PWLB briefing
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 dipped, long end nudged up by 1bp, with the curve broadly steady.
PWLB PM SNAPSHOT
- → 1y — 4.88% (-2bp)
- → 3y — 5.03% (-2bp)
- → 5y — 5.21% (-1bp)
- → 10y — 5.73% (unch)
- → 25y — 6.34% (unch)
- → 50y — 6.16% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end — 1y and 3y both -2bp; 5y -1bp.
- → Belly and long end — 10y and 25y unchanged; 50y +1bp.
CONTEXT
- → UK data — RICS Housing Survey came in weaker than forecast (-12 vs -9), but impact on gilts appears limited.
- → Global backdrop — News flow dominated by Middle East conflict and oil price surge; no direct evidence of a sharp gilt move into the PM fix.
LOOK AHEAD
- → Tomorrow 07:00 — GDP Estimate MM (0.2% f/c), GDP Est 3M/3M (0.3% f/c), and Industrial Output YY (0.6% f/c) all due.
Curve remains steady; attention turns to tomorrow's UK GDP and output figures for the next catalyst.
This commentary is provided for information only and is not financial advice. Please verify rates directly with PWLB or official sources before acting.
Gilt Edge Advisor — If you want excitement, try the oil market. PWLB curve just had a nap.