Archive
PWLB briefings — May 2026
77 briefings across 19 trading days.
29 May 2026
- Morning Rate Update PWLB rates reset lower this morning, with a modest parallel move down across the curve following softer European inflation data and a quiet UK macro backdrop. NOTICE SUMMARY — AM reset…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed 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 — PWLB rates edged down by 2–3bp across the curve at the 12:18 reset, with no sharp moves. PWLB fixed rates at the 12:18 PM setting are modestly lower versus the previous…
- End of Day Wrap-Up Gilt yields edged lower across the curve today, leading to a modest decline in PWLB rates for most maturities. GILT MOVE SUMMARY → 2y: 4.203% (-3bp) — front-end led the move lower. → 5y…
28 May 2026
- Morning Rate Update PWLB rates reset higher this morning, with 2–4bp increases across all key maturities and no major divergence along the curve. NOTICE SUMMARY — PWLB fixed rates rose 2–4bp at the AM reset…
- 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 — PWLB rates nudged 1bp higher across most maturities at the 12:17 reset; overall, a quiet session. PWLB fixed rates at the 12:17 PM setting saw a uniform +1bp move across…
- End of Day Wrap-Up UK gilt yields declined moderately across the curve today, leading to a small but broad-based rise in PWLB rates at the afternoon fixing. GILT MOVE SUMMARY → 1y: 4.120% (+1bp) — short end…
27 May 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with a uniform -1bp move across most maturities and no material curve shift. NOTICE SUMMARY — PWLB fixed rates reset marginally lower by 1bp…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are down sharply across the curve (-4 to -5bp), with no single clear data or news driver. Gilt yields are lower by 4–5bp at all key tenors; expect a downward…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged lower by 1–2bp across most maturities at the 12:25 reset; little changed overall. PWLB PM rates reset at 12:25 with small declines across the…
- End of Day Wrap-Up UK gilt yields edged lower across most maturities today, leading to a modest decline in PWLB rates at the close. GILT MOVE SUMMARY → 2y: 4.256% (-3bp) — front-end led the move lower. → 10y…
26 May 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 5–7bp declines seen across the curve as risk sentiment improves and gilts rally. ⚠ RATE ALERT — AM reset: PWLB rates fell 4–7bp across all…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are modestly lower across the curve (-3bp to -5bp); expect a small downward adjustment at the 12:30 PWLB reset. Little changed so far; predictions reflect…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged 1bp lower across the short and medium tenors, with longer maturities flat to +1bp; overall, little changed. PWLB fixed rates at the 12:24 PM reset saw…
- End of Day Wrap-Up UK gilt yields edged lower across most maturities today, resulting in modest declines in PWLB rates at the short and medium end, while longer-dated PWLB rates were little changed or…
22 May 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 5–8bp declines seen across the curve as UK macro data and news flow turn more negative. ⚠ RATE ALERT — AM reset: PWLB rates fell 5–8bp…
- 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. Little changed so far; predictions reflect…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1bp higher across most maturities at the 12:24 reset; curve shape and overall levels remain broadly steady. PWLB fixed rates at the 12:24 PM reset saw…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to a modest fall in underlying funding costs, though PWLB rates ended slightly higher due to the timing of the rate setting versus…
21 May 2026
- Morning Rate Update PWLB rates reset lower this morning, with notable declines of 5–6bp across the curve and the 10-year now at 6.01%. ⚠ RATE ALERT — AM reset: PWLB rates fell 3–6bp across all maturities, with…
- 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 — Minor upward moves at the very front end, but little change across the main curve at the PWLB PM reset. PWLB fixed rates at the 12:32 PM reset show a steady curve, with…
- End of Day Wrap-Up UK gilt yields ended the day marginally lower across most maturities, resulting in a flat to slightly softer close for PWLB rates, with only minor changes across the curve. GILT MOVE…
20 May 2026
- Morning Rate Update PWLB rates are little changed after the 09:28 AM reset, with moves of just 0–2bp across the curve and no material shift in shape. NOTICE SUMMARY — PWLB fixed rates are broadly steady at the…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilts are rallying sharply across the curve (-7bp to -9bp), driven by a bigger-than-expected drop in UK inflation this morning. Gilts are firmer across all key tenors; expect…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates reset lower by 2–4bp across the curve this afternoon, with the largest moves in the 3–15 year area. The 12:17 PWLB PM reset saw rates fall modestly by 2–4bp…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to a parallel decline in PWLB maturity rates. GILT MOVE SUMMARY Tenor Yield Change 2y 4.36% -13bp 5y 4.52% -14bp 10y 4.99% -13bp…
