PWLB briefing
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 across all key tenors; little changed in curve shape, but the direction is clear.
PWLB PM SNAPSHOT
- → 1y: 5.12% (+2bp)
- → 3y: 5.25% (+3bp)
- → 5y: 5.39% (+3bp)
- → 10y: 5.88% (+3bp)
- → 25y: 6.47% (+2bp)
- → 50y: 6.28% (+3bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly — 1y up +2bp; 3y and 5y both up +3bp.
- → Long end — 25y up +2bp; 50y up +3bp.
- → Curve shape — Modest parallel upward shift, no significant steepening or flattening.
CONTEXT
- → Geopolitical risk — News dominated by the US announcement of a naval blockade of the Strait of Hormuz, with oil surging above $100/bbl and global risk sentiment cautious.
- → Market reaction — Equities lower, yields higher, and inflation concerns revived as energy prices spike.
- → UK data — No major UK releases so far today; calendar is quiet on the domestic front.
LOOK AHEAD
- → No further GBP high/medium-impact releases due today.
- → Tomorrow 23:01 — BRC Retail Sales YY (prev: 0.7%).
Rates nudged higher in line with global market nerves; no sign of calm just yet.
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’re waiting for a dull day, today isn’t it.