Archive
PWLB briefings — June 2026
87 briefings across 22 trading days.
30 June 2026
- Morning Rate Update PWLB rates edged lower at the AM reset, with a parallel move of -1 to -3bp across the curve and no material divergence by tenor. NOTICE SUMMARY — PWLB fixed rates fell 1–3bp at the 09:02 AM…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are drifting slightly lower across the curve; expect only minimal 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 nearly all maturities at the 12:30 reset; moves remain very modest. PWLB fixed rates at the 12:30 PM setting saw a uniform +1bp move…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in a modest increase in PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.15% (+4bp) — front-end yields moved higher in line with the…
29 June 2026
- Morning Rate Update PWLB rates reset modestly higher this morning, with 2–4bp increases seen across all key maturities. NOTICE SUMMARY — PWLB AM rates rose by 2–4bp across the curve, with no single maturity…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect only minor upward adjustments at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no move…
- Afternoon Rate Update PM NOTICE SUMMARY — Minor downward shift across most maturities; overall, little changed. PWLB fixed rates at the 12:31 PM reset show a modest 1bp fall across most tenors, with the curve…
- End of Day Wrap-Up UK gilt yields ended modestly lower across most maturities, leading to a slight decrease in PWLB rates for most tenors. GILT MOVE SUMMARY Tenor Yield Change 2y 4.11% -1bp 10y 4.72% -1bp 20y…
26 June 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just 0–3bp across the curve and no significant data or news flow to drive direction. NOTICE SUMMARY — PWLB fixed rates edged…
- 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 in the 12–50 year tenors at the PM reset; otherwise, little changed. PWLB fixed rates at the 12:22 PM reset saw minor upward moves in the…
- End of Day Wrap-Up UK gilt yields ended higher across the curve today, resulting in modest upward moves in most PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.12% (+1bp) — front-end broadly stable. → 5y…
25 June 2026
- Morning Rate Update PWLB rates have moved lower across the curve at the AM reset, with reductions of 2–5bp most pronounced in the long end. ⚠ RATE ALERT — PWLB fixed rates reset lower by 2–5bp at 09:28, with…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect a flat to marginally lower PWLB reset. Little changed so far; predictions reflect small/no move. GILTS SNAPSHOT →…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp lower across most maturities at the 12:19 reset; overall, a quiet session. PWLB fixed rates at the PM set saw minor declines across the curve…
- End of Day Wrap-Up UK gilt yields ended the day little changed to modestly higher across the curve, resulting in marginal declines or stability in most PWLB rates. GILT MOVE SUMMARY → 2y: 4.10% (-1bp) — short…
24 June 2026
- Morning Rate Update A modest downward move across the PWLB curve at the AM reset, with 2–4bp declines seen at all key maturities. NOTICE SUMMARY — PWLB rates reset 2–4bp lower across the curve at the 09:08 AM…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are fractionally lower across the curve; expect a flat to slightly softer PWLB reset at 12:30. Little changed so far; predictions reflect small/no move. GILTS…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to a modest decline in PWLB rates at selected maturities. GILT MOVE SUMMARY Tenor Yield Change 2y 4.12% -3bp 5y 4.25% -6bp 10y…
23 June 2026
- Morning Rate Update PWLB rates reset lower this morning, with 2–4bp declines seen across the curve and no major macro catalyst in play. NOTICE SUMMARY — AM rates reset 2–4bp lower across all maturities, with…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are modestly lower across the curve (-2bp to -4bp); expect a small downward move in PWLB rates at 12:30. Little changed so far; predictions reflect small…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1bp across most maturities at the 12:23 reset; moves remain very limited. PWLB fixed rates at the PM reset are down by 1bp across nearly the…
22 June 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with only a minor 1bp dip at the 20y and 50y points; the rest of the curve is flat. NOTICE SUMMARY — PWLB fixed rates are essentially…
- 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 — Modest downward shift across the PWLB curve at the 12:19 reset, with moves of -2bp to -3bp. PWLB fixed rates at the 12:19 PM reset are down 2–3bp versus the previous…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to a parallel reduction in PWLB rates at all maturities. GILT MOVE SUMMARY → 2y: 4.197% (-5bp) — front-end led the move with…
19 June 2026
- Morning Rate Update PWLB rates moved modestly higher across the curve at the AM reset, with 2–4bp increases from 2y out to 50y; the move is broad but not dramatic. NOTICE SUMMARY — PWLB rates rose 2–4bp at the…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up sharply across the curve (+6 to +8bp), with the move led by the long end; political uncertainty and higher-than-expected borrowing are in focus. Gilt…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB fixed rates rose 1–3bp across the curve at the PM reset, with the largest moves in the 5–50 year tenors, as UK borrowing costs continue to edge higher. PWLB PM rates set…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB maturity rates higher by up to +3bp and increasing borrowing costs for local authorities. GILT MOVE SUMMARY Tenor Yield…
