TR40

0 5/8% Index-linked Treasury Gilt 2040 · GB00B3LZBF68

Dirty price move

-£0.128

21 Jul 2026 → 20 Aug 2026

Start dirty price

£54.723

model £54.723

End dirty price

£54.595

model £54.595

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	+£0.238	The passage of time at an unchanged yield: the bond simply gets one period closer to redemption.
Rolldown	+£0.037	The yield change that comes from the shorter remaining maturity — rolling down the same curve.
Variation	-£0.427	The move in the curve itself between the two dates.
Unexplained	+£0.024	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.

TR40

What moved the price

The curve, then and now

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