PWLB briefing
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 across all key maturities, with no single maturity moving more than +2bp; little changed in absolute terms, but the upward drift continues.
PWLB PM SNAPSHOT
- → 1y: 5.33% — (+1bp)
- → 3y: 5.60% — (+2bp)
- → 5y: 5.79% — (+2bp)
- → 10y: 6.25% — (+2bp)
- → 25y: 6.84% — (+1bp)
- → 50y: 6.64% — (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild upward shift — All key tenors up by 1–2bp, with the move evenly spread across the curve.
- → No outsized moves — No single maturity moved more than +2bp.
CONTEXT
- → No new UK data today — The economic calendar is empty for UK releases; no fresh domestic data to drive rates.
- → News flow dominated by global bond sell-off — Multiple sources highlight rising gilt yields, surging oil and gas prices, and ongoing geopolitical tensions (notably US-Iran conflict) as key themes.
- → IMF flags concern — The IMF notes the rise in borrowing costs as a “particular concern” with UK 10y gilt yields near multi-year highs.
LOOK AHEAD
- → Tomorrow 09:30 — S&P Global Composite PMI Final (LOW, forecast: 52.5) and Services PMI Final (LOW, forecast: 52.8).
- → Tomorrow 10:00 — Index-linked Treasury Gilt 2049 Auction (LOW, previous: 2.17%).
PWLB rates continue to edge higher in line with the broader global bond sell-off, but today’s moves remain contained.
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 — Even on a quiet day, the curve never sleeps.