Archive
PWLB briefings — August 2026
59 briefings across 20 trading days.
28 August 2026
- Morning Rate Update PWLB rates are little changed after the 09:07 AM reset, with all maturities moving just 1–2bp higher. NOTICE SUMMARY — PWLB fixed rates are up 1–2bp across the curve at the morning reset…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward shift across the curve, with moves of +1 to +3bp at the PM reset. PWLB fixed rates at the 12:50 PM reset are up 1–3bp across all key maturities; little…
- End of Day Wrap-Up UK gilt yields rose across the curve today, leading to higher PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.079% (+5bp) — front-end led the move higher. → 5y: 4.619% (+5bp)…
27 August 2026
- Morning Rate Update PWLB rates have moved modestly higher across all maturities at the AM reset, with a uniform +2bp increase and no curve shape change. NOTICE SUMMARY — PWLB fixed rates rose by +2bp across…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged 1–2bp higher across the curve at the 12:17 reset; little changed. PWLB PM rates reset slightly higher, with all key maturities up by 1–2bp versus…
- End of Day Wrap-Up Gilt yields were broadly unchanged across the curve today, resulting in modest upward moves in PWLB rates of 1–2bp at most maturities. GILT MOVE SUMMARY Tenor Yield Change Comment 2y 4.338%…
26 August 2026
- Morning Rate Update PWLB rates have moved lower by 3–5bp across the curve at the AM reset, with the entire maturity spectrum shifting down in parallel. NOTICE SUMMARY — PWLB fixed rates reset 3–5bp lower…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged 1–2bp higher across the curve at the 12:27 reset; moves are modest and uniform. PWLB rates at the 12:27 PM fix saw small increases of 1–2bp…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in modest increases in PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.34% (+4bp) — short end moved higher in line with broader curve. →…
25 August 2026
- Morning Rate Update PWLB rates have moved modestly higher across the curve at the AM reset, with 2–4bp increases most pronounced at the short and medium tenors. NOTICE SUMMARY — AM reset: modest upward shift…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB rates fell 4–5bp across the curve at the PM fix, with the move broad-based and led by the belly and long end. PWLB fixed rates at the 12:48 PM reset are down 4–5bp…
- End of Day Wrap-Up UK gilt yields fell across the curve today, leading to a parallel decline in PWLB rates at all maturities. GILT MOVE SUMMARY → 2y: 4.302% (-8bp) — front-end led declines. → 10y: 4.987%…
24 August 2026
- Morning Rate Update PWLB rates are little changed after the 09:42 AM reset, with only minor (-1bp) moves at select maturities and the rest unchanged. NOTICE SUMMARY — PWLB fixed rates saw negligible movement…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates were broadly steady at the 12:31 PM reset, with only minor moves at the long end. The 24 August 2026 PM PWLB reset saw little changed across most maturities…
- End of Day Wrap-Up UK gilt yields ended the day little changed, with a mild flattening bias, resulting in a largely stable PWLB curve and only minor moves in long-dated rates. GILT MOVE SUMMARY → 1y: 4.054%…
21 August 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just ±1bp across the curve and no material shift in shape. NOTICE SUMMARY — PWLB fixed rates are virtually unchanged this…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates were broadly steady at the 12:06 PM reset, with only minor moves at the 5y and 50y points. The PWLB PM reset saw little changed, with most maturities flat and…
- End of Day Wrap-Up End of Day, 20 Aug — ten-year PWLB 6.11%, and the relief lasted one day 96 US yields gave back the whole buyback move; gilts held. Tomorrow's round about 1bp lower, with retail sales and…
20 August 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just ±3bp across the curve and no major data or news flow to drive direction. NOTICE SUMMARY — PWLB rates are broadly steady…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged up by 1bp across the curve at the 12:22 reset; overall, little changed. PWLB fixed rates at the 12:22 PM setting saw a uniform +1bp move across all key…
- End of Day Wrap-Up UK gilt yields rose modestly across the curve today, resulting in a uniform increase in PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.363% (+1bp) — mild upward move at the front end. →…
19 August 2026
- Morning Rate Update PWLB rates reset lower by 2–3bp across the curve at the 09:04 AM fix, following a modest parallel move after UK inflation data came in above the Bank of England target. NOTICE SUMMARY…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged up by +1bp across all key maturities at the 12:16 reset; little changed overall. PWLB fixed rates at the PM set moved up by +1bp across the curve, with…
- 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 → 2y: 4.35% (-1bp) — modest decline at the front end. → 10y…
18 August 2026
- Morning Rate Update PWLB rates have moved sharply higher across all maturities at the AM reset, with increases of 5–8bp led by the long end. ⚠ RATE ALERT — AM reset: PWLB rates up 5–8bp across the curve, with…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates edged 1–2bp lower across the curve at the 12:32 reset; moves are minor. The PWLB PM reset saw a modest 1–2bp fall in all key maturities; little changed…
- End of Day Wrap-Up UK gilt yields ended modestly higher across the curve today, but PWLB rates finished slightly lower, reflecting the timing of the PWLB reset versus intraday gilt moves. GILT MOVE SUMMARY →…
17 August 2026
- Morning Rate Update PWLB rates reset this morning with modest upward moves of 2–4bp across the curve, led by the long end. NOTICE SUMMARY — AM reset: PWLB rates rose 2–4bp across all key maturities; no single…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged 1bp higher across most maturities at the 12:22 reset, with little overall change and no material shift in market direction. PWLB fixed rates at the…
