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 marginally higher.

GILT MOVE SUMMARY

• → 2y: 4.286% (-3bp) — front-end led the move lower.
• → 10y: 4.872% (-3bp) — belly followed with moderate declines.
• → 30y: 5.557% (unch) — long end broadly stable.
• → 50y: 5.102% (-1bp) — ultra-long yields marginally lower.

PWLB CLOSE SNAPSHOT

• → 1y: 5.07% (-2bp)
• → 5y: 5.41% (-1bp)
• → 10y: 5.87% (-1bp)
• → 25y: 6.48% (+1bp)
• → 50y: 6.26% (+1bp)

WHAT DROVE TODAY

• → UK data was light — BRC Shop Price Inflation came in at 1.20% (Forecast: 1.10%, Previous: 1.0%), and CBI Distributive Trades improved to -46 (Forecast: -60, Previous: -68), but neither release is typically market-moving for gilts.
• → No clear domestic catalyst — News flow was dominated by international themes (Middle East tensions, oil price volatility, US-Iran negotiations), but no direct link to today's gilt moves is evident.

WHAT THIS MEANS

• → PWLB rates edged down at the short and medium end, reflecting the modest decline in gilt yields.
• → Long-dated PWLB rates were steady to slightly higher, mirroring the flat to marginally firmer tone in long gilts.
• → Overall borrowing costs remain close to recent levels, with no significant shift in market sentiment today.

NEXT ON THE DIARY

• → No high or medium-impact GBP data scheduled for tomorrow.

Markets were quiet today, with only minor moves in rates and no clear domestic catalyst.

This commentary is for information only and does not constitute financial advice. Always verify rates directly with PWLB or official sources before making borrowing decisions.