Archive
PWLB briefings — September 2026
66 briefings across 22 trading days.
30 September 2026
- Morning Rate Update PWLB rates have eased modestly across the curve at the AM reset, with most maturities down 2–3bp. NOTICE SUMMARY — PWLB fixed rates reset lower by 2–3bp across most maturities at the 09:05…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB fixed rates rose 4–5bp across the curve at the PM reset, with the 5–30y area seeing the largest moves; upward pressure is evident across all maturities. PWLB PM rates…
- End of Day Wrap-Up UK gilt yields ended the day little changed to slightly higher across most maturities, resulting in modest upward moves in PWLB rates. GILT MOVE SUMMARY → 2y: 4.720% (-2bp) — short end…
29 September 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just 1–2bp lower across the curve and no material shifts in shape. NOTICE SUMMARY — AM PWLB rates edge down by 1–2bp across most…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:25 reset; moves are minor and broad-based. PWLB fixed rates at the 12:25 PM reset are modestly lower, with…
- End of Day Wrap-Up UK gilt yields ended the day marginally lower across most maturities, leading to a modest decline in PWLB rates. GILT MOVE SUMMARY → 2y: 4.734% (-3bp) — front-end led the move lower. → 10y…
28 September 2026
- Morning Rate Update PWLB rates reset higher this morning, with a 3bp parallel move up across the curve and a minor dip at the 1-year. ⚠ RATE ALERT — PWLB AM rates rose 2–3bp across the curve, led by the 10–50…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across most maturities at the 12:15 reset, with the 50-year down 1bp; overall, a quiet session. PWLB fixed rates at the 12:15 PM set saw…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, resulting in higher PWLB rates at most maturities and a modest steepening in the short and intermediate segments. GILT MOVE SUMMARY → 1y…
25 September 2026
- Morning Rate Update PWLB rates are little changed this morning, with all maturities moving by just 1–3bp and no material shift in curve shape. NOTICE SUMMARY — PWLB AM reset: rates up 1–3bp across the curve…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates edged 1bp higher across most maturities at the 12:04 reset; long end unchanged or marginally lower. PWLB rates at the 12:04 PM fix are up 1bp across the…
- End of Day Wrap-Up UK gilt yields ended the day lower across most maturities, leading to a marginal decline or stability in PWLB rates, with the exception of the 50-year rate, which edged down. GILT MOVE…
24 September 2026
- Morning Rate Update PWLB rates have surged across the curve at the AM reset, with double-digit increases at most maturities as global bond markets sell off sharply. ⚠ VOLATILITY ALERT — PWLB fixed rates reset…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged lower by 1–3bp across the curve at the 12:12 reset; moves remain modest. The 24 September PM PWLB reset saw rates edge down by up to 3bp, with little…
- End of Day Wrap-Up UK gilt yields ended modestly higher across most maturities, resulting in a slight downward adjustment in PWLB rates at the close. GILT MOVE SUMMARY Tenor Yield Change 2y 4.749% -2bp 5y…
23 September 2026
- Morning Rate Update PWLB rates reset higher this morning, with a 3–5bp parallel move up across the curve following firmer UK PMI data. NOTICE SUMMARY — AM reset: PWLB rates rose 3–5bp across all maturities…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward shift across the PWLB curve, with 2–3bp increases at most key tenors. PWLB fixed rates at the 12:22 PM reset are up 2–3bp across the curve; little changed…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB maturity rates to new highs and increasing borrowing costs for local authorities. GILT MOVE SUMMARY → 2y: 4.761% (+10bp)…
22 September 2026
- Morning Rate Update PWLB rates reset higher this morning, with 2–4bp increases across the curve and the 10-year now at 6.23% (+3bp). NOTICE SUMMARY — AM reset: PWLB rates up 2–4bp across all maturities…
- Afternoon Rate Update ⚠ RATE ALERT — Broad-based declines of 3–9bp across the PWLB curve at the PM fix, with the largest moves in the 2–3y area; no single clear driver in today's inputs. PWLB fixed rates at the…
- End of Day Wrap-Up UK gilt yields ended higher across the curve today, leading to a broad-based fall in PWLB rates as the market reset after recent volatility. GILT MOVE SUMMARY → 2y: 4.639% (+1bp) — modest…
21 September 2026