18 June 2026
- Morning Rate Update PWLB rates have edged higher at the front end, with modest upward moves across most maturities and a slight dip at the long end. NOTICE SUMMARY — AM reset: modest upward shift in short and…
- Morning PWLB Predictions ⚠ RATE ALERT — Short gilts are up notably (+5–6bp), with the curve steepening modestly; no single clear driver. Gilt yields are firmer across the curve, especially at the front end, so…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward shift across the curve, with 1–3bp moves led by the front end. PWLB fixed rates at the 12:10 PM reset on 18 June 2026 moved 1–3bp higher across all key…
- End of Day Wrap-Up UK gilt yields ended modestly higher across the curve today, lifting PWLB rates by 1–3bp and slightly increasing local authority borrowing costs. GILT MOVE SUMMARY Tenor Yield Change…
17 June 2026
- Morning Rate Update PWLB rates reset lower by 3bp across all maturities at the AM fix, following a modest parallel move. NOTICE SUMMARY — PWLB fixed rates fell by 3bp at the morning reset, tracking a modest…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are down sharply across the curve (-4bp to -6bp), with the 10y off -6bp; softer-than-expected UK inflation is the clear driver. Gilts are rallying after UK…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates saw minimal movement at the PM reset, with only a 1bp uptick at the short and very long ends. PWLB rates at the 12:10 PM fix: little changed, with a 1bp…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to mostly unchanged or slightly lower PWLB rates at the close. GILT MOVE SUMMARY → 2y: 4.15% (-2bp) — modest front-end decline. →…
16 June 2026
- Morning Rate Update PWLB rates are little changed this morning, with all maturities moving just 1–2bp higher at the AM reset. NOTICE SUMMARY — PWLB fixed rates set marginally higher at the 09:14 reset, up…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are down 2–4bp across the curve; expect a modest downward adjustment in PWLB rates at 12:30. Little changed so far; predictions reflect small downward moves…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates reset lower by 2–3bp across the curve at 12:11, with a modest parallel move down. PWLB fixed rates at the 12:11 PM reset are down 2–3bp across all key…
- End of Day Wrap-Up UK gilt yields ended modestly lower across most maturities, leading to a small decline in PWLB rates at all key tenors. GILT MOVE SUMMARY → 2y: 4.174% (unch) — short end broadly stable. →…
15 June 2026
- Morning Rate Update PWLB rates reset lower this morning, with 5–7bp declines across the curve as markets respond to easing geopolitical risks and falling energy prices. ⚠ RATE ALERT — AM reset: Notable 5–7bp…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are down sharply across the curve (-4bp to -6bp), with the largest moves at the short end, as markets react to the US-Iran peace deal and falling oil prices…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward shift in PWLB rates at the PM fix, with moves of +1 to +3bp across the curve. PWLB fixed rates at the 12:12 PM reset edged up by 1–3bp across all key…
- End of Day Wrap-Up UK gilt yields ended the day modestly lower across most maturities, with PWLB rates closing slightly higher or unchanged, reflecting a mixed but generally stable session for local authority…
12 June 2026
- Morning Rate Update Significant falls across the PWLB curve this morning, with double-digit declines at every maturity as rates reset sharply lower. ⚠ VOLATILITY ALERT — PWLB AM rates reset 9–12bp lower across…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are down sharply across the curve (-6bp to -10bp); the PM PWLB reset is set to reflect a notable move lower. Gilt yields are lower by 6–10bp at all key tenors…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward shift across the curve, with 2–3bp increases at most key maturities. PWLB fixed rates at the 12:30 reset moved 1–3bp higher across the curve; little…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to modest increases in PWLB rates due to the timing of the rate setting, with borrowing costs ending the day slightly higher…
11 June 2026
- Morning Rate Update PWLB rates reset this morning with a modest parallel move higher across the curve, adding 2–3bp at all key maturities. NOTICE SUMMARY — PWLB AM rates rose 2–3bp across all maturities at the…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are modestly lower across the curve (-1 to -2bp); 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 down by 1–2bp across the curve at the 12:10 reset; moves remain modest. PWLB fixed rates at the 12:10 PM reset are down 1–2bp versus the previous…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to a small reduction in PWLB maturity rates. GILT MOVE SUMMARY → 1y: 4.150% (-4bp) — front-end led the move lower. → 5y…
10 June 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with minor downward moves of 1–2bp across the curve and no material shift in shape. NOTICE SUMMARY — PWLB fixed rates reset marginally lower…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect only a marginal upward adjustment at the 12:30 PWLB reset. Little changed so far; predictions reflect small/no…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged 1bp higher at most short and long maturities; the curve remains broadly steady. The 12:23 PWLB PM reset shows a very quiet session, with 1bp…
- End of Day Wrap-Up UK gilt yields rose modestly across the curve today, resulting in small upward moves in most PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.353% (+2bp) — modest rise, short end broadly in…
