Afternoon Rate Update

Headline: PWLB Rates Take a Slight Step Up

Notice Date: 02 January 2026, PM reset at 12:30

Maturity Rates

• 1y: 4.58% (+1)
• 3y: 4.76% (+1)
• 5y: 4.98% (+1)
• 10y: 5.55% (+1)
• 25y: 6.17% (+1)
• 50y: 5.93% (+1)

All maturity rates have increased by 1 basis point, indicating a modest upward movement across the board.

Afternoon Context

Since this morning, the 10:30am release of the GBP S&P Global Manufacturing PMI Final showed an actual of 50.6, below the forecast of 51.2, suggesting a slight contraction in the manufacturing sector. This, combined with the earlier housing data, reflects ongoing economic challenges that may influence gilt yields. The FTSE 100 continues to perform well, recently surpassing the 10,000 mark, which may provide some support for market sentiment. Overall, the slight uptick in PWLB rates aligns with these mixed economic signals.

Calendar Events

Today's Releases:

• GBP Nationwide Housing Prices YoY - Actual: 0.6% (Forecast: 1.4%, Previous: 1.8%)
• GBP Nationwide Housing Prices MoM - Actual: -0.4% (Forecast: 0.3%, Previous: 0.3%)
• GBP S&P Global Manufacturing PMI Final - Actual: 50.6 (Forecast: 51.2, Previous: 50.2)

Remaining Today:

• No further significant economic releases today.

This Week Ahead:

• Monday 09:30: GBP BoE Consumer Credit - Forecast: 1.20B (Previous: 1.12B)
• Monday 09:30: GBP Mortgage Approvals - Forecast: 64.80k (Previous: 65.02k)
• Monday 09:30: GBP Mortgage Lending - Forecast: 4.70B (Previous: 4.27B)
• Monday 09:30: GBP Net Lending to Individuals MoM - Forecast: 5.60B (Previous: 5.40B)
• Monday 09:30: GBP M4 Money Supply MoM - Forecast: 0 (Previous: -0.00)
• Tuesday 09:30: GBP S&P Global Composite PMI Final - Forecast: 52.1

This commentary is provided for informational purposes only and should not be construed as financial advice. Market conditions can change rapidly, and you should always verify current rates directly with the PWLB or through official channels before making borrowing decisions. Past performance is not indicative of future results.

Until next time, may your treasury operations be as smooth as a well-tuned engine!