| Code | Maturity | Approximate yield | Role |
|---|---|---|---|
| R186 | 2026 | 8.4% | The old short benchmark, now near maturity |
| R2030 | 2030 | 9.6% | The medium benchmark |
| R2035 | 2035 | 10.8% | A common long reference |
| R2040 | 2040 | 11.4% | The long end |
| R2048 | 2048 | 11.7% | The longest liquid line |
| Segment | Driven mainly by |
|---|---|
| Short end, under 3 years | Expected repo rate over that period |
| Belly, 3 to 10 years | Inflation expectations and the growth outlook |
| Long end, beyond 10 years | Fiscal risk, debt trajectory and the term premium |
| Spread over US Treasuries | Country risk and the global risk appetite |
| Instrument | Yield | Rate risk | Credit risk |
|---|---|---|---|
| Money market | About the repo rate | None | Bank |
| R2030 held to maturity | 9.6% | None if held | Government |
| R2030 sold early | 9.6% plus or minus price | High | Government |
| RSA Retail Savings Bond | Set at issue | None | Government |
| Bond ETF | Tracks an index | High | Government |
Data maintained by TradeAnswers · updated as the figures change