Afternoon Rate Update

Good afternoon! Here’s your Local Authority Treasury update following the latest PWLB rates and market developments.

Headline

PWLB Rates Hold Steady, Afternoon Calm Prevails

Notice Details

PWLB Interest Rate Notice Number 064/26, published at 12:30 on 16 February 2026.

Maturity Rates

• 1y: 4.48% (-1bps)
• 3y: 4.63% (0bps)
• 5y: 4.86% (0bps)
• 10y: 5.47% (0bps)
• 25y: 6.14% (+2bps)
• 50y: 5.95% (+1bps)

The 25-year maturity saw a slight uptick of 2bps, while other maturities remained unchanged. It seems the rates are taking a leisurely afternoon stroll.

Afternoon Context

Since this morning, there have been no significant economic data releases to report. The market remains focused on upcoming data, particularly tomorrow's unemployment rate, which is forecasted to hold steady at 5.1%. In the news, the Bank of England is facing pressure to cut interest rates to stimulate growth, as business leaders express concerns over high rates stifling investment and consumer spending. This backdrop may influence gilt yields in the coming days, particularly if the anticipated economic data aligns with market expectations.

Calendar Events

Remaining Today:

• No further significant economic releases today.

This Week Ahead:

• Tomorrow, 07:00: Average Earnings excl. Bonus - Forecast: 4.4%
• Tomorrow, 07:00: Unemployment Rate - Forecast: 5.1%
• Tomorrow, 07:00: Claimant Count Change - Forecast: 22k

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.

Keep your treasury hats on and your eyes on the rates—steady as she goes!