Bond managers, analysts, pension fund consultants and actuaries are all scrambling to work out the implications of last week's abrupt decision by the UK government to change the measure of inflation that applies to most pension schemes; and big questions remain to be answered.

The biggest is just how many pension schemes will be affected. This matters in a big way to bond markets; with over £800bn (€955.5bn) of inflation-linked bills to pay, pension funds are big buyers of index-linked government gilts and RPI swaps.