During 2009 Q1:
- Yields on nominal gilts fell following the publication of the February Inflation Report.
- Secondary market activity for sterling non-financial commercial paper is limited but data available on primary market transactions suggest spreads for A1-rated issuers had narrowed over 2009 Q1, although they were quite volatile.
- Market contacts reacted positively to the Facility buying commercial paper and expected the level of issuance to increase further.
- UK banks continued to issue sizable amounts of paper under the CGS.