PWLB briefing
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 and longer tenors, with shorter maturities unchanged; overall, the curve remains steady.
PWLB PM SNAPSHOT
- → 1y — 4.97% (unch)
- → 3y — 5.16% (unch)
- → 5y — 5.33% (unch)
- → 10y — 5.85% (+1bp)
- → 25y — 6.48% (+1bp)
- → 50y — 6.30% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild upward shift — 7y and longer tenors rose +1bp; front end (1y–5y) unchanged.
CONTEXT
- → Green Gilt 2037 auction — Cleared at 4.93%, slightly below the previous 4.97%.
- → Bank of England commentary — Governor Bailey stated an interest rate cut is "off the table at the moment," reinforcing expectations for rates to remain elevated.
- → No single clear driver — News flow is light and no major data releases have shifted the market.
LOOK AHEAD
- → Today 16:45 — BoE Mann speech (LOW impact).
- → Tomorrow 16:00 — BoE Governor Bailey speech (MEDIUM impact).
- → Tomorrow 09:30 — S&P Global Construction PMI (MEDIUM), forecast 45 (prev 38.2).
A steady session, with only a minor upward nudge in longer PWLB rates and little in the way of fresh domestic drivers.
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.