PWLB briefing
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: 4.28% (+2bp) — modest rise in short-to-intermediate yields.
- → 10y: 4.73% (+2bp) — belly and long end saw slightly larger moves.
- → 30y: 5.45% (+4bp) — long end led the move higher.
PWLB CLOSE SNAPSHOT
| Tenor | Rate | Change |
|---|---|---|
| 1y | 4.95% | unch |
| 5y | 5.25% | unch |
| 10y | 5.73% | unch |
| 25y | 6.36% | +1bp |
| 50y | 6.17% | +1bp |
WHAT DROVE TODAY
There were no UK economic data releases today and no scheduled events. News flow was dominated by global equity volatility, a continued sell-off in technology stocks, and further declines in oil prices as shipping through the Strait of Hormuz normalised. However, there is no clear evidence in the news or calendar directly linking these themes to today's moderate rise in UK gilt yields.
WHAT THIS MEANS
- → Most PWLB rates were unchanged, but long-dated maturities rose by +1bp, reflecting the move in gilts.
- → Borrowing costs for local authorities edged slightly higher at the long end, while short and intermediate rates were steady.
- → The overall curve remains elevated, with no material relief for borrowers.
NEXT ON THE DIARY
- → Monday 09:30: BoE Consumer Credit (MEDIUM) — Forecast: data not available
- → Monday 09:30: Mortgage Lending (MEDIUM) — Forecast: data not available
- → Monday 09:30: Mortgage Approvals (MEDIUM) — Forecast: 65.4K (Previous: 65.9K)
PWLB rates remain closely tied to gilt market movements, with long-end borrowing costs ticking up modestly to close the week.
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.