During 2012 Q1:
- As at 29 March 2012 (the last Thursday of the quarter) cumulative assets purchased net of sales totalled £304 billion.
- Nominal gilt yields increased in 2012 Q1, with rates on average around 30 basis points higher than at the end of 2011 Q4, particularly for longer maturities.
- Overnight index swap (OIS) rates also rose during 2012 Q1, and by more than gilt yields, with the result that gilt-OIS spreads decreased, particularly for short maturities, to levels last seen in 2009 H2.
- The average daily aggregate value of gilts lent by the APF to the DMO during the three months to 31 March 2012 was £0.5 billion, substantially lower than the £1.6 billion lent on average during the previous quarter.
- The market for sterling non-bank investment-grade commercial paper continued to function well. The total amount of non-bank sterling-denominated commercial paper outstanding decreased in 2012 Q1.