PWLB briefing
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 curve; little changed.
PWLB PM SNAPSHOT
- → 1y — 5.06% (-1bp)
- → 3y — 5.23% (-2bp)
- → 5y — 5.38% (-2bp)
- → 10y — 5.85% (-2bp)
- → 25y — 6.46% (-1bp)
- → 50y — 6.25% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild curve softening — 1–2bp declines seen across the curve, with the 3y, 5y, and 10y tenors down 2bp; other points off 1bp.
- → Long end steady — 40y unchanged; 25y and 50y both -1bp.
CONTEXT
- → Gilt auction — This morning's 2033 gilt auction cleared at 4.55% (up from 4.51% previously), but had limited impact on the broader curve.
- → Energy price cap — UK household energy bills are set to rise 13% from July, with Ofgem’s new cap reflecting ongoing volatility in global energy markets.
- → No single clear driver — News flow is mixed; no dominant catalyst for today's mild rate moves.
LOOK AHEAD
- → GBP Car Production YoY (Thu 00:01) — Forecast: 14% (prior: -0.80%), low impact.
- → GBP Treasury Gilt 2030 Auction (Thu 10:00) — Low impact, but worth noting for supply context.
- → GBP Treasury Gilt 2039 Auction (Thu 11:30) — Another low-impact supply event.
A quiet PM reset—rates drifted a touch lower, with no single story driving the move.
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 all afternoons were this uneventful.