 20 Aug 2026

Start dirty price

£69.308

model £69.308

End dirty price

£69.268

model £69.268

Mark-to-market is the traded price; mark-to-model discounts the remaining flows along the fitted curve. The decomposition below is computed on the model prices.

What moved the price

Effect	Contribution	What it is
Carry	+£0.296	The passage of time at an unchanged yield: the bond simply gets one period closer to redemption.
Rolldown	+£0.044	The yield change that comes from the shorter remaining maturity — rolling down the same curve.
Variation	-£0.409	The move in the curve itself between the two dates.
Unexplained	+£0.030	The residual between the traded prices and what carry, rolldown and variation account for.

The curve, then and now

Market data as of 21 Jul 2026 and 20 Aug 2026.

T38

What moved the price

The curve, then and now

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