PWLB briefing
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 rates set 3–4bp higher across all maturities, tracking this morning's gilt market repricing as oil and inflation risks intensify.
PWLB edges up as oil shock ripples through gilts
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.10% | +4bp |
| 3y | 5.22% | +4bp |
| 5y | 5.36% | +3bp |
| 10y | 5.85% | +4bp |
| 25y | 6.45% | +4bp |
| 50y | 6.25% | +3bp |
Parallel 3–4bp upward shift across the curve; no material steepening or flattening.
WHAT MOVED
- → Uniform move — All key maturities rose by 3–4bp, with no significant divergence between short and long ends.
- → Front-end and long-end — Both ends of the curve moved in lockstep, reflecting broad-based repricing.
CONTEXT
- → Oil and energy shock — Global markets are reacting to the US announcement of a blockade of the Strait of Hormuz, sending oil above $100 and lifting inflation expectations.
- → No UK macro data — No significant UK releases so far today; market focus remains on geopolitical risk and global inflation.
- → Gilts follow global risk-off — UK government bond yields are moving in line with global bond market weakness as risk assets sell off.
CALENDAR EVENTS
TODAY'S RELEASES
No data released so far today.
REMAINING TODAY
- → 14:00 USD Existing Home Sales — Forecast: 4.06M (Previous: 4.09M)
NEXT 48 HOURS
Calendar light over the next 48 hours.
⚑ Treasurer's Note — PWLB rates have reset 3–4bp higher this morning, with the move evenly spread across all maturities. This reflects a broad repricing in gilts as markets digest the impact of the US Hormuz blockade and surging oil prices. If gilt yields remain elevated, expect the PM reset to reflect similar pressures. Monitor intraday gilt moves if you are considering timing for new borrowing.
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 after every oil spike, election, and "one-off" inflation shock.