9 June 2026
- Morning Rate Update PWLB rates are little changed after the 09:13 AM reset, with moves of just 1–2bp across the curve and no material shift in shape. NOTICE SUMMARY — PWLB fixed rates are broadly steady at the…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect a flat to marginally lower PWLB reset at 12:30. Little changed so far; predictions reflect small/no move. GILTS…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged lower by 1–2bp across most maturities at the 12:14 reset; little changed overall. The 12:14 PWLB PM reset saw a minor downward adjustment, with…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, resulting in a small downward adjustment in PWLB maturity rates. GILT MOVE SUMMARY → 1y: 4.147% (-6bp) — front-end led the move…
8 June 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with 5–7bp increases across the curve as global risk-off sentiment and surging oil prices drive yields up. ⚠ RATE ALERT — AM reset: PWLB rates…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up sharply across the curve (+4–5bp), with the 10y at +5bp; no single clear driver, but global risk sentiment is fragile. Gilt yields have moved notably…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged lower by 1–2bp across the curve at the 12:31 reset; little changed overall. PWLB rates at the 12:31 PM fix are down 1–2bp versus the previous…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in a modest decline in PWLB rates at the close. GILT MOVE SUMMARY → 1y: 4.205% (+5bp) — front-end led the move higher. → 10y: 4.942%…
5 June 2026
- Morning Rate Update PWLB rates reset lower across the curve this morning, with moves of 2–4bp at all key maturities. NOTICE SUMMARY — AM reset: PWLB rates fell 2–4bp across all maturities, with no single data…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed across the curve; expect a flat to slightly softer PWLB reset at 12:30. Little changed so far; predictions reflect small/no move. GILTS…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged down by 1bp across almost all maturities at the 12:30 reset; little changed overall. PWLB rates at the PM fix are down 1bp across the curve…
- End of Day Wrap-Up UK gilt yields ended modestly higher across most maturities, resulting in a small downward adjustment to PWLB rates at the afternoon setting. GILT MOVE SUMMARY Tenor Yield Change 2y 4.327%…
4 June 2026
- Morning Rate Update PWLB rates are little changed after the 09:36 AM reset, with only a 1bp uptick at the long end and the rest of the curve holding steady. NOTICE SUMMARY — PWLB fixed rates are broadly…
- 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 rates edged 1–2bp higher across the curve at the 12:35 reset; moves remain modest. PWLB fixed rates at the 12:35 PM set are up 1–2bp from earlier, with little…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, resulting in a small downward adjustment in PWLB rates at most maturities. GILT MOVE SUMMARY Tenor Yield Change 2y 4.326% -4bp 10y…
3 June 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with 6–8bp increases across the curve and the 10-year now at 5.93%. ⚠ RATE ALERT — AM PWLB rates reset 6–8bp higher across all maturities…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilt yields are up 4–5bp across the curve, led by the long end, with no single clear driver; expect a notable upward reset at 12:30. Gilt yields are firmer across all key…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates at the 12:30 reset are broadly steady, with minor moves of ±1bp across the curve. PWLB's 12:30 PM rates show little changed: a mix of unchanged and ±1bp…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, leading to modest increases in most PWLB maturity rates by the afternoon reset. GILT MOVE SUMMARY → 2y: 4.36% (+5bp) — front-end yields…
2 June 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just +1 to +2bp at the short end and unchanged across most of the curve. NOTICE SUMMARY — AM PWLB rates show minimal movement…
- Morning PWLB Predictions ⚠ RATE ALERT — Gilts are down sharply across the curve (-5bp to -7bp), with the long end leading; no single clear driver in today's data. Gilt yields are lower by 5–7bp at all key tenors…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across most maturities at the 12:30 reset, with no sharp moves. The 12:30 PWLB PM reset saw a modest downward shift across the curve…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to a small reduction in PWLB rates for most maturities. GILT MOVE SUMMARY → 2y: 4.295% (-2bp) — modest decline at the front…
1 June 2026
- Monthly Activity PWLB Borrowing Activity — Monthly Commentary May 2026 KPI Snapshot — Latest Month Metric May 2026 vs PM vs LY £ Borrowed £146.8m ▼44% ▼44% # Loans 23 ▼30% ▼23% WAR % 5.01% ▲1.6% ▲8.0% WAL…
- Morning Rate Update PWLB rates reset higher across the curve this morning, with 2–4bp increases led by the 10-year and longer maturities. NOTICE SUMMARY — AM reset: PWLB rates rose 2–4bp across all key tenors…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are up modestly (+3bp across the curve); expect a small upward adjustment at the 12:30 PWLB reset. Gilts are firmer across all key tenors this morning…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates at the 12:30 reset are broadly unchanged, with only minor 1bp moves at the short and 7-year points and a 1bp dip at 40 years. The 12:30 PWLB PM reset shows…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, leading to modest upward moves in some short and medium PWLB rates, with longer maturities broadly unchanged or slightly lower. GILT MOVE…