Morning Rate Update

Headline

PWLB Rates Hold Steady: A Calm Before the Storm?

Notice Details

Notice Date: 19 February 2026
Reset Time: 09:14 AM

Maturity Rates

• 1y: 4.49% (0)
• 3y: 4.64% (1)
• 5y: 4.87% (2)
• 10y: 5.46% (1)
• 25y: 6.11% (1)
• 50y: 5.92% (1)

Rates are mostly unchanged, with only minor adjustments across the board. The 5-year rate saw a 2 basis point increase, but overall, it’s a rather uneventful morning in the PWLB world.

Market Context

The current yield curve appears to be relatively flat, indicating a stable borrowing environment for local authorities. Today, we await the release of the CBI Industrial Trends Orders, expected to provide insight into manufacturing sentiment, with a forecast of -25, slightly better than the previous -30. In the news, Rachel Reeves faces criticism over fiscal rules that some argue are hampering economic growth, while Centrica's profit plunge raises concerns about broader market stability. These developments could influence future borrowing decisions, but for now, the PWLB rates remain steady.

Calendar Events

TODAY'S RELEASES:

• 11:00: CBI Industrial Trends Orders - Forecast: -25 (Previous: -30)

REMAINING TODAY:

• No significant economic releases scheduled.

THIS WEEK AHEAD:

• Tomorrow: Retail Sales MoM - 07:00 - Forecast: 0.00%
• Tomorrow: Retail Sales YoY - 07:00 - Forecast: 0.03%
• Tomorrow: S&P Global Services PMI Flash - 09:30 - Forecast: 53.6
• Tomorrow: S&P Global Manufacturing PMI Flash - 09:30 - Forecast: 51.9
• Tuesday 24th: Treasury Gilt 2033 Auction - Low impact (Previous: 4.3%*)

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 spreadsheets tidy and your rates even tidier!