Afternoon Rate Update

Headline

PWLB Rates Make a Small Splash – Just a Ripple!

Notice Details

PWLB Interest Rate Notice Number 020/26, published at 12:30 on 15 January 2026.

Maturity Rates

• 1y: 4.56% (+1bps)
• 3y: 4.68% (+2bps)
• 5y: 4.87% (+1bps)
• 10y: 5.43% (+1bps)
• 25y: 6.05% (+1bps)
• 50y: 5.84% (0bps)

Rates have increased slightly, with the 3-year rate seeing a notable rise of 2 basis points.

Afternoon Context

Since this morning, several economic data releases have come through. The 10:30am release of the GBP GDP MoM showed actual growth of 0.3%, surpassing the forecast of -0.1%. Additionally, the GBP Balance of Trade reported a deficit of -6.12B, worse than the forecast of -3.50B. In the news, UK economic growth figures have provided a boost to market sentiment, although concerns remain regarding future fiscal policies. Overall, these developments may lead to some adjustments in gilt yields as investors digest the implications.

Calendar Events

RELEASES SO FAR TODAY:

• GBP GDP MoM - Actual: 0.3% (Forecast: -0.1%, Previous: -0.1%)
• GBP Balance of Trade - Actual: -6.12B (Forecast: -3.50B, Previous: -6.53B)

REMAINING TODAY:

• No further significant economic releases today.

TOMORROW AND THIS WEEK:

• Tuesday 07:00: GBP Average Earnings excl. Bonus (3Mo/Yr) - Previous: 4.6%
• Tuesday 07:00: GBP Unemployment Rate - Previous: 5.1%

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 steady as a well-tuned clock!