19 May 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 5–10bp declines across the curve as gilts rally on softer jobs data and easing geopolitical tensions. ⚠ RATE ALERT — AM reset: 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 — PWLB fixed rates at the 12:33 reset are little changed, with only minor (+1bp) moves across most maturities. The 19 May 2026 PM PWLB notice shows a steady curve, with…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in modest increases in PWLB maturity rates at most tenors. GILT MOVE SUMMARY → 2y: 4.502% (+5bp) — front-end led the move higher. →…
18 May 2026
- Morning Rate Update PWLB rates have moved modestly higher across the curve at the AM reset, with 2–3bp increases in most maturities and a small dip at the very short end. NOTICE SUMMARY — PWLB AM rates are up…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are modestly lower across the curve; expect a small downward nudge in PWLB rates at the 12:30 reset. Little changed so far; predictions reflect small/no move…
- Afternoon Rate Update PM NOTICE SUMMARY — Minor downward shift at the long end; otherwise, little changed across the curve. PWLB fixed rates at the 12:16 PM reset show a mild softening in longer maturities, with…
- End of Day Wrap-Up UK gilt yields declined notably across the curve today, resulting in small reductions in most PWLB maturity rates. GILT MOVE SUMMARY → 1y: 4.231% (-6bp) — declines led by the front end. →…
15 May 2026
- Morning Rate Update PWLB rates have moved sharply higher across the curve at the AM reset, with 5–7bp increases seen from short to ultra-long maturities amid political and market volatility. ⚠ RATE ALERT — AM…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilt yields are sharply higher across the curve (+8 to +15bp), with political turmoil and fiscal concerns driving the move; expect a material upward reset at 12:30…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB rates rose 3–4bp across the curve at the PM reset, led by political uncertainty and a sharp move in gilts. PWLB fixed rates set after 12:15 on 15 May 2026 rose by 3–4bp…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB maturity rates to new cycle highs and materially increasing local authority borrowing costs. GILT MOVE SUMMARY → 2y: 4.54%…
14 May 2026
- Morning Rate Update PWLB rates reset this morning with a uniform 3bp drop across all maturities, reflecting a modest parallel move lower. NOTICE SUMMARY — AM reset: PWLB rates down 3bp across the curve…
- 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. Gilt yields are down 2–4bp at all key tenors so far today…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates reset lower by 2–3bp across the curve at the 12:22 PM fix; moves are modest and broad-based. PWLB rates at the PM reset are down 2–3bp across all key…
- End of Day Wrap-Up UK gilt yields declined notably across the curve today, leading to a uniform reduction in PWLB rates at all maturities. GILT MOVE SUMMARY Tenor Yield Change 1y 4.234% -7bp 5y 4.541% -6bp…
13 May 2026
- Morning Rate Update PWLB rates reset modestly lower this morning, with moves of 2–4bp down across the curve as UK government borrowing costs ease. NOTICE SUMMARY — PWLB AM rates reset 2–4bp lower 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…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward shift across the curve, with 1–3bp increases at all key maturities. PWLB fixed rates at the 12:25 PM reset are up 1–3bp versus the previous notice; little…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to small upward adjustments in PWLB rates at the afternoon setting. GILT MOVE SUMMARY Tenor Yield Change 1y 4.311% -5bp 5y…
12 May 2026
- Morning Rate Update PWLB rates have surged across the curve at the AM reset, with 10–12bp increases at all key maturities as UK government borrowing costs jump sharply. ⚠ VOLATILITY ALERT — PWLB AM rates reset…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up sharply across the curve (+8–10bp), with political uncertainty and Middle East tensions driving the move. Gilt yields are up 8–10bp at all key tenors so…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp lower across the curve at the 12:28 reset; moves remain modest given recent volatility. PWLB fixed rates at the 12:28 PM set are down 1–2bp…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving a modest decline in PWLB rates at the afternoon fixing despite the underlying market move. GILT MOVE SUMMARY → 2y: 4.532% (+7bp)…
