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 limited to -1bp.

PWLB PM Snapshot

• 1y: 4.95% (-5bp)
• 3y: 5.11% (-3bp)
• 5y: 5.28% (-3bp)
• 10y: 5.75% (-4bp)
• 25y: 6.33% (-1bp)
• 50y: 6.14% (-1bp)

What’s New Since This Morning

• Front end led the move, with 1y down -5bp and 2–10y down -3bp to -4bp.
• Long-end tenors (25y/50y) saw only minor changes (-1bp).
• Overall, the curve flattened modestly as short gilts outperformed.

Context

• No UK data releases today; economic calendar is clear.
• Global risk sentiment remains negative: oil surged above $100/bbl, FTSE 100 and global equities sold off, and UK gilt yields rose sharply this morning on inflation concerns.
• Later in the session, some easing in crude and stabilisation in bonds reported as G7 considers emergency oil reserve releases.
• No single clear driver for the modest PM gilt rally; moves likely reflect partial retracement after the morning’s sharp sell-off.

Look Ahead

• Diary is light into tomorrow; next relevant UK item is BRC Retail Sales Monitor (00:01, forecast 1.1%).

PWLB rates remain volatile in the context of ongoing geopolitical and commodity market stress; monitor for further official updates as conditions evolve.

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.