Archive
PWLB briefings — March 2026
90 briefings across 22 trading days.
31 March 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 5–10bp declines across the curve as markets react to ongoing geopolitical and inflation concerns. ⚠ RATE ALERT — AM reset: 5–10bp drop…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are almost unchanged across the curve; expect a flat PWLB reset at 12:30. Little changed so far; predictions reflect small/no move. GILTS SNAPSHOT → 1y…
- Afternoon Rate Update ⚠ RATE ALERT — PM reset brings a uniform 3–5bp rise across the curve, with the 50-year up the most (+5bp), as energy-driven inflation and global rate volatility persist. PWLB PM rates reset…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to lower PWLB rates at all maturities by the close. GILT MOVE SUMMARY → 2y: 4.38% (-8) — front-end led declines, largest move on the…
30 March 2026
- Morning Rate Update PWLB rates have dropped sharply across the curve at the AM reset, with double-digit declines from front to back—driven by a global bond rally as markets respond to escalating Middle East…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed at the long end, with a mild upward nudge at the front; expect only minor upward adjustments at the 12:30 PWLB reset. Little changed so…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged up by 1–3bp across most maturities at the PM reset; long end steady. PWLB fixed rates at the 12:32 reset saw small upward moves at the front and belly…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to flat or slightly lower PWLB rates at most maturities. GILT MOVE SUMMARY → 2y: 4.456% (-3bp) — short end modestly lower. → 10y…
27 March 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with 5–10bp moves across the curve as markets digest renewed inflation and geopolitical risks. ⚠ RATE ALERT — AM reset: PWLB rates up 6–10bp…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up sharply across the curve (+6bp to +10bp), with the long end leading; market focus remains on geopolitical and inflation risks. Gilt yields are higher…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB rates rose 3–4bp across the curve at the PM fix, with 10y, 15y, 20y, 25y, 30y, 40y, and 50y all +4bp; the move tracks a sharp rise in gilt yields amid ongoing market…
- End of Day Wrap-Up Gilt yields ended the day modestly higher across most maturities, resulting in a parallel increase in PWLB rates. GILT MOVE SUMMARY → 2y: 4.49% (-6bp) — front-end yields declined, diverging…
26 March 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with 5–10bp increases across the curve and the 3-year up a full 10bp as market volatility intensifies. ⚠ RATE ALERT — AM reset: PWLB rates rose…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilt yields are sharply higher across the curve (+6 to +11bp), driven by renewed inflation and growth fears linked to the Middle East conflict; expect a significant…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB fixed rates rose 2–5bp across the curve at the PM reset, with the 5–10 year area leading; moves reflect ongoing market reaction to persistent inflation risks and…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB rates higher and increasing borrowing costs for local authorities. GILT MOVE SUMMARY → 2y: 4.54% (+12bp) — front-end led the…
25 March 2026
- Morning Rate Update PWLB rates reset lower across the curve this morning, with 2–3bp declines at all key maturities. NOTICE SUMMARY — AM reset: PWLB rates down 2–3bp across all key tenors, following steady…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilt yields are sharply lower across the curve (-8bp to -12bp), led by the 10–40y sector, as markets react to hopes of a US-brokered Iran ceasefire and falling oil…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down 1–3bp across most maturities at the 12:22 reset, with little change overall. PWLB fixed rates at the 12:22 PM reset saw a modest 1–3bp decline…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to a broad-based decline in PWLB maturity rates. GILT MOVE SUMMARY Tenor Yield Change 2y 4.41% -8bp 5y 4.43% -9bp 10y 4.84% -11bp…
24 March 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 5–12bp falls across the curve as gilt yields responded to volatile global energy and macro headlines. ⚠ RATE ALERT — AM reset: significant…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect only minor adjustments at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move. GILTS…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged lower by 1–3bp across the curve at the 12:51 reset; moves remain modest. PWLB rates at the PM fix are down 1–3bp versus the prior notice, with…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, but PWLB rates ended lower, reflecting a notable divergence between market yields and borrowing costs for local authorities. GILT MOVE…
