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 the short end.
• → 10y: 5.102% (+4bp) — Belly yields moved in line with the front end.
• → 30y: 5.819% (+5bp) — Slightly larger increase at the long end.

PWLB CLOSE SNAPSHOT

• → 1y: 5.24% (–1bp)
• → 5y: 5.68% (unch)
• → 10y: 6.14% (+1bp)
• → 25y: 6.74% (+1bp)
• → 50y: 6.53% (+1bp)

WHAT DROVE TODAY

There were no major UK economic data surprises or clear domestic catalysts. The only scheduled UK release, the Lloyds House Price Index, came in below expectations (YoY: –0.40% actual vs 0.10% forecast; MoM: –0.20% actual vs 0.20% forecast), but this did not appear to drive gilt moves. News flow was dominated by international developments, including rising oil prices amid Middle East tensions and commentary around persistently high global interest rates, but no single headline was directly linked to today's gilt repricing.

WHAT THIS MEANS

• → PWLB rates ended the day slightly higher across most maturities, reflecting the parallel move in gilts.
• → Longer-dated borrowing costs saw the largest increases, with the 30y gilt yield up +5bp and corresponding PWLB rates up +1bp at 25y and 50y.
• → Shorter maturities were stable to slightly lower, with the 1y PWLB rate down (–1bp) despite a modest rise in short gilt yields.

NEXT ON THE DIARY

• → Tue 00:01: BRC Retail Sales Monitor YoY (Forecast: 1.20%)

PWLB borrowing costs finished the day modestly higher in most tenors, with no clear domestic catalyst for the move.

This commentary is for information only and does not constitute financial advice. Always verify rates directly with PWLB or official sources before making borrowing decisions.