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% (+2bp)

What’s New Since This Morning

• Modest upward shift across the curve, with +1bp in the 5y, and +2bp in the 10y, 25y, and 50y tenors.
• Front end (1y, 3y) remains unchanged.

Context

• Oil prices have retreated sharply after US President Trump signalled a possible near-term resolution to the Iran conflict, easing earlier inflation and supply concerns.
• European and UK bond yields are stabilising as energy markets pull back from recent highs, with risk sentiment improving across equities and credit.
• Today’s BRC Retail Sales Monitor came in below forecast at +0.7% YoY (vs 1.1%), indicating subdued UK retail momentum.
• No single clear driver for the modest upward move in PWLB rates; market tone reflects a partial reversal of recent risk-off flows.

Look Ahead

• Diary is light into tomorrow; no further high or medium-impact GBP releases scheduled for the rest of today.
• Tomorrow: No high/medium GBP data due. Next scheduled items are Thursday’s RICS House Price Balance and BoE speeches.

PWLB rates saw a modest upward adjustment this afternoon, with the market stabilising as geopolitical and energy concerns ease.

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.