23 March 2026
- Morning Rate Update PWLB rates have surged across the curve, with double-digit increases at all maturities following a sharp gilt selloff amid escalating Middle East tensions. ⚠ VOLATILITY ALERT — AM reset…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilt yields are sharply lower across the curve (-11bp to -14bp at key long tenors) as markets react to escalating Middle East conflict and energy price shocks; expect a…
- Afternoon Rate Update ⚠ VOLATILITY ALERT — PWLB rates reset sharply lower at the PM fix, with 1–5 year maturities down 10–15bp, as global bond yields fell following a pause in US-Iran military escalation. PWLB…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving a modest increase in long-dated PWLB rates, while short and medium PWLB tenors were little changed or slightly lower. GILT MOVE…
20 March 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with significant moves across the curve led by the front end as markets react to fresh inflation and geopolitical shocks. ⚠ VOLATILITY ALERT…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilt yields are sharply higher across the curve (+5bp to +11bp), driven by renewed inflation fears and energy market disruption; expect a significant upward reset at…
- Afternoon Rate Update ⚠ VOLATILITY ALERT — PWLB fixed rates reset sharply higher at the PM fix, with moves of +5bp to +12bp across the curve, driven by a surge in gilt yields as energy-driven inflation fears and…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB rates to their highest levels since the financial crisis. GILT MOVE SUMMARY → 1y: 4.507% (+15bp) — front-end led the move…
- Weekly Wrap-Up ⚠ CRITICAL WEEKLY — Front end +41bp on the week. 10y PWLB at 6.11%. BoE unanimous hold, cut guidance dropped. Iran attacks Qatar LNG hub. PSNB £5.8bn above forecast. Fed hike now >50%…
19 March 2026
- Morning Rate Update PWLB rates have surged across the curve, with 10–18bp increases at all maturities after the AM reset, driven by a sharp jump in gilt yields amid escalating Middle East conflict and energy…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilt yields are sharply higher across the curve (+7bp to +15bp), driven by escalating Middle East conflict and surging energy prices; expect a significant upward reset…
- Afternoon Rate Update ⚠ RATE ALERT — Notable upward move across the PWLB curve at the PM reset, led by front-end and belly tenors, as gilt yields respond to surging energy prices and heightened inflation risk…
- End of Day Wrap-Up UK gilt yields surged across the curve today, driving PWLB maturity rates higher, with the sharpest increases at the short end. GILT MOVE SUMMARY → 1y: 4.339% (+29bp) — front-end led…
18 March 2026
- Morning Rate Update PWLB rates reset lower this morning, with a notable 6–7bp drop across the curve and the 10–25 year tenors leading the move. ⚠ RATE ALERT — AM reset: PWLB rates down 6–7bp across all key…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are modestly lower across the curve; expect a small downward adjustment at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates rose modestly by 1–3bp across the curve at the 12:18 reset. PWLB rates were reset at 12:18 with a small upward move across all key maturities; little…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in a modest increase in PWLB borrowing rates. GILT MOVE SUMMARY → 2y: 4.11% (+6bp) — front-end led the move higher. → 5y: 4.28% (+5bp)…
17 March 2026
- Morning Rate Update PWLB rates reset lower this morning, with a modest parallel move down across the curve. NOTICE SUMMARY — AM reset: PWLB rates down 2–4bp across all key maturities, reflecting a modest move…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are down 4–5bp across the curve; expect a modest downward shift at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move. GILTS…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates saw minimal movement at the PM reset, with all key maturities shifting by just ±1bp or holding steady. The 17 March PM PWLB reset landed with little changed…
- Weekly Wrap-Up ⚠ SIGNIFICANT WEEKLY MOVE — PWLB +10–14bp on the week. Brent above $100 for second consecutive session Friday. Hormuz still closed. Monday AM reset will open materially higher — Friday's…
- End of Day Wrap-Up UK gilt yields fell notably across the curve today, leading to modest declines in most PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.05% (-5bp) — front-end led declines. → 10y: 4.69%…
