Afternoon Rate Update

Hello again! Here’s your afternoon update on the latest PWLB rates and market movements.

Headline

PWLB Rates Shift Slightly, But Not Enough to Raise Eyebrows

Notice Details

PWLB Interest Rate Notice Number 030/26
Reset: PM
Date: 22 January 2026, 12:30

Maturity Rates

• 1y: 4.57% (+1)
• 2y: 4.65% (+2)
• 3y: 4.74% (+3)
• 5y: 4.97% (+4)
• 7y: 5.21% (+5)
• 10y: 5.54% (+6)
• 12y: 5.71% (+5)
• 15y: 5.91% (+6)
• 20y: 6.09% (+6)
• 25y: 6.17% (+7)
• 30y: 6.19% (+7)
• 40y: 6.12% (+6)
• 50y: 5.95% (+7)

Notably, the 10-year rate increased by 6 basis points, reflecting a more pronounced shift in the medium-term borrowing landscape.

Afternoon Context

Since this morning, the 10:30am release of GBP CBI Distributive Trades showed an actual of -17, significantly better than the forecast of -57, indicating a less pessimistic outlook for retail activity. Meanwhile, the earlier public sector net borrowing figure of -£11.58 billion was also better than the forecast of -£15 billion. These positive data points have contributed to a slight uptick in gilt yields, as market sentiment improves amidst easing geopolitical tensions following President Trump's remarks at Davos.

Calendar Events

RELEASES SO FAR TODAY:

• GBP Public Sector Net Borrowing Ex Banks - Actual: -£11.58B (Forecast: -£15B, Previous: -£10.94B)
• GBP CBI Distributive Trades - Actual: -17 (Forecast: -57, Previous: -44)

REMAINING TODAY:

• No further significant economic releases today.

TOMORROW AND THIS WEEK:

• Tomorrow: GBP Gfk Consumer Confidence - 00:01 - Forecast: -17
• Tomorrow: GBP Retail Sales YoY - 07:00 - Forecast: 0.01
• Tomorrow: GBP Core Retail Sales - 07:00 - Forecast: 0.01
• Tomorrow: GBP Retail Sales MoM - 07:00 - Forecast: -0.00
• Tomorrow: GBP Core Retail Sales - 07:00 - Forecast: -0.00
• Tomorrow: GBP S&P Global Composite PMI Flash - 09:30 - Forecast: 51.7
• Tomorrow: GBP S&P Global Services PMI Flash - 09:30 - Forecast: 51.5
• Tomorrow: GBP S&P Global Manufacturing PMI Flash - 09:30 - Forecast: 50.8
• Tomorrow: GBP BoE Greene Speech - 09:30
• Tuesday: GBP BRC Shop Price Inflation - 00:01 - Forecast: 0.8%

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 orchestra!