UK Gilts vs US Treasuries
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Sterling gilts versus dollar Treasuries: currency, yield, liquidity and central-bank policy.
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UK Gilts vs US Treasuries — the mechanics
Both are G7 sovereign curves, but they are not substitutes. A UK investor buying Treasuries takes dollar risk; a US investor in gilts takes sterling risk. Policy cycles at the BoE and Fed can diverge for years.
Same economic idea, different currency and different plumbing. Gilts: DMO, semi-annual, GEMMs, sterling. Treasuries: Treasury auctions, 32nds still linger in dealer chat, dollars, world reserve collateral.
A UK household buying a T-note takes USD/GBP risk that can dwarf a 40bp yield gap. A US household in gilts takes the opposite. Hedge the FX and you pay the hedge, which often eats the yield gap.
Liquidity: on-the-run 10-year Treasuries are the deepest government bond on earth. A 2061 gilt is a specialist line. Do not compare their bid–ask.
Official sources (UK Gilts)
Primary statistics and prospectuses for UK Gilts are published by the issuer, not by this newsroom. The labelled links at the end of this page go to those official sites (DMO, TreasuryDirect, Finanzagentur, MEF, AFT, SNB or ECB as relevant).
Our live board is a teaching overlay: dated prints, named sources, estimated ISIN lines. It is not a replacement for the issuer’s calendar.
Galvenie secinājumi
- Same economic idea, different currency and different plumbing.
- Prices and yields change. When this site quotes them, it dates them on the live board.
- Credit of a G7 government in its own currency is not the same as a stable screen price, and not the same as a bank deposit.
BUJ
- Which is safer, gilts or Treasuries?
- Credit quality is high for both. The practical difference is currency, liquidity (Treasuries are deeper) and local inflation.