Thank you again for your response and again very helpful. I've actually accessed this document at DMO previously and still cannot understand why a GRY should be negative. Even if inflation was negative which to my knowledge has never been the case. Why e.g. don't they quote the expected inflation rate at e.g. the coupon rate? Conventional gilts do after all quote the actual GRY based on the coupon and with no intrinsic inflation to boot!