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30 September 2012 last updated
Gilt Yields - September 2012 review
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15-Year Gilt Yields - September 2012
Latest yield:   1 month change:   3 month change:   6 month change:   1 year change:  
2.16%  
gilt yields up   0.09%
 
gilt yields down   0.13%
 
gilt yields down   0.56%
 
gilt yields down   0.75%
 
15-year gilt yields 2012
Fig 1: 15-year gilt yields chart showing rates to September 2012

 

Gilt yields increase as German court approves the ECB bailout plan

Find out more: annuity rates for September 2012

The 15-year gilt yields increased by 7 basis points during September 2.16% after being as high as 2.39% earlier in the month after German courts approved the bailout plan..

The European Central Bank (ECB) proposed a plan to buy unlimited amount of bonds from struggling member states as well as the European Stability Mechanism (ESM) and this was challenge by opponents claiming it was illegal. The German court ruling means that the ESM has been approved and can now be used to bailout struggling countries using a fund of 500 billion euros.

For September the yields range for the month was from 2.06% to 2.39% or 33 basis points which is more volatile than the previous month. Fig 2 below shows the daily 15-year gilt yields and the increase or decrease from the previous day's close:



15-Year Gilt Yields - September 2012
Mon 3rd Tues 4th Wed 5th Thurs 6th Fri 7th
2.08%
gilt yields up   0.01
2.06%
gilt yields down   0.02
2.07%
gilt yields up   0.01
2.15%
gilt yields up   0.08
2.13%
gilt yields down   0.02
Mon 10th Tues 11th Wed 12th Thurs 13th Fri 14th
2.18%
gilt yields up   0.05
2.18%
gilt yields no change
2.28%
gilt yields up   0.10
2.24%
gilt yields down   0.04
2.39%
gilt yields up   0.15
Mon 17th Tues 8th Wed 19th Thus 20th Fri 21st
2.36%
gilt yields down   0.03
2.32%
gilt yields down   0.04
2.27%
gilt yields down   0.05
2.23%
gilt yields down   0.04
2.28%
gilt yields up   0.05
Mon 24th Tues 25th Wed 26th Thurs 27th Fri 28th
2.26%
gilt yields down   0.02
2.16%
gilt yields no change
2.12%
gilt yields down   0.04
2.16%
gilt yields up   0.04
2.16%
gilt yields no change
         
         
  Fig 2: Daily 15-year gilt yields and changes


Despite the increase in gilt yields annuity rates have reduced with standard, smoker and impaired annuities lower by up to 2.3%. Overall standard annuity rates are lower by 0.89% and smoker rates by 1.31%.

Although the data suggests that annuity rates can increase in October by between 1.74% to 2.21% the new EU Gender Directive is likely to force annuities lower during the rest of this year. For the latest updates see Annuity Rates Review.


 
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