PWLB briefing
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, reflecting a modest move higher in gilt yields.
PWLB edges up as borrowing costs grind higher
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.46% | +4bp |
| 3y | 5.74% | +4bp |
| 5y | 5.89% | +4bp |
| 10y | 6.23% | +3bp |
| 25y | 6.69% | +2bp |
| 50y | 6.37% | +2bp |
Modest parallel shift higher across the curve, with slightly larger moves at the front end.
WHAT MOVED
- → Front end and belly — 1y, 2y, 3y, and 5y maturities rose by +4bp, outpacing the long end.
- → Longer tenors — 20y, 25y, 30y, 40y, and 50y all up +2bp, showing a slightly milder move.
- → Curve shape — Modest bear-steepening, with the short end leading.
CONTEXT
- → No UK data released yet — Public Sector Net Borrowing figures not published as of 09:35.
- → News flow — UK headlines focus on higher government borrowing and debt servicing costs, but no single catalyst for this morning’s move is evident.
- → Market conditions — No major macro shocks or surprises reported; move appears to reflect ongoing pressure in gilt yields.
CALENDAR EVENTS
TODAY'S RELEASES
No data released so far today.
REMAINING TODAY
- → 11:00: CBI Industrial Trends Orders — Forecast: -34
NEXT 48 HOURS
- → Wed 23 Sep 09:30: GBP S&P Global Services PMI Flash — Forecast: 52
- → Wed 23 Sep 09:30: GBP S&P Global Manufacturing PMI Flash — Forecast: 51.4
- → Wed 23 Sep 09:30: GBP S&P Global Composite PMI Flash — Forecast: 52.3
⚑ Treasurer's Note — PWLB rates have reset 2–4bp higher across the curve this morning, with the front end leading. If you are considering new borrowing, be aware that current rates are at their highest since the last reset and could shift again at midday. No major data or news is driving this move, so the next reset will depend on live gilt market action and any surprises from upcoming UK PMI releases.
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 — still here after more resets than a council laptop.