PWLB briefing
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 tenors; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 5.27% (-1bp)
- → 3y — 5.53% (-1bp)
- → 5y — 5.71% (-1bp)
- → 10y — 6.16% (-2bp)
- → 25y — 6.76% (-1bp)
- → 50y — 6.55% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Curve-wide — All key maturities are 1–2bp lower versus the previous notice, with the 10y and 20y points seeing the largest move (-2bp).
CONTEXT
- → Gilt market context — The UK’s 30-year gilt auction cleared at a yield of roughly 5.83%, its highest since 1998, highlighting ongoing upward pressure on government borrowing costs.
- → Macro news — Broader market sentiment remains cautious amid global bond sell-off, rising oil prices, and concerns over fiscal deficits.
- → UK data — BRC Retail Sales Monitor YoY came in at 0.50% (vs forecast 1.20%), suggesting softer retail activity.
LOOK AHEAD
Diary is light into tomorrow.
PWLB rates are holding steady with only marginal downward adjustment; no major catalysts on the immediate horizon.
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 all meetings were this concise.