Yes . That is the fixed rate of current issue. So you can never get less than 0. They pay fixed rate of 0 plus the CPI twice a year. So if CPI is 4.5 you get 0 plus 4.5 for 6 months and if it's still 4.5 in 6 months you get another 4.5 which makes it a 9% bond. If it goes to 0 you'd still get the 4.5% for this year. If there is no inflation for 12 months your return is 0.