PWLB briefing
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.
- → 5y: 4.284% (unch) — unchanged in the mid-curve.
- → 10y: 4.769% (+1bp) — modest upward move in the belly.
- → 30y: 5.507% (+2bp) — long end led the upward shift.
PWLB CLOSE SNAPSHOT
| Tenor | Rate | Change |
|---|---|---|
| 1y | 4.97% | unch |
| 5y | 5.33% | unch |
| 10y | 5.85% | +1bp |
| 25y | 6.48% | +1bp |
| 50y | 6.30% | +1bp |
WHAT DROVE TODAY
The main scheduled event was the US June Non-Farm Payrolls report, which came in well below expectations (Actual: 57K vs Forecast: 110K, Previous: 129K), while the unemployment rate edged down to 4.20% (Forecast/Previous: 4.30%). This softer US labour data prompted a rally in US Treasuries, but UK gilts saw only a modest upward drift in yields, particularly at the long end. There were no significant UK data releases or domestic news directly impacting the gilt market today.
WHAT THIS MEANS
- → PWLB rates were little changed at the short and medium maturities, with a minor increase (+1bp) at 7 years and longer.
- → The cost of new long-term borrowing edged up slightly, but overall conditions remain broadly stable.
NEXT ON THE DIARY
- → Fri 16:00: BoE Governor Bailey Speech (MEDIUM)
Overall, a quiet session for UK rates with only minor upward pressure at the long end, leaving borrowing costs largely unchanged for most maturities.
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.