PWLB briefing
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 by 1–3bp at the morning reset, reflecting upward moves in gilt yields amid ongoing Middle East tensions and firm oil prices.
PWLB edges up as gilts digest oil and risk headlines
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.25% | +3bp |
| 3y | 5.37% | +3bp |
| 5y | 5.50% | +2bp |
| 10y | 5.98% | +1bp |
| 25y | 6.58% | +1bp |
| 50y | 6.37% | +1bp |
Mild parallel shift higher, with slightly larger moves at the short end.
What Moved
- → Front-end and belly — 1y and 3y up +3bp, 5y up +2bp, reflecting sensitivity to short-term risk and inflation headlines.
- → Longer maturities — 10y, 25y, and 50y all up +1bp, showing a more muted response further out the curve.
Context
- → Middle East tensions — Ongoing Iran war and oil supply disruption continue to underpin global yields, with oil prices holding firm.
- → Bank of England commentary — Deputy Governor Breeden warns that asset prices may not fully reflect economic risks, adding a cautious tone to UK rate expectations.
- → No major UK data released yet — Market moves are being driven by global headlines and risk sentiment rather than fresh domestic data.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
Nothing further scheduled today.
Next 48 Hours
Calendar light over the next 48 hours.
⚑ Treasurer's Note — PWLB rates have nudged higher by 1–3bp across the curve at the morning reset, with the short end leading. This reflects a cautious market tone driven by global risk headlines and firm oil prices, not domestic data. If gilt yields continue to react to geopolitical developments, expect further adjustment at the next reset. For now, the window for pre-reset execution is slightly less favourable than yesterday.
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 more resets than a council laptop.