United Kingdom Non-Callable Utilities & Power Corporate Bond Yields (GBP)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/gbp-corporate-utilities-power-united-kingdom-non-callable
United Kingdom Non-Callable Utilities & Power Corporate Bond Yields (GBP) as of 2026-07-27: 10Y at 6.22%, fitted curve 9M–25Y (5.15%–6.68%), 45 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 9M | 5.15% | — |
| 12M | 5.16% | 5.20% |
| 18M | 5.19% | 5.25% |
| 2Y | 5.22% | 5.32% |
| 3Y | 5.30% | 5.46% |
| 4Y | 5.40% | 5.71% |
| 5Y | 5.52% | 6.01% |
| 6Y | 5.66% | 6.35% |
| 7Y | 5.81% | 6.69% |
| 8Y | 5.96% | 7.00% |
| 9Y | 6.10% | 7.24% |
| 10Y | 6.22% | 7.38% |
| 15Y | 6.58% | 7.30% |
| 25Y | 6.68% | 6.83% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 5.22% and the 10-year 6.22%, a 10Y−2Y spread of +100 bp — positively sloped — as of 2026-07-27. The chart and table below track how they have moved.
Fitted 2Y and 10Y yields and their spread, sampled one build date per month. See all inverted curves today →
| Tenor | Latest2026-07-27 | 1m ago2026-06-26 | 2m ago2026-05-28 | 3m ago2026-04-28 | 4m ago2026-03-30 | 5m ago2026-02-27 | 6m ago2026-02-03 |
|---|---|---|---|---|---|---|---|
| 2Y | 5.22% | 5.02% | 5.07% | 5.19% | — | 4.27% | 4.31% |
| 10Y | 6.22% | 5.95% | 5.99% | 5.89% | 6.24% | 5.54% | — |
| 10Y − 2Y | +100 bp | +94 bp | +92 bp | +70 bp | — | +127 bp | — |
Yields by rating group
The same curve split by credit quality: 70 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: A+ to BBB- 5.91%, Speculative 6.47%.
Bonds in this curve
A selection of 30 of the 71 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| National Grid Electricity Distribution (South West) PLC | 5.41% | 2027-03-25 | 5.88% | XS0165510313 |
| London Power Networks PLC | 4.79% | 2027-06-07 | 6.12% | XS0148889420 |
| National Grid Electricity Transmission PLC | 5.19% | 2027-06-08 | 4.00% | XS0789331948 |
| Anglian Water Services Financing PLC | 5.66% | 2027-10-05 | 4.50% | XS0764876693 |
| United Utilities Water Finance PLC | 5.15% | 2027-12-20 | 5.62% | XS0159728236 |
| National Grid Electricity Transmission PLC | 5.22% | 2028-07-27 | 6.50% | XS0132735373 |
| SSE PLC | 5.12% | 2028-11-20 | 8.38% | XS0399111912 |
| Centrica PLC | 5.28% | 2029-03-13 | 4.38% | XS0753789980 |
| Southern GAS Networks PLC | 4.95% | 2029-03-21 | 4.88% | XS0232335769 |
| Severn Trent Utilities Finance PLC | 5.22% | 2029-06-07 | 6.25% | XS0097777253 |
| Yorkshire Water Finance | 5.85% | 2030-04-28 | 5.25% | XS2591021113 |
| South Eastern Power Networks PLC | 5.05% | 2030-09-30 | 5.62% | XS0638843085 |
| National Grid Electricity Transmission PLC | 5.52% | 2031-01-13 | 7.38% | XS0407912053 |
| Anglian Water Services Financing PLC | 5.92% | 2031-06-20 | 5.88% | XS2638380506 |
| Severn Trent Utilities Finance PLC | 5.52% | 2031-12-05 | 2.75% | XS1529614726 |
| Southern Electric Power Distribution PLC | 5.36% | 2032-06-07 | 5.50% | XS0139563166 |
| South West Water Finance PLC | 5.95% | 2032-12-11 | 5.75% | XS2956847805 |
| Severn Trent Utilities Finance PLC | 5.82% | 2033-02-22 | 2.62% | XS2445344570 |
| Yorkshire Water Finance | 6.40% | 2033-07-22 | 6.00% | XS3121682515 |
| Centrica PLC | 5.84% | 2033-09-19 | 7.00% | XS0388006123 |
| South Eastern Power Networks PLC | 5.66% | 2034-09-30 | 1.75% | XS2389042263 |
| Scotland GAS Networks PLC | 5.99% | 2034-12-21 | 4.88% | XS0232332402 |
| United Utilities Water Finance PLC | 6.02% | 2035-02-28 | 5.00% | XS0212708068 |
| Yorkshire Water Finance | 6.54% | 2035-04-28 | 5.50% | XS2591021972 |
| Severn Trent Utilities Finance PLC | 6.12% | 2036-04-04 | 5.25% | XS2607194086 |
| SW (Finance) I PLC | 7.27% | 2037-05-28 | 3.00% | XS2180916871 |
| Anglian Water Services Financing PLC | 6.84% | 2039-06-20 | 6.00% | XS2638381819 |
| Eastern Power Networks PLC | 6.22% | 2039-10-02 | 5.38% | XS2911000235 |
| Northern Powergrid (Yorkshire) PLC | 6.55% | 2050-04-01 | 6.12% | XS3038670231 |
| Northern Powergrid (Northeast) PLC | 6.42% | 2052-04-01 | 3.25% | XS2461236759 |