- Morning Rate Update PWLB rates are little changed after the 09:10 reset, with moves of just ±1–2bp across the curve and no material shift in shape. NOTICE SUMMARY — AM PWLB rates are broadly steady, with only…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates reset lower this afternoon, with modest declines of 2–4bp across the curve. The 12:25 PWLB PM reset shows a uniform move lower, with 2–4bp declines across all…
- End of Day Wrap-Up UK gilt yields declined notably across the curve today, leading to a parallel fall in PWLB rates at all maturities. GILT MOVE SUMMARY → 2y: 4.629% (-6bp) — front-end led the move lower. →…
18 September 2026
- Morning Rate Update PWLB rates reset this morning with a notable downward shift across the curve, led by the long end. ⚠ RATE ALERT — AM reset: significant downward move, especially in long maturities, as the…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1bp higher across most maturities at the 12:14 reset; overall, little changed. PWLB fixed rates set at 12:14 show a very modest upward drift, with most…
- End of Day Wrap-Up UK gilt yields rose sharply across most of the curve today, leading to modest increases in PWLB rates at key maturities. GILT MOVE SUMMARY → 2y: 4.697% (+9bp) — front-end led the move…
17 September 2026
- Morning Rate Update PWLB rates have moved modestly lower across the curve at the morning reset, with 3–5bp declines seen at all key tenors. NOTICE SUMMARY — PWLB fixed rates reset lower by 2–5bp at the 09:31…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged lower at the long end, but moves were limited to 2bp or less across the curve. PWLB fixed rates at the 12:10 PM reset show a mild downward bias in…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to lower PWLB rates at most maturities, as markets responded to the Bank of England’s policy decisions and communication. GILT…
16 September 2026
- Morning Rate Update PWLB rates are little changed at the AM reset, with moves of just 1–3bp across the curve and no material shift in shape. NOTICE SUMMARY — PWLB fixed rates edged 1–3bp lower at the short end…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates reset lower by 2–4bp across the curve; moves are modest and broadly parallel. PWLB fixed rates at the 12:15 PM reset are down 2–4bp from the previous notice…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to a broad-based decline in PWLB rates. GILT MOVE SUMMARY → 2y: 4.606% (-14bp) — front-end led declines. → 10y: 5.233% (-11bp)…
15 September 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with 5–8bp increases across the curve and the 10-year now at 6.41%. ⚠ RATE ALERT — AM reset: PWLB rates rose 5–8bp across all key maturities…
- Afternoon Rate Update ⚠ RATE ALERT — Notable downward shift across the curve at the PM reset, with 5–6bp drops in short and medium maturities, led by softer UK wage data and a weak jobs print. PWLB fixed rates…
- End of Day Wrap-Up UK gilt yields ended the day mixed, with short-dated yields falling and longer maturities edging higher, resulting in a modest downward shift in PWLB rates across the curve. GILT MOVE…
14 September 2026
- Morning Rate Update A sharp upward move across the PWLB curve this morning, with 5–9bp increases concentrated in the short and intermediate tenors. ⚠ RATE ALERT — AM reset: PWLB rates rose 5–9bp across the…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest downward move across the curve at the 12:17 reset, with 1–3bp declines led by the long end. PWLB fixed rates reset lower at the PM fix, with little changed in the…
- End of Day Wrap-Up UK gilt yields rose across the curve today, with the move most pronounced at the short end, resulting in a modest decline in PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.292%…
11 September 2026
- Morning Rate Update Significant reset: PWLB rates jumped 10–12bp at the short end, 8–11bp across the belly, and 3–4bp at the long end, following a sharp selloff in gilts after stronger-than-expected UK GDP and…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged lower by up to 4bp at the front end and belly; longer-dated maturities were flat or down just 1bp. The 12:30 PWLB reset saw a modest downward shift…
- End of Day Wrap-Up Gilt yields declined modestly across the curve today, leading to a parallel reduction in PWLB rates for most maturities. GILT MOVE SUMMARY → 1y: 4.181% (-3bp) — front-end led the move…
10 September 2026
- Morning Rate Update PWLB rates have moved modestly higher across the curve at the AM reset, with increases of 3–5bp seen at all key maturities. NOTICE SUMMARY — PWLB fixed rates rose by 3–5bp at the 09:14…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged 1–3bp higher across the curve at the 12:43 reset; moves remain modest. PWLB PM rates set at 12:43 show a mild upward shift of 1–3bp across all…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB rates higher and increasing borrowing costs for local authorities. GILT MOVE SUMMARY → 1y: 4.211% (+8bp) — front-end led the…
