PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged lower by 1–3bp across the curve at the 12:12 reset; moves remain modest.
The 24 September PM PWLB reset saw rates edge down by up to 3bp, with little overall change to the curve.
PWLB PM SNAPSHOT
- → 1y: 5.46% (-3bp)
- → 3y: 5.79% (-3bp)
- → 5y: 5.97% (-1bp)
- → 10y: 6.33% (-1bp)
- → 25y: 6.80% (-1bp)
- → 50y: 6.50% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end led the move — 1y and 3y both fell by -3bp, with smaller declines further out.
- → Curve modestly flatter — 30y unchanged, while 25y and 50y both down -1bp.
CONTEXT
- → UK data — CBI Distributive Trades survey came in weaker than forecast at -55 (vs -50 expected).
- → Policy backdrop — Bank of England officials continue to signal that further rate hikes are “increasingly likely” if energy prices remain high.
- → Global context — News flow highlights ongoing volatility in global bond markets, with US and European yields at multi-year highs, but no single clear driver for today’s modest downward move in PWLB rates.
LOOK AHEAD
- → Today 14:30 — BoE Breeden Speech (LOW impact).
- → Tomorrow 00:01 — GfK UK Consumer Confidence (MEDIUM, forecast: -16).
A steady session for PWLB borrowers, with only minor curve adjustments and no major data due before tomorrow’s confidence reading.
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 resets were this uneventful.