Archive
PWLB briefings — July 2026
71 briefings across 23 trading days.
31 July 2026
- Morning Rate Update PWLB rates reset lower across the curve this morning, with a uniform 5–6bp drop from front to long end. ⚠ RATE ALERT — AM reset: PWLB rates fell 5–6bp across all key maturities, tracking…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates rose 3–4bp across the curve at the 12:30 reset, with modest upward pressure seen from short to long maturities. PWLB fixed rates at the 12:30 PM reset rose by…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB maturity rates higher by 3–4bp and increasing borrowing costs for local authorities. GILT MOVE SUMMARY → 2y: 4.393% (+7bp)…
30 July 2026
- Morning Rate Update PWLB rates reset higher this morning, with notable 5–6bp increases across the curve and the 10-year now above 6% for the first time in this cycle. ⚠ RATE ALERT — AM reset: PWLB rates rose…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:30 reset; moves remain modest. PWLB fixed rates at the 12:30 PM reset are 1–2bp lower across all key…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to a modest reduction in PWLB rates for all maturities. GILT MOVE SUMMARY → 1y: 4.044% (-10bp) — front-end led declines. → 10y…
29 July 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with all key maturities moving by just +1bp or remaining flat. NOTICE SUMMARY — PWLB fixed rates are broadly unchanged at the 09:11 AM reset…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates reset higher by 2–3bp across the curve at the 12:31 PM fix, with modest upward moves led by the short and intermediate tenors. PWLB fixed rates at the 12:31…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB maturity rates higher by 2–3bp and increasing borrowing costs for local authorities. GILT MOVE SUMMARY → 1y: 4.144% (+7bp)…
28 July 2026
- Morning Rate Update PWLB rates have edged down by 1–3bp across the curve at the AM reset, with the largest moves in the 10–12 year area. NOTICE SUMMARY — AM PWLB rates are 1–3bp lower across all maturities…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates are little changed at the PM reset, with only minor 1bp moves at the 1y and 10y points. PWLB fixed rates at the 12:31 PM reset show a very quiet session, with…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to a largely unchanged PWLB rate sheet with only minor moves at the very short and 10-year points. GILT MOVE SUMMARY → 2y: 4.318%…
27 July 2026
- Morning Rate Update PWLB rates have dropped sharply across the curve at the AM reset, with 5–7bp falls from short to ultra-long maturities. ⚠ RATE ALERT — AM PWLB rates reset 5–7bp lower across all maturities…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1bp across most maturities at the 12:30 reset; little changed overall. PWLB fixed rates at the 12:30 PM setting saw a uniform 1bp decrease…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to a small reduction in PWLB maturity rates at the afternoon setting. GILT MOVE SUMMARY → 2y: 4.374% (-3bp) — front-end…
24 July 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just +1 to +2bp across the curve and no material shift in shape. NOTICE SUMMARY — AM reset: PWLB rates edge 1–2bp higher across…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:21 reset, with no sharp moves. PWLB fixed rates at the 12:21 PM reset are modestly lower across all key…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to a modest fall in PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.092% (-6bp) — declines led by the front end. → 5y: 4.588%…
23 July 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with moves of 5–8bp across the curve and the 10-year now above 6.10% for the first time in this cycle. ⚠ RATE ALERT — AM PWLB rates reset 5–8bp…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp lower across the curve at the 12:22 reset; little changed. PWLB fixed rates at the 12:22 PM reset are down 1–2bp versus the previous notice, with…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving a modest decline in PWLB rates as the market digested a surge in global bond yields linked to escalating geopolitical risks and…
22 July 2026
- Morning Rate Update PWLB rates are little changed after the AM reset, with only minor 1bp moves at select maturities and no material shift in curve shape. NOTICE SUMMARY — PWLB AM rates are broadly unchanged…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates at the 12:15 reset are almost unchanged, with only a 1bp move in the 3-year and a 1bp drop in the 50-year. The PWLB PM fix shows little changed: the curve is…
- End of Day Wrap-Up Gilt yields ended the day little changed across most maturities, resulting in a flat to marginally softer close for PWLB rates. GILT MOVE SUMMARY Tenor Yield Change Comment 2y 4.41% +3bp…
21 July 2026
