PWLB briefing
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 across all key maturities, marking a clear downward shift since the morning.
PWLB PM SNAPSHOT
- → 1y: 5.17% (-4bp)
- → 3y: 5.40% (-5bp)
- → 5y: 5.59% (-5bp)
- → 10y: 6.08% (-5bp)
- → 25y: 6.70% (-5bp)
- → 50y: 6.49% (-5bp)
WHAT'S NEW SINCE THIS MORNING
- → Broad-based decline: All key maturities reset 4–5bp lower versus the previous notice.
- → Long end leads: 10y, 25y, and 50y all marked a -5bp move, with the short end slightly less at -4bp.
CONTEXT
- → UK Gilt auction: The 2033 gilt auction cleared at 4.76%, up from 4.52% previously, but this did not prevent a downward move in PWLB rates at the PM fix.
- → No single clear driver: News flow is busy but offers no direct catalyst for today's move; broader risk sentiment appears steady.
LOOK AHEAD
- → Tomorrow 11:00: CBI Distributive Trades (forecast: -24)
A clear downward shift at the PM fix; worth noting as you review funding plans.
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 every day’s move were this straightforward.