PWLB briefing
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 reset; no major curve shifts evident.
PWLB Edges Up: Gilt Market Keeps Treasurers on Their Toes
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.30% | +2bp |
| 3y | 5.44% | +1bp |
| 5y | 5.58% | +2bp |
| 10y | 6.06% | +2bp |
| 25y | 6.65% | +1bp |
| 50y | 6.45% | +2bp |
Mild parallel upward shift; no pronounced steepening or flattening.
WHAT MOVED
- → Curve movement is modest — All key maturities rose by 1–2bp, with no sector standing out.
CONTEXT
- → UK new car sales (09:00): Actual 24% vs forecast 5.10% (prev 6.60%) — a sharp upside surprise, but typically low impact for gilts.
- → News flow is light for UK rates — No major UK macro or BoE headlines; global focus remains on Middle East tensions and oil, but no direct UK gilt impact evidenced this morning.
CALENDAR EVENTS
TODAY'S RELEASES
- → UK New Car Sales YoY: Actual 24% (Forecast: 5.10%, Previous: 6.60%) — well above expectations, but not a typical driver for gilts.
REMAINING TODAY
- → 17:30: BoE Woods Speech (MEDIUM)
NEXT 48 HOURS
- → Thu 2026-05-07 09:30: GBP S&P Global Construction PMI — Forecast: 46.2
- → Fri 2026-05-08 07:00: EUR Balance of Trade — Forecast: NaN
- → Fri 2026-05-08 13:30: USD Non Farm Payrolls — Forecast: 60K
- → Fri 2026-05-08 13:30: USD Unemployment Rate — Forecast: 4.30%
- → Fri 2026-05-08 15:00: USD Michigan Consumer Sentiment Prel — Forecast: 49.5
⚑ Treasurer's Note — PWLB rates have ticked up by 1–2bp across all key maturities at the morning reset. This is a mild, parallel move with no sector standing out. No major UK macro news or data is driving the change. Next reset will reflect any further gilt market shifts, but for now, conditions remain orderly.
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.