End of Day Wrap-Up

Gilt yields ended the day modestly lower across most maturities, resulting in small declines in PWLB rates at nearly all tenors.

GILT MOVE SUMMARY

• 1y: 3.524% (-3bp) — Short end declined moderately.
• 5y: 3.796% (+8bp) — Notable divergence with a rise in the 5y sector.
• 10y: 4.305% (-3bp) — Belly of the curve moved lower.
• 30y: 4.991% (-8bp) — Long end led declines.

PWLB CLOSE SNAPSHOT

• 1y: 4.45% (-1)
• 5y: 4.76% (-1)
• 10y: 5.34% (-1)
• 25y: 6.00% (-1)
• 50y: 5.81% (-1)

WHAT DROVE TODAY

• There were no high-impact UK economic data releases today. The only scheduled releases—Car Production YoY (-8.2% actual vs 5.3% forecast) and GfK Consumer Confidence (-19 actual vs -16 forecast)—were both low to medium impact and did not prompt a clear market reaction.
• No major news headlines directly referenced UK rates or gilt market drivers. Broader market coverage focused on global equity volatility and sector rotation, with no direct link to UK fixed income.
• Overall, the move appears to reflect technical factors or external influences rather than domestic data or events.

WHAT THIS MEANS

• PWLB rates finished modestly lower across nearly all maturities, with the largest moves at the long end.
• Borrowing costs for local authorities eased slightly today, particularly for longer-dated loans.
• The 5-year gilt yield diverged from the broader trend, but this was not reflected in the corresponding PWLB rate.

NEXT ON THE DIARY

• Monday 07:00: GBP Nationwide Housing Prices YoY (Forecast: 1.1%)
• Monday 09:30: GBP Mortgage Lending (Forecast: £4.20B)
• Monday 09:30: GBP Mortgage Approvals (Forecast: 62.50k)

Market conditions today were relatively quiet, with a mild downward bias in borrowing rates and no clear domestic catalyst.

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.