9 September 2026
- Morning Rate Update PWLB rates saw a modest parallel move higher at the AM reset, with most tenors up 1–2bp. NOTICE SUMMARY — PWLB fixed rates rose 1–2bp across the curve at the 09:08 reset, with no single…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB fixed rates rose 2–4bp across the curve at the PM reset, with the 3–10 year tenors leading the move; energy-driven inflation concerns and surging oil prices are the…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, driving PWLB maturity rates higher and increasing local authority borrowing costs. GILT MOVE SUMMARY → 2y: 4.564% (+9bp) — front-end led…
8 September 2026
- Morning Rate Update PWLB rates reset higher this morning, with a broad 3–5bp rise across the curve and the 10-year now above 6.15%. ⚠ RATE ALERT — AM reset: 3–5bp move up across all maturities, led by the…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged down by 1–2bp across the curve at the 12:30 reset; moves remain minor. PWLB rates at the 12:30 PM fix are fractionally lower across all key…
- End of Day Wrap-Up UK gilt yields ended marginally lower across most maturities, leading to a modest decline in PWLB rates at the close. GILT MOVE SUMMARY → 2y: 4.473% (+1bp) — front-end slightly higher…
7 September 2026
- Morning Rate Update PWLB rates are little changed after the AM reset, with moves of just 0–2bp across the curve and no material shift in shape. NOTICE SUMMARY — AM rates are virtually unchanged, with only…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates were broadly steady at the 12:30 reset, with minor moves of ±1bp across the curve. The 12:30 PWLB PM fix saw little changed, with only marginal shifts of ±1bp…
- End of Day Wrap-Up UK gilt yields rose steadily across the curve today, resulting in modest upward pressure on most PWLB maturity rates. GILT MOVE SUMMARY → 2y: 4.460% (+4bp) — Gains were consistent across…
4 September 2026
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:18 reset; moves are minor and broad-based. PWLB fixed rates at the 12:18 PM reset are fractionally lower across…
- End of Day Wrap-Up Gilt yields ended the day little changed across most maturities, resulting in a modest downward adjustment in PWLB rates. GILT MOVE SUMMARY → 1y: 4.065% (+2bp) — mild upward move at the…
3 September 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 6–7bp declines across the entire curve as gilt yields fell. ⚠ RATE ALERT — AM reset: PWLB rates down 6–7bp across all maturities, tracking…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged down by 1–2bp across the curve at the 12:22 reset; moves are minor, with little change overall. PWLB PM rates reset at 12:22 with small declines…
- End of Day Wrap-Up UK gilt yields fell sharply across the curve today, leading to a modest decline in PWLB maturity rates at the afternoon fix. GILT MOVE SUMMARY → 1y: 4.040% (-8bp) — front-end led declines…
2 September 2026
- Morning Rate Update PWLB rates reset higher this morning, with 2–5bp increases across the curve as global bond yields remain under pressure. NOTICE SUMMARY — AM reset: PWLB rates up 2–5bp across all…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:19 reset; moves remain modest but direction is clear. PWLB fixed rates at the 12:19 PM reset rose by 1–2bp…
- End of Day Wrap-Up UK gilt yields rose modestly across the curve today, resulting in a parallel increase in PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.121% (+2bp) — Modest upward move at the…
1 September 2026
- Morning Rate Update PWLB rates reset sharply higher this morning, with 5–9bp increases across all maturities as gilt yields surge to multi-year highs. ⚠ RATE ALERT — AM reset: PWLB rates up 6–9bp across the…
- Monthly Activity PWLB Borrowing Activity — Monthly Commentary August 2026 KPI Snapshot — Latest Month Metric August 2026 vs PM vs LY £ Borrowed £526.2m ▲43% ▲139% # Loans 36 ▲9% ▲57% WAR % 5.24% ▲21bp ▲84bp…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across most maturities at the 12:20 reset; long end steady. PWLB fixed rates at the 12:20 PM reset rose by 1–2bp across the curve, with…
- End of Day Wrap-Up UK gilt yields rose sharply across the curve today, lifting PWLB rates to new cycle highs and further tightening borrowing conditions for local authorities. GILT MOVE SUMMARY → 2y: 4.47%…