PWLB briefing
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 all key maturities, with little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.23% (-1bp)
- → 3y: 5.48% (-1bp)
- → 5y: 5.66% (-2bp)
- → 10y: 6.13% (-1bp)
- → 25y: 6.73% (-1bp)
- → 50y: 6.52% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Minor downward shift — All key maturities are 1–2bp lower versus the previous fix, with the 5y and 15y seeing the largest moves (-2bp).
- → Curve shape unchanged — The move is parallel, with no significant flattening or steepening.
CONTEXT
- → UK data — S&P Global Construction PMI came in weak at 44.3 (forecast 45.5), and 1Y CPI expectations ticked up to 3.10%.
- → News flow — Headlines remain dominated by energy price pressures and global market caution, but no single clear driver for today's modest move.
LOOK AHEAD
- → Today 13:30 — US Non-Farm Payrolls (forecast: 56K) and Unemployment Rate (forecast: 4.10%) could influence global rates late in the session.
- → Monday 07:00 — Lloyds House Price Index YoY (forecast: 0.10%) is the main UK data point to open next week.
A quiet PM reset: rates are fractionally lower, with no single catalyst standing out ahead of US jobs data.
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 Friday could be this uneventful.