End of Day Wrap-Up

UK gilt yields ended the day lower across most maturities, leading to a marginal decline or stability in PWLB rates, with the exception of the 50-year rate, which edged down.

GILT MOVE SUMMARY

• → 1y: 4.097% (-6bp) — front-end led declines.
• → 5y: 4.902% (-4bp) — moderate drop in short and intermediate yields.
• → 10y: 5.290% (-4bp) — belly followed the downward move.
• → 30y: 5.853% (-1bp) — long end relatively stable.
• → 50y: 5.272% (-1bp) — slight decline at the ultra-long end.

PWLB CLOSE SNAPSHOT

• → 1y: 5.48% (+1bp)
• → 5y: 5.98% (+1bp)
• → 10y: 6.35% (+1bp)
• → 25y: 6.82% (+1bp)
• → 50y: 6.52% (-1bp)

WHAT DROVE TODAY

• → UK GfK Consumer Confidence — Actual: -13 (Forecast: -16, Previous: -14); a modest upside surprise, but not a typical gilt market mover.
• → Global bond market context — News flow highlighted easing oil prices and tentative relief in global yields after a period of volatility, but no single UK-specific catalyst was evident.

WHAT THIS MEANS

• → PWLB rates — Ended the day little changed, with most maturities up by +1bp or unchanged, except for a -1bp move in the 50-year.
• → Borrowing costs — Remain close to recent highs, with only marginal relief at the longest end.
• → Curve shape — Slight flattening bias, as short and intermediate gilts fell more than the long end.

NEXT ON THE DIARY

• → Tuesday 09:30 — GBP Mortgage Approvals (Forecast: 57K; Previous: 56K)

Markets stabilised after recent volatility, leaving local authority borrowing rates broadly steady into the weekend