PWLB briefing
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 5–10bp across all maturities, led by the 3–5y sector, as gilt yields respond to ongoing global market stress.
PWLB Jumps as Gilt Yields Surge — 3y Up 10bp, Curve Lurches Higher
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.29% | +8bp |
| 3y | 5.39% | +10bp |
| 5y | 5.48% | +9bp |
| 10y | 5.91% | +7bp |
| 25y | 6.46% | +5bp |
| 50y | 6.27% | +5bp |
Parallel shift higher across the curve, with the 3–5y sector leading the move.
WHAT MOVED
- → Front-end and belly — 1y to 5y tenors saw the largest increases, with 3y up +10bp and 5y +9bp.
- → Long-end — 25y and 50y rates rose by +5bp, mirroring the broad upward pressure.
- → Curve shape — Moves were broadly parallel, but the belly was hit hardest.
CONTEXT
- → Global risk aversion — News flow dominated by the Iran war, surging oil prices, and inflation fears, with UK and European consumer confidence sharply lower.
- → No UK data released yet — Gilt moves are being driven by global headlines and risk sentiment, not domestic macro releases.
- → Market volatility — Commentary highlights ongoing uncertainty and capital outflows from risk assets, with gilts under pressure alongside global bonds.
CALENDAR EVENTS
TODAY'S RELEASES
No data released so far today.
REMAINING TODAY
- → 12:30: USD Initial Jobless Claims — Forecast: 210K (Prev: 205K)
NEXT 48 HOURS
- → Fri 27 Mar 00:01: GBP GfK Consumer Confidence — Forecast: -24
⚑ Treasurer's Note — PWLB rates have jumped 5–10bp across the curve at this morning’s reset, with the 3y up a full 10bp and the 5y up 9bp. This is a broad, parallel move driven by global market volatility and risk aversion, not UK data. If you are watching for the next reset, keep in mind that the market remains headline-driven and sensitive to further geopolitical developments. Monitor gilt pricing closely ahead of the PM fix.
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 — still here when the headlines are louder than the data.