Archive
PWLB briefings — April 2026
69 briefings across 19 trading days.
30 April 2026
- Morning Rate Update PWLB rates have jumped 5–8bp across the curve at the AM reset, with the 10y now above 6% and the long end at fresh highs; the move is broad and driven by surging global yields amid…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are modestly lower across the curve (-3 to -4bp); expect a small downward adjustment at the 12:30 PWLB reset. Yields are down 3–4bp at all key tenors so far…
- Afternoon Rate Update ⚠ RATE ALERT — Broad PWLB rate cuts of 4–6bp at the PM fix, led by persistent energy market volatility and central bank signals. PWLB fixed rates at the 12:34 PM reset fell by 4–6bp across…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to a parallel fall in PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.331% (-10bp) — front-end led the decline. → 5y: 4.523%…
29 April 2026
- Morning Rate Update PWLB rates reset higher this morning, with a 2–3bp parallel move up across the curve as gilt yields respond to ongoing Middle East tensions and persistent inflation concerns. NOTICE SUMMARY…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed this morning; expect only minor tweaks at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move. GILTS SNAPSHOT →…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates saw only minor moves at the PM reset, with changes of ±2bp or less across the curve. The 12:24 PWLB PM reset shows little changed: front-end and…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in modest increases in most PWLB maturity rates, with the front end leading the move. GILT MOVE SUMMARY → 1y: 4.420% (+7bp)…
28 April 2026
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are modestly higher across the curve (+1 to +5bp); expect a small upward nudge in PWLB rates at the 12:30 reset. Little changed so far; predictions reflect…
- End of Day Wrap-Up UK gilt yields rose modestly across the curve today, resulting in a slight upward adjustment in most short and medium PWLB rates, while longer-dated PWLB rates ended flat to marginally…
27 April 2026
- Morning Rate Update PWLB rates reset lower this morning, with modest declines of 2–5bp across the curve as markets digest ongoing geopolitical and economic uncertainty. NOTICE SUMMARY — AM reset: PWLB rates…
- 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 — Modest downward shift across the curve, with 1–7 year tenors down by 3bp and longer maturities by 2–3bp. PWLB fixed rates at the 12:25 PM reset are lower by 2–3bp across…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in modest increases in PWLB rates at all maturities. GILT MOVE SUMMARY → 2y: 4.38% (+4bp) — front-end yields moved higher in line with…
24 April 2026
- Morning Rate Update PWLB rates have moved modestly higher across the curve at the AM reset, with front-end and belly tenors up 2–3bp and longer maturities up 1bp. NOTICE SUMMARY — PWLB fixed rates set higher…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up notably across the curve (+4–7bp), with the 10y up +7bp; geopolitical tensions and energy market disruption are the main backdrop. Gilt yields are higher…
- End of Day Wrap-Up UK gilt yields ended modestly lower across the curve, while PWLB rates finished the day up by 1–2bp, reflecting the timing of the PWLB reset relative to intraday gilt moves. GILT MOVE…
23 April 2026
- Morning Rate Update PWLB rates reset this morning with a notable upward move across the curve, led by the short and medium tenors. ⚠ RATE ALERT — AM reset: 5–6bp rise at the front end, 2–4bp higher further…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up across the curve (+2–6bp), with the largest moves at the long end, as energy market disruption and strong UK PMI data drive a notable upward reset risk…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in higher PWLB rates at all maturities. GILT MOVE SUMMARY → 2y: 4.36% (+3bp) — front-end yields rose moderately. → 10y: 4.94% (+1bp)…
22 April 2026
- Morning Rate Update PWLB rates reset higher this morning, with a uniform 3–5bp rise across the curve as UK inflation data surprised to the upside. ⚠ RATE ALERT — AM reset: PWLB rates up 2–5bp across all…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect only minor tweaks at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move. GILTS…
- End of Day Wrap-Up UK gilt yields ended the day modestly higher at the front end and largely unchanged to lower in longer maturities, resulting in a slight upward shift in short- and medium-term PWLB rates…