11 May 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with 5–8bp increases across the curve as Middle East tensions and surging oil prices drive a pronounced move. ⚠ RATE ALERT — PWLB AM fix: rates…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up 5–6bp across the curve this morning, with the move led by the long end amid ongoing geopolitical and inflation concerns. Gilt yields are notably higher so…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB fixed rates rose 2–4bp across the curve at the PM reset, with the largest move (+4bp) at 40 years, as gilt yields climbed amid renewed political and inflation concerns…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, leading to a corresponding increase in PWLB rates and higher borrowing costs for local authorities. GILT MOVE SUMMARY → 2y: 4.459% (+8bp)…
8 May 2026
- Morning Rate Update PWLB rates are little changed after the 09:12 AM reset, with moves of just 1–2bp across most maturities and the curve holding steady. NOTICE SUMMARY — PWLB fixed rates are broadly unchanged…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are down 5–7bp across the curve this morning, with the move led by the long end; no single clear driver in today's inputs. Gilt yields are lower across all key…
- Afternoon Rate Update ⚠ RATE ALERT — Notable downward shift across the PWLB curve at the PM reset, with long-dated rates falling by up to 5bp, led by lower gilt yields as UK borrowing costs eased. PWLB fixed…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to a parallel fall in PWLB rates and slightly easing borrowing costs for local authorities. GILT MOVE SUMMARY Tenor Yield Change 2y…
7 May 2026
- Morning Rate Update PWLB rates saw modest upward moves at the AM reset, with 1–3bp increases across most maturities and the 1y and 2y tenors leading. NOTICE SUMMARY — AM reset: modest upward shift in PWLB…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect only minimal moves at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move. GILTS…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged up by 1–2bp across the curve at the 12:34 reset; moves remain modest. PWLB rates at the 12:34 PM fix are up 1–2bp versus the previous notice…
- End of Day Wrap-Up UK gilt yields ended modestly higher across the curve, resulting in a parallel increase in PWLB rates. GILT MOVE SUMMARY → 2y: 4.379% (+1bp) — modest upward move at the front end. → 5y…
6 May 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 7–8bp declines across the curve as markets react to easing geopolitical tensions and softer data. ⚠ RATE ALERT — PWLB AM fix: broad-based…
- Morning PWLB Predictions ⚠ VOLATILITY ALERT — Gilts are sharply lower across the curve this morning (10–16bp), with no single clear driver; expect a notable downward reset for PWLB at 12:30. Gilt yields are down…
- Afternoon Rate Update ⚠ VOLATILITY ALERT — PWLB rates fell sharply by 6–12bp across the curve at the PM fix, led by front-end moves, as global risk sentiment improved on reports of progress towards a US–Iran…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, driving a notable decline in PWLB maturity rates. GILT MOVE SUMMARY → 1y: 4.25% (-13bp) — front-end led the decline. → 10y: 4.94% (-12bp)…
5 May 2026
- Morning Rate Update PWLB rates have nudged higher by 1–2bp across the curve at the AM reset, with no material divergence between short and long maturities. NOTICE SUMMARY — PWLB fixed rates are up 1–2bp at the…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up sharply across the curve (+5–9bp), with the 10y and 15y both +8bp; no single clear driver stands out. Gilt yields are notably higher this morning, pointing…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB rates rose 2–4bp across the curve at the PM reset, with the largest move at 25y (+4bp); moves reflect ongoing upward pressure in long-dated gilts amid inflation…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB rates higher and pushing long-term borrowing costs to multi-decade highs. GILT MOVE SUMMARY → 2y: 4.513% (+11bp) — front-end…
1 May 2026
- Morning Rate Update PWLB rates are little changed this morning, with movements of just 0–3bp across the curve and no material shift in shape. NOTICE SUMMARY — PWLB AM reset: rates broadly steady, with minor…
- Monthly Activity PWLB Activity Commentary — April 2026 PWLB Monthly Activity Commentary Volume collapses to £260m post year-end as just 22 borrowers come to market; WAR jumps to a 12-month high of 4.93% on…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed overall; expect only minor downward 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 the curve at the 12:11 reset; moves were minor and broad-based. PWLB fixed rates at the 12:11 PM reset saw small declines across…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to a modest reduction in PWLB rates for most maturities. GILT MOVE SUMMARY → 1y: 4.281% (-5bp) — front-end led the decline. → 10y…