PWLB briefing
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 across most tenors, with the front end unchanged—little changed from this morning.
PWLB PM SNAPSHOT
- → 1y — 5.18% (unch)
- → 3y — 5.39% (unch)
- → 5y — 5.56% (-1bp)
- → 10y — 6.03% (-1bp)
- → 25y — 6.63% (-1bp)
- → 50y — 6.41% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild parallel shift — 1bp lower across the curve from 2y out, with the 1y and 3y unchanged.
CONTEXT
- → UK data — CBI Distributive Trades actual -26, better than forecast (-45) and previous (-54); no direct impact seen on gilts.
- → Market mood — News flow dominated by falling oil prices and easing Middle East tensions, with global risk sentiment firmer.
LOOK AHEAD
- → Today 13:30 — US Durable Goods Orders MoM (forecast: 2.50%)
- → Tomorrow 10:00 — UK Treasury Gilt 2028 Tender (previous: 3.99%)
- → Tomorrow 11:30 — UK Treasury Gilt 2040 Tender
A quiet PM reset—rates are fractionally lower, with no single clear catalyst in play. Back to business as usual for now.
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 Mondays were this uneventful.