21 April 2026
- Morning Rate Update PWLB rates reset higher this morning, with a uniform +2 to +3bp move across the curve following firmer UK labour market data. NOTICE SUMMARY — AM reset: PWLB rates rose by 2–3bp across all…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are modestly higher at the front end, flat to slightly lower further out; expect a small upward adjustment in short PWLB rates at 12:30. Little changed so…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest curve flattening at the PWLB PM reset: short rates up by 1–3bp, long end down by 2bp. PWLB fixed rates at 12:10 show a mild flattening, with front-end yields…
- End of Day Wrap-Up Gilt yields rose across the curve today, with the front end leading, resulting in modest increases in most PWLB rates, though longer-dated PWLB rates ended slightly lower. GILT MOVE SUMMARY…
20 April 2026
- Morning Rate Update PWLB rates reset lower this morning, with a modest 2–4bp drop across the curve as markets digest renewed geopolitical tensions and energy price volatility. NOTICE SUMMARY — AM reset: PWLB…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up across the curve (+4–5bp at key tenors) amid renewed Middle East tensions and a sharp oil rebound. Gilt yields are notably higher this morning; expect a…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1bp higher across several maturities at the PM reset, but overall moves remain modest. PWLB PM rates set at 12:22 show a mild upward drift, with most…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in modest increases in PWLB rates at most key maturities. GILT MOVE SUMMARY → 2y: 4.17% (+7bp) — front-end led the move higher…
17 April 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with increases of 5–10bp across the curve and the long end leading. ⚠ RATE ALERT — AM reset: notable upward move across all maturities, with…
- 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 — Gilt yields eased slightly into the PM reset, with PWLB rates down 1–2bp across most maturities. PWLB fixed rates at the 12:30 reset are modestly lower across the curve…
- End of Day Wrap-Up Gilt yields fell sharply across the curve today, leading to a broad-based decline in PWLB rates by the afternoon reset. GILT MOVE SUMMARY → 2y: 4.11% (-8bp) — declines led by the front end…
16 April 2026
- Morning Rate Update PWLB rates have nudged higher at the long end, with 25–50 year maturities up 3bp, while shorter tenors are little changed. ⚠ RATE ALERT — AM reset: modest steepening, long-dated PWLB rates…
- 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 — Gilt yields eased slightly into the PM reset, with PWLB rates down 1–2bp across the curve. PWLB fixed rates at 12:34 landed 1–2bp lower across all key maturities; little…
- End of Day Wrap-Up Long-dated gilt yields rose notably today, steepening the curve and resulting in a modest decline in PWLB rates across the maturity spectrum. GILT MOVE SUMMARY → 2y: 4.22% (unch) — front…
15 April 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with a uniform 5–7bp drop across the curve as gilts rally on Middle East peace talk optimism. ⚠ RATE ALERT — AM reset: PWLB rates down 5–7bp…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect only minor upward adjustments at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates saw minimal movement at the 12:30 reset, with only minor changes at the short and long ends. The 15 April PM PWLB reset saw little changed overall, with 1–7…
- End of Day Wrap-Up Gilt yields rose modestly across the curve today, resulting in small upward moves in most PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.22% (+3bp) — modest upward shift at the front end. →…
14 April 2026
- Morning Rate Update PWLB rates reset lower this morning, with a uniform 4–5bp drop across the curve as markets digest easing oil prices and hopes for US-Iran talks. NOTICE SUMMARY — AM fix: PWLB rates fell…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are down 4–6bp across most key tenors this morning, led by the front end, as global risk sentiment improves and oil prices ease. Gilts are rallying with a clear…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:30 reset; moves remain modest. PWLB fixed rates at the 12:30 PM set are up 1–2bp versus the previous notice…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to modest declines in PWLB rates at the afternoon fix. GILT MOVE SUMMARY → 1y: 4.15% (-10bp) — front-end led declines. → 5y…
13 April 2026
