PWLB briefing
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 broader curve.
- → 10y: 4.76% (+4bp) — belly yields rose in parallel with shorter maturities.
- → 30y: 5.48% (+5bp) — long-end saw similar upward pressure, with the largest move on the day.
PWLB CLOSE SNAPSHOT
| Tenor | Rate | Change |
|---|---|---|
| 1y | 4.97% | +1bp |
| 5y | 5.27% | +1bp |
| 10y | 5.75% | +1bp |
| 25y | 6.37% | +1bp |
| 50y | 6.18% | +1bp |
WHAT DROVE TODAY
There were no clear domestic data or event catalysts for today's move. UK economic releases were low-impact, with final Q1 GDP at 0.60% QoQ (in line with forecast), and business investment showing a modest rebound (+0.90% QoQ, vs forecast +0.70%). Broader market commentary highlighted global inflation and central bank themes, but no single headline or data point was directly linked to the parallel rise in gilt yields.
WHAT THIS MEANS
- → PWLB maturity rates ended the day +1bp higher across nearly all key tenors, reflecting the parallel upward shift in gilts.
- → Borrowing costs for local authorities increased marginally, with the move consistent across short, medium, and long maturities.
- → No material change in curve shape; the move was parallel and modest.
NEXT ON THE DIARY
- → Wed 09:30: GBP S&P Global Manufacturing PMI Final (Forecast: 53.1)
- → Wed 14:00: GBP BoE Gov Bailey Speech
PWLB rates closed modestly higher, with no single domestic driver, and attention now turns to tomorrow's UK PMI and BoE Governor remarks.
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.