PWLB briefing
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, with little changed in overall curve shape.
PWLB PM SNAPSHOT
- → 1y — 5.18% (+2bp)
- → 3y — 5.33% (+2bp)
- → 5y — 5.47% (+2bp)
- → 10y — 5.95% (+1bp)
- → 25y — 6.56% (+1bp)
- → 50y — 6.36% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild upward shift — Front end (1–5y) rose by +2bp; 10y and longer tenors up +1bp.
- → Curve shape — No material change; moves are parallel and modest.
CONTEXT
- → UK Construction PMI — S&P Global Construction PMI came in at 39.7 (vs forecast 45.7), marking a sharp drop and the weakest reading for several months.
- → Market narrative — News flow dominated by ongoing energy price volatility and Middle East conflict, with UK macro data pointing to weaker construction activity and persistent cost pressures.
LOOK AHEAD
- → Tomorrow 07:00 — GBP Halifax House Price Index YoY (forecast: 0.80%), MoM (forecast: 0.20%)
A steady, slightly firmer PM reset—no fireworks, but cost pressures and weak construction data remain in focus.
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 only construction output were as resilient as the PWLB curve.