- Morning Rate Update PWLB rates reset this morning with a uniform 3–4bp rise across the curve, reflecting a modest upward move in gilt yields amid heightened global market tension. NOTICE SUMMARY — PWLB AM…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up 3–5bp across the curve, led by the long end, as global markets react to the US announcement of a Strait of Hormuz blockade and surging oil prices. Gilts…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward shift across the curve at the 12:32 reset, with rates up +2–3bp on all key maturities. PWLB fixed rates at the 13 April 2026 PM reset moved up by 2–3bp…
- End of Day Wrap-Up UK gilt yields rose across the curve today, leading to a corresponding increase in PWLB rates for all standard maturities. GILT MOVE SUMMARY → 2y: 4.310% (+7bp) — front-end led the move…
9 April 2026
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up sharply across the curve (+6–7bp), with Middle East tensions and energy market disruption in focus. Gilt yields are up 6–7bp at all key tenors; expect a…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward move across the curve, with 2–3bp gains at most key tenors. PWLB fixed rates at the 12:16 PM reset are up 2–3bp across most maturities; little changed in…
8 April 2026
- Morning Rate Update PWLB rates have dropped sharply across the curve after the AM reset, with double-digit declines at every maturity as markets react to the US-Iran ceasefire and plunging oil prices. ⚠…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilts are sharply lower across the curve (-16bp to -24bp), driven by a global relief rally after the US-Iran ceasefire; expect a significant downward reset at 12:30…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the PM reset, with little movement overall. PWLB fixed rates at 12:15 show a modest downward shift, with most tenors…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, driving a broad-based decline in PWLB rates, with the front end leading the move lower. GILT MOVE SUMMARY → 1y: 4.16% (-20bp)…
7 April 2026
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect only marginal adjustments at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move. GILTS…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across most maturities at the 12:22 reset; moves were modest and broad-based. PWLB fixed rates at the 12:22 PM reset saw small declines…
- End of Day Wrap-Up UK gilt yields rose across the curve today, with the move most pronounced at the short end, resulting in a modest increase in borrowing costs, while PWLB rates ended the day slightly lower…
2 April 2026
- Morning Rate Update PWLB rates reset higher this morning, with a modest parallel move of +3 to +5bp across the curve. NOTICE SUMMARY — AM reset: PWLB rates rose 3–5bp across all maturities, reflecting firmer…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up sharply across the curve (+6–8bp), driven by renewed global risk aversion and surging oil prices after US escalation threats on Iran. Gilt yields are up…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB rates rose 3–4bp across the curve at the PM fix, driven by ongoing gilt weakness amid global market turmoil and surging energy prices. PWLB PM rates reset higher at…
- End of Day Wrap-Up UK gilt yields rose modestly across the curve today, resulting in PWLB maturity rates closing 3–4bp higher and maintaining a broadly parallel upward shift. GILT MOVE SUMMARY → 1y: 4.297%…
1 April 2026
- Morning Rate Update PWLB rates have dropped sharply across the curve at the AM reset, with double-digit declines led by the 3–5 year area as gilts rally on Middle East de-escalation hopes. ⚠ VOLATILITY ALERT…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilts are rallying sharply across the curve (-3bp to -6bp), driven by optimism around a possible near-term end to the Iran war and a global risk-on move. Gilts are firmer…
- Monthly Activity PWLB Activity Commentary — March 2026 PWLB Monthly Activity Commentary Record £4.2bn across 299 loans as financial year-end triggers broad-based surge; HRA concession share reaches 35% and…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged up by 1–2bp across the curve at the 12:32 reset, with no sharp moves. PWLB fixed rates at the 12:32 PM reset are up 1–2bp versus the previous notice…
- End of Day Wrap-Up UK gilt yields declined across the curve today, resulting in modestly lower borrowing costs as reflected in a small decrease in underlying PWLB rates. GILT MOVE SUMMARY → 1y: 4.263% (-9bp)…