- End of Day Wrap-Up UK gilt yields rose modestly across most maturities today, resulting in a parallel uptick in PWLB rates at the afternoon setting. GILT MOVE SUMMARY → 1y: 4.033% (-2bp) — short end edged…
14 August 2026
- Morning Rate Update PWLB rates rose by 2bp across all key maturities at the 09:25 AM reset, marking a modest parallel upward shift. NOTICE SUMMARY — PWLB fixed rates increased by 2bp across the curve at the…
- Afternoon Rate Update PM NOTICE SUMMARY — Minor downward shift at the front end, long end steady to slightly firmer; overall, little changed. PWLB fixed rates at the 12:23 PM reset show a modest 1bp dip at the…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in a modest upward adjustment in short PWLB rates and a small increase at the very long end, with most other maturities…
13 August 2026
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates were little changed at the 12:11 PM reset, with only a 1bp move at the 40-year point. The PWLB PM reset saw rates hold steady across the curve, except…
- End of Day Wrap-Up UK gilt yields edged lower across the curve today, resulting in broadly unchanged PWLB rates with only a marginal move at the very long end. GILT MOVE SUMMARY → 1y: 4.038% (-1bp) — Modest…
12 August 2026
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–3bp across the curve at the 12:04 reset; moves remain modest. PWLB fixed rates at the 12:04 PM reset are slightly lower across all key…
- End of Day Wrap-Up UK gilt yields ended marginally higher across the curve, while PWLB rates finished modestly lower, reflecting the timing of the rate resets rather than a divergence in underlying market…
11 August 2026
- Morning Rate Update PWLB rates have reset sharply higher across the curve, with 9–10bp increases at every key maturity. ⚠ VOLATILITY ALERT — AM reset: PWLB rates up 9–10bp across all maturities, marking a…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged 1–3bp lower across the curve at the 12:08 reset; moves remain modest. PWLB PM rates set at 12:08 show a mild downward shift of 1–3bp across all…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to a parallel reduction in PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.297% (-2bp) — modest decline at the front end. →…
10 August 2026
- Morning Rate Update PWLB rates are little changed after the 09:15 AM reset, with all key maturities down just 1–2bp and no material curve movement. NOTICE SUMMARY — PWLB fixed rates have edged down by 1–2bp…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:15 reset; no major shift. The 12:15 PWLB PM reset saw a uniform 2bp rise across most maturities, with little…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in a uniform increase in PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.318% (+5bp) — front-end led, with short gilts underperforming…
7 August 2026
- Morning Rate Update PWLB rates reset this morning with a notable 4–6bp rise across the curve, led by the 7–12 year sector and 10-year maturity. ⚠ RATE ALERT — AM reset: PWLB rates rose 4–6bp across all…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:23 reset; moves were modest and broadly parallel. PWLB fixed rates at the 12:23 PM reset are modestly lower…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to a small reduction in PWLB rates at all maturities. GILT MOVE SUMMARY → 2y: 4.269% (-2bp) — modest decline at the front…
6 August 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with only a handful of tenors moving by +1bp and the rest unchanged. NOTICE SUMMARY — PWLB fixed rates at the 09:11 AM reset are broadly…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates were broadly steady at the 12:25 reset, with only minor moves across the curve. The 06 August 2026 PM PWLB reset saw little changed: most tenors held flat…
- End of Day Wrap-Up UK gilt yields rose across the curve today, leading to mostly unchanged or slightly higher PWLB rates, with only minor moves in key maturities. GILT MOVE SUMMARY Tenor Yield Change 1y…
5 August 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 5–9bp declines across the curve. ⚠ RATE ALERT — AM reset: broad-based 6–9bp drop in PWLB rates, led by the belly and long end, as gilts…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged 1–2bp higher across most maturities at the 12:19 reset; little changed overall. PWLB PM rates set at 12:19 show a uniform +1bp move across nearly…
- End of Day Wrap-Up UK gilt yields ended the day little changed across most maturities, with a slight upward bias at the very long end, resulting in marginal increases in PWLB rates. GILT MOVE SUMMARY → 2y…
4 August 2026
- Morning Rate Update PWLB rates have nudged higher by 1–2bp across the curve at the AM reset, with no significant data or news flow driving the move. NOTICE SUMMARY — PWLB fixed rates set after 09:04 are up…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates saw minimal movement at the PM reset, with only minor changes at the very short and long ends. PWLB fixed rates at 12:20 on 4 August 2026 show little changed…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to marginally lower or unchanged PWLB rates at most maturities, with only the longest tenors seeing a slight uptick. GILT MOVE…
3 August 2026
- Monthly Activity PWLB Borrowing Activity — Monthly Commentary July 2026 KPI Snapshot — Latest Month Metric July 2026 vs PM vs LY £ Borrowed £368.3m ▼20% ▼50% # Loans 33 ▼11% ▼18% WAR % 5.02% ▲19bp ▲53bp WAL…
- Morning Rate Update PWLB rates reset lower this morning, with a modest parallel move down across the curve. NOTICE SUMMARY — AM reset: PWLB rates fell by 2–6bp across all maturities, with no single driver…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged 1–2bp lower across the curve at the 12:20 reset; moves remain modest. PWLB fixed rates at the 12:20 PM set saw small declines across all key maturities…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to modest declines in PWLB rates at all maturities. GILT MOVE SUMMARY Tenor Yield Change Comment 2y 4.293% -10bp Front-end led…