- Morning Rate Update PWLB rates reset this morning with a modest upward move across the curve, led by the long end, as gilts respond to higher government borrowing and political signals on fiscal flexibility. ⚠…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 2–3bp higher across the curve at the 12:24 reset; moves are modest and broadly parallel. PWLB fixed rates at the 12:24 PM reset are up 2–3bp versus the…
- End of Day Wrap-Up UK gilt yields ended the day little changed across most maturities, resulting in a modest upward adjustment to PWLB rates. GILT MOVE SUMMARY Tenor Yield Change 2y 4.379% -1bp 10y 5.025%…
20 July 2026
- Morning Rate Update PWLB rates reset higher across the curve this morning, with moves of +3 to +5bp concentrated in short and medium maturities. ⚠ RATE ALERT — PWLB AM rates rose by 2–5bp across all maturities…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1bp higher across most maturities at the 12:21 reset; moves remain very modest. PWLB fixed rates at the 12:21 PM setting saw a uniform +1bp increase…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in a modest increase in PWLB rates at all maturities. GILT MOVE SUMMARY → 2y: 4.39% (+4bp) — front-end rose, but less than long…
17 July 2026
- Morning Rate Update PWLB rates are modestly lower across the curve at the AM reset, with moves of 1–3bp down led by the 5–12 year sector. NOTICE SUMMARY — AM reset: PWLB rates down 1–3bp across all maturities…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged up by 1bp at the short end; rest of the curve unchanged. The 12:19 PWLB PM reset saw a 1bp rise in 1–7 year rates, with longer maturities steady…
- End of Day Wrap-Up Gilt yields ended the day little changed across the curve, resulting in a flat to marginally higher finish for most PWLB rates. GILT MOVE SUMMARY → 2y: 4.340% (+1bp) — short end slightly…
16 July 2026
- Morning Rate Update PWLB rates reset lower this morning, with a modest parallel move of 2–3bp down across the curve following soft UK data and subdued news flow. NOTICE SUMMARY — PWLB fixed rates fell by 2–3bp…
- Afternoon Rate Update PM NOTICE SUMMARY — Minor downward shift across most PWLB rates at the 12:46 reset; overall, little changed. PWLB fixed rates at the 12:46 PM reset show small declines of -1bp in most…
- End of Day Wrap-Up UK gilt yields rose modestly across the curve today, resulting in small downward or unchanged adjustments to most PWLB maturity rates. GILT MOVE SUMMARY → 1y: 4.126% (+5bp) — front-end led…
15 July 2026
- Morning Rate Update PWLB rates reset lower this morning, with a modest parallel move down of 2–4bp across the curve. NOTICE SUMMARY — PWLB fixed rates fell by 2–4bp at the 09:05 AM reset, with no major…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates at the 12:12 reset show minimal movement, with only a 1bp shift at the 3y and 30y points; the curve is essentially unchanged. PWLB fixed rates at the 12:12 PM…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to a largely unchanged PWLB rate sheet with only minor adjustments at select maturities. GILT MOVE SUMMARY → 1y: 4.073%…
14 July 2026
- Morning Rate Update PWLB rates have surged across the curve at the AM reset, with 10–14bp increases and the 10y now above 6%—a significant repricing driven by global inflation and geopolitical risk. ⚠…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–3bp across the curve at the 12:35 reset; moves are minor and broad-based. PWLB fixed rates at the 12:35 PM reset are modestly lower across all…
- End of Day Wrap-Up Gilt yields ended the day little changed across the curve, resulting in a modest decline in PWLB rates for most maturities. GILT MOVE SUMMARY Tenor Yield Change 1y 4.141% -1bp 5y 4.522%…
13 July 2026
- Morning Rate Update PWLB rates reset higher this morning, with increases of 3–6bp across the curve and the front end leading. ⚠ RATE ALERT — PWLB AM rates rose 3–6bp across all maturities, led by the short…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates at the PM reset show minimal movement, with only minor changes at the short and ultra-long ends. The 13:00 PWLB PM reset landed with little changed: a +1bp…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving a modest upward adjustment in short and medium PWLB rates, with longer maturities little changed or slightly lower. GILT MOVE…
10 July 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 6–8bp declines across the curve and the 10y now at 5.92%—a notable parallel shift. ⚠ RATE ALERT — AM reset: 6–8bp drop across all…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates edged 1bp higher across most maturities at the 12:43 reset; little changed overall. PWLB rates at the 12:43 PM fix saw a uniform +1bp move in the 3y and…