16 March 2026
- Morning Rate Update PWLB rates have moved modestly higher across all maturities at the AM reset, with changes of +3 to +4bp. NOTICE SUMMARY — PWLB fixed rates reset 2–4bp higher this morning, reflecting a…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are down sharply across the curve (-5bp to -7bp), with moves driven by ongoing Middle East tensions and energy market disruption. Gilt yields are lower across all…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest downward shift across the curve, with 2–4bp falls at all key maturities. PWLB fixed rates at the 12:19 PM reset moved lower by 3–4bp across the curve; little…
- End of Day Wrap-Up UK gilt yields fell across the curve today, leading to a parallel decline in PWLB new loan rates. GILT MOVE SUMMARY → 2y: 4.10% (-5bp) — declines led by the short end. → 10y: 4.77% (-6bp)…
13 March 2026
- Morning Rate Update PWLB rates reset notably higher this morning, with 5–7bp moves across the curve as market volatility intensifies. ⚠ RATE ALERT — PWLB AM fix: rates up 5–6bp across most maturities, led by…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed to slightly lower across the curve; expect a modest downward adjustment at the 12:30 PWLB reset. Little changed so far; predictions reflect…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged 1–2bp lower across the curve at the 12:31 reset; moves remain modest. PWLB PM rates reset fractionally lower across all key maturities; little…
- End of Day Wrap-Up UK gilt yields rose across the curve today, leading to modest declines in PWLB rates at all maturities. GILT MOVE SUMMARY Tenor Yield Change Comment 2y 4.14% +5bp Front-end led 10y 4.83%…
12 March 2026
- Morning Rate Update PWLB rates are little changed after the 12:32 reset, with moves of just 1–2bp across the curve and no material shift in shape. NOTICE SUMMARY — PWLB fixed rates saw minor moves (±1–2bp) at…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilt yields have surged 7–12bp across the curve, led by the long end, as markets react to the escalating Middle East conflict and its impact on oil prices and inflation…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates edged 1bp lower at the front end, were unchanged to +1bp further out; overall, little changed. PWLB PM reset at 12:32 saw minor moves: short maturities…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving a modest increase in long-dated PWLB rates, while short and medium PWLB tenors were little changed or slightly lower. GILT MOVE…
11 March 2026
- Morning Rate Update PWLB Rates: Notable Increases Across the Curve PWLB Snapshot 1y: 4.83% (+7bp) 3y: 4.96% (+7bp) 5y: 5.13% (+5bp) 10y: 5.64% (+4bp) 25y: 6.26% (+4bp) 50y: 6.07% (+5bp) What Moved Front end…
- Morning PWLB Predictions PWLB Reset Preview – 11:00, 11 March 2026 Gilt yields have moved sharply higher across the curve this morning; PWLB reset predictions reflect notable upward adjustments. Gilts Snapshot 2y…
- Afternoon Rate Update PWLB PM Update – 12:31, 11 March 2026: Little changed PWLB PM Snapshot 1y: 4.82% (-1bp) 3y: 4.96% (unch) 5y: 5.14% (+1bp) 10y: 5.65% (+1bp) 25y: 6.26% (unch) 50y: 6.08% (+1bp) What’s New…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in modest upward adjustments to most PWLB rates by the close. GILT MOVE SUMMARY 1y: 3.941% (+12bp) — Significant front-end…
10 March 2026
- Morning Rate Update PWLB Rates: Significant Downward Shift Across the Curve PWLB Snapshot 1y: 4.76% (-19bp) 3y: 4.89% (-22bp) 5y: 5.07% (-21bp) 10y: 5.58% (-17bp) 25y: 6.20% (-13bp) 50y: 6.00% (-14bp) What…
- Morning PWLB Predictions PWLB Reset Preview – 11:30am, 10 March 2026 Gilts have rallied sharply across the curve this morning; PWLB reset predictions point to a notable downward move at 12:30. Gilts Snapshot 2y…
- Afternoon Rate Update PWLB Rates Update – 12:31 PM Reset: Modest Upward Moves Across the Curve PWLB PM Snapshot 1y: 4.76% (unch) 3y: 4.89% (unch) 5y: 5.08% (+1bp) 10y: 5.60% (+2bp) 25y: 6.22% (+2bp) 50y: 6.02%…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, but PWLB rates ended marginally higher, resulting in a disconnect between market yields and local authority borrowing costs. GILT MOVE…
9 March 2026
- Morning Rate Update PWLB Interest Rate Update – 09:35, 9 March 2026 PWLB fixed rates have risen sharply across all maturities, with increases of 9–22bp following significant market volatility. PWLB Snapshot…
- Morning PWLB Predictions PWLB Reset Preview – 11:30am, 9 March 2026 UK gilt yields have surged across the curve this morning, implying a sharp upward reset for PWLB rates at 12:30. Gilts Snapshot 2y: 4.132% (+26bp)…
- Afternoon Rate Update PWLB Rates PM Update – 09 Mar 2026 12:31 The latest PWLB notice (12:31) shows a modest downward adjustment across the curve, with short and medium maturities down 3–5bp and long-end moves…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, with the front end leading, while PWLB rates finished lower across all maturities. GILT MOVE SUMMARY 1y: 3.895% (+13bp) — Significant…
6 March 2026
- Morning Rate Update PWLB Interest Rate Update – 6 March 2026, 09:35 PWLB fixed rates rose notably across all maturities, with increases of 5–9bp following heightened global market volatility. PWLB Snapshot 1y…
- Morning PWLB Predictions PWLB Reset Preview – 11:30am, 6 March 2026 UK gilt yields have risen sharply across the curve so far today, pointing to a notable upward reset at 12:30. Gilts Snapshot 2y: 3.906% (+9bp)…
- Afternoon Rate Update PWLB PM Update – 06 Mar 2026, 12:24 Reset PWLB fixed rates were reset higher at 12:24, with notable increases of +3 to +7bp across the curve. PWLB PM Snapshot 1y: 4.79% (+6bp) 3y: 4.92%…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in a notable increase in PWLB rates at all maturities. GILT MOVE SUMMARY 2y: 3.877% (+6bp) — Short end moved higher, reflecting…
5 March 2026
- Morning Rate Update PWLB Rates: Modest Upward Moves Across Curve PWLB Snapshot 1y: 4.65% (+3bp) 3y: 4.76% (+4bp) 5y: 4.95% (+3bp) 10y: 5.50% (+2bp) 25y: 6.14% (+1bp) 50y: 5.96% (+1bp) What Moved Front-end and…
- Morning PWLB Predictions PWLB Reset Preview – 11:00, 5 March 2026 Top line: Gilt yields are moderately higher across the curve so far today; PWLB reset predictions reflect a small upward move at 12:30. Gilts…
- Afternoon Rate Update PWLB Interest Rate Update – 05 Mar 2026, 12:32 PM Reset PWLB fixed rates saw minor upward adjustments across most maturities in the latest notice; overall, little changed. PWLB PM Snapshot…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in modest upward moves in PWLB rates at most maturities. GILT MOVE SUMMARY 1y: 3.770% (+8bp) — Significant front-end rise. 5y…
4 March 2026
- Morning Rate Update PWLB Rates: Notable Downward Shift Across Curve PWLB Snapshot 1y: 4.66% (-5bp) 3y: 4.76% (-6bp) 5y: 4.95% (-5bp) 10y: 5.51% (-3bp) 25y: 6.16% (-1bp) 50y: 5.97% (-2bp) What Moved Front-end…
- Morning PWLB Predictions PWLB Reset Preview – 11:30am, 4 March 2026 Gilt yields are lower across the curve so far today; PWLB reset predictions point to a moderate downward move at 12:30. Gilts Snapshot 2y: 3.709%…
- Afternoon Rate Update PWLB PM Update: 04 Mar 2026 12:32 – Modest Downward Move Across Curve PWLB PM Snapshot 1y: 4.62% (-4bp) 3y: 4.72% (-4bp) 5y: 4.92% (-3bp) 10y: 5.48% (-3bp) 25y: 6.13% (-3bp) 50y: 5.95%…
- End of Day Wrap-Up UK gilt yields declined across the curve today, resulting in lower PWLB rates at all maturities. GILT MOVE SUMMARY 1y: 3.680% (-3bp) — Declines led by the front end. 5y: 3.930% (-4bp)…
3 March 2026
- Morning Rate Update PWLB Interest Rate Update – 2026-03-03 09:35 PWLB fixed rates have risen significantly across all maturities following the latest update. PWLB Snapshot 1y: 4.67% (+18bp) 3y: 4.76% (+19bp)…
- Morning PWLB Predictions PWLB Reset Preview – 11:30am, 3 March 2026 UK gilt yields have risen sharply across the curve this morning, indicating a notable upward reset for PWLB rates at 12:30. Gilts Snapshot 2y…
- Afternoon Rate Update PWLB Rates PM Update – 03 Mar 2026 12:11 PWLB fixed rates reset at 12:11 with a notable upward move across the curve versus previous levels. PWLB PM Snapshot 1y: 4.71% (+4bp) 3y: 4.82%…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in a broad increase in PWLB maturity rates. GILT MOVE SUMMARY 2y: 3.724% (+8bp) — Front-end yields rose, reflecting heightened…
2 March 2026
- Morning Rate Update PWLB Interest Rate Update – 2 March 2026, 11:29 Short-dated PWLB rates saw a notable upward move, while the rest of the curve was little changed. PWLB Snapshot 1y: 4.50% (+5bp) 3y: 4.58%…
- Morning PWLB Predictions PWLB Reset Preview – 11:30am, 2 March 2026 Little changed so far; predictions reflect small/no move. Gilts Snapshot 1y: 3.555% (+3bp) — front end slightly firmer 10y: 4.317% (+1bp) — belly…
- Afternoon Rate Update PWLB PM Update – 12:30 Notice: Little Changed PWLB PM Snapshot 1y: 4.49% (-1bp) 3y: 4.57% (-1bp) 5y: 4.76% (-2bp) 10y: 5.33% (-1bp) 25y: 5.99% (-1bp) 50y: 5.81% (unch) What’s New Since This…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, with front-end tenors leading, while PWLB rates ended modestly lower or unchanged across most maturities. GILT MOVE SUMMARY 1y: 3.651%…