PWLB briefing
Morning Rate Update
PWLB rates reset higher this morning, with a 3–5bp parallel move up across the curve following firmer UK PMI data.
NOTICE SUMMARY — AM reset: PWLB rates rose 3–5bp across all maturities after stronger-than-expected UK manufacturing PMI.
PWLB edges up as UK data surprises, curve shifts in lockstep
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.42% | +4bp |
| 3y | 5.70% | +5bp |
| 5y | 5.85% | +4bp |
| 10y | 6.20% | +3bp |
| 25y | 6.68% | +3bp |
| 50y | 6.37% | +3bp |
Parallel upward shift of 3–5bp across the curve.
What Moved
- → Front-end and belly — 1y to 7y tenors rose 4–5bp, led by the 2y and 3y.
- → Long end — 25y and 50y tenors up 3bp, mirroring the move in the 10y.
- → No material curve shape change — move is a parallel upward shift.
Context
- → UK S&P Global Manufacturing PMI Flash — Actual: 52 (Forecast: 51.5, Previous: 51.7). Slightly above expectations, signalling continued expansion.
- → No major UK macro news — News flow is light; no significant headlines impacting gilts or BoE policy this morning.
Calendar Events
Today's Releases
- → UK S&P Global Manufacturing PMI Flash — Actual: 52 (Forecast: 51.5, Previous: 51.7). Slightly firmer than expected, supporting the move higher in gilt yields.
Remaining Today
Nothing further scheduled today.
Next 48 Hours
- → Thu 2026-09-24 01:00: USD President Trump and President Xi Summit — (HIGH)
- → Thu 2026-09-24 09:00: EUR Ifo Business Climate — Forecast: 89
- → Fri 2026-09-25 00:01: GBP GfK Consumer Confidence — Forecast: -16
⚑ Treasurer's Note — PWLB rates have reset 3–5bp higher this morning, with the move evenly spread across the curve. The firmer UK manufacturing PMI print is the only notable driver in an otherwise quiet session. If gilt yields continue to react to data surprises, the next reset could see further adjustment. Monitor for any market response to upcoming high-impact events, especially the Trump–Xi summit overnight.
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 when the only thing flatter than the curve is the coffee in the finance office.