Afternoon Rate Update

Headline

PWLB Rates Take a Dip: A Quiet Afternoon

Notice Date: 14 January 2026
Reset Time: 12:30 PM

Maturity Rates

• 1y: 4.56% (0bps)
• 2y: 4.61% (-1bps)
• 3y: 4.68% (-1bps)
• 5y: 4.88% (-2bps)
• 10y: 5.44% (-2bps)
• 25y: 6.06% (-3bps)
• 50y: 5.84% (-3bps)

Overall, the rates have seen a slight decline, with the 5-year, 10-year, 25-year, and 50-year rates all decreasing by 2 to 3 basis points. This afternoon's adjustments reflect a generally quiet market.

Afternoon Context

Since this morning, the GBP Treasury Gilt 2035 Auction was held at 10:30 AM, with an actual yield of 0.04, which was low impact. Additionally, the Bank of England's Taylor Speech occurred earlier today, also deemed low impact. In the news, BP's profit warning regarding a $4-5 billion impairment charge in its energy transition business continues to affect market sentiment, particularly in energy stocks. Overall, these developments have contributed to a cautious atmosphere, with gilt yields remaining relatively stable.

Calendar Events

REMAINING TODAY:

• 15:30: GBP BoE Ramsden Speech - Low impact

THIS WEEK AHEAD:

• Tomorrow, 15 January: RICS House Price Balance - 00:01 - Forecast: -0.16
• Tomorrow, 15 January: Balance of Trade - 07:00 - Forecast: -3.50B
• Tomorrow, 15 January: GDP MoM - 07:00 - Forecast: -0.1%
• Tomorrow, 15 January: GDP 3-Month Avg - 07:00 - Forecast: -0.1%
• Tomorrow, 15 January: GDP YoY - 07:00 - Forecast: 0.8%
• Tomorrow, 15 January: Industrial Production MoM - 07:00 - Forecast: -0.00
• Tomorrow, 15 January: Goods Trade Balance - 07:00 - Forecast: -19.80B
• Tomorrow, 15 January: Industrial Production YoY - 07:00 - Forecast: -0.01
• Tomorrow, 15 January: Construction Output - 07:00 - Forecast: 0.00
• Tomorrow, 15 January: Manufacturing Production YoY - 07:00 - Forecast: -0.01

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 rates be ever in your favour!