- End of Day Wrap-Up UK gilt yields ended the day modestly lower across the curve, resulting in a small upward adjustment in PWLB rates at the afternoon setting. GILT MOVE SUMMARY → 2y: 4.219% (-2bp) — Modest…
9 July 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with all key maturities moving by just 1–2bp lower. NOTICE SUMMARY — PWLB fixed rates reset 1–2bp lower across the curve at 09:15, with no…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward move across the curve at the 12:24 reset, with 2–3bp rises at most key tenors. PWLB fixed rates at the 12:24 PM reset are up 2–3bp across the curve; little…
- End of Day Wrap-Up UK gilt yields fell notably across the curve today, leading to modest declines in PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.042% (-7bp) — front-end led declines. → 10y: 4.897%…
8 July 2026
- Morning Rate Update PWLB rates reset sharply higher at the AM fix, with 5–8bp increases across the curve as geopolitical tensions and rising oil prices dominate the backdrop. ⚠ RATE ALERT — AM reset: PWLB…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB fixed rates rose sharply across the curve at the PM reset, with moves of +5 to +7bp, driven by a surge in gilt yields following renewed Middle East tensions and higher…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB rates higher and increasing borrowing costs for local authorities. GILT MOVE SUMMARY → 1y: 4.128% (+13bp) — front-end led…
7 July 2026
- Morning Rate Update PWLB rates have moved modestly higher across the curve at the AM reset, with increases of 2–5bp and the long end seeing the largest shift. NOTICE SUMMARY — PWLB AM rates reset 2–5bp higher…
- Afternoon Rate Update PM NOTICE SUMMARY — Minor downward shift at the long end, otherwise little changed across the curve. PWLB fixed rates at the 12:13 PM reset show a quiet session, with most tenors unchanged…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in modest declines or unchanged levels in most PWLB maturity rates by the afternoon reset. GILT MOVE SUMMARY → 2y: 4.168%…
6 July 2026
- Morning Rate Update PWLB rates have moved modestly lower across the curve at the AM reset, with reductions of 2–3bp at all key maturities. NOTICE SUMMARY — PWLB fixed rates reset 2–3bp lower this morning, with…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:17 reset; moves remain modest. PWLB fixed rates at the PM reset saw a uniform 1bp rise across most maturities…
- End of Day Wrap-Up UK gilt yields ended modestly higher across most maturities, resulting in a parallel upward shift in PWLB rates by +1bp to +2bp depending on tenor. GILT MOVE SUMMARY → 2y: 4.111% (unch)…
3 July 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just 1–2bp lower across the curve and no material shift in shape. NOTICE SUMMARY — PWLB fixed rates are down 1–2bp across all…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1bp higher across most maturities this afternoon, with little change overall. The 12:18 PM PWLB reset saw a uniform +1bp move across most of the curve…
- End of Day Wrap-Up UK gilt yields ended the day marginally higher across the curve, resulting in a modest uptick in PWLB rates for most maturities. GILT MOVE SUMMARY → 2y: 4.109% (+1bp) — Modest upward move…
2 July 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just ±2bp across the curve and no material shift in shape. NOTICE SUMMARY — PWLB fixed rates at the 09:06 AM reset are broadly…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1bp higher across most maturities at the 12:32 reset; overall, little changed. PWLB fixed rates at the 12:32 PM reset saw a uniform +1bp move in the 7y…
- End of Day Wrap-Up UK gilt yields ended the day marginally higher across the curve, resulting in a modest rise in most PWLB maturity rates. GILT MOVE SUMMARY → 1y: 3.970% (-1bp) — short end slightly lower. →…
1 July 2026
- Morning Rate Update Significant upward shift across the PWLB curve this morning, with 5–11bp increases led by the long end. ⚠ RATE ALERT — AM reset: PWLB rates rose sharply by 5–11bp across all maturities…
- Morning PWLB Predictions PM RESET PREVIEW — Gilt yields are little changed to modestly higher; expect a small upward move in PWLB rates at 12:30. Little changed so far; predictions reflect small upward moves across…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest downward shift across the curve, with PWLB rates 2–3bp lower at the PM reset. PWLB fixed rates at the 12:30 PM reset are down 2–3bp across all key maturities…
- Monthly Activity PWLB Borrowing Commentary — June 2026 PWLB Borrowing Commentary June 2026 Monthly local authority borrowing activity — finalised cohort Metric June 2026 vs May 2026 vs June 2025 £ Borrowed…
- End of Day Wrap-Up UK gilt yields ended modestly lower across most maturities, leading to a small decline in PWLB rates for local authority borrowers. GILT MOVE SUMMARY → 1y: 3.961% (-6bp) — front-end led the…