Morning Rate Update

Headline

PWLB Rates Slip Slightly, But Not Enough to Cause a Stir

Notice Details

PWLB Interest Rate Notice Number 011/26
Effective for transactions agreed after 09:11 on 09 January 2026

Maturity Rates

• 1y: 4.55% (-1bps)
• 3y: 4.70% (0bps)
• 5y: 4.90% (-1bps)
• 10y: 5.46% (-2bps)
• 25y: 6.09% (-2bps)
• 50y: 5.87% (-1bps)

Overall, a rather uneventful day with only minor adjustments across the board, particularly in the longer maturities where the 10-year and 25-year rates both dropped by 2 basis points.

Market Context

The yield curve remains relatively stable, with slight downward shifts in the mid to long-term maturities. Today's economic landscape is quiet, with no significant GBP data releases reported so far. However, the market is observing a renewed appetite for risk among UK business leaders, which could influence future borrowing decisions. Additionally, ongoing discussions about a potential merger between major mining companies Glencore and Rio Tinto are capturing attention, hinting at broader economic implications. These developments, while not directly impacting PWLB rates today, contribute to the overall market sentiment.

Calendar Events

TODAY’S RELEASES:

• No significant economic releases scheduled.

REMAINING TODAY:

• No significant economic releases scheduled.

THIS WEEK AHEAD:

• Tuesday 00:01: GBP BRC Retail Sales Monitor YoY - Forecast: 0.01
• Tuesday 10:00: GBP Index-linked Treasury Gilt 2035 Auction
• Wednesday 10:00: GBP Treasury Gilt 2035 Auction
• Thursday 00:01: GBP RICS House Price Balance - Forecast: -0.16
• Thursday 07:00: GBP Balance of Trade - Forecast: -3.50B
• Thursday 07:00: GBP GDP MoM - Forecast: -0.1%
• Thursday 07:00: GBP GDP 3-Month Avg - Forecast: -0.1%
• Thursday 07:00: GBP GDP YoY - Forecast: 0.8%
• Thursday 07:00: GBP Industrial Production MoM - Forecast: 0.01
• Thursday 07:00: GBP Goods Trade Balance - Forecast: -19.80B

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, keep your treasury operations as smooth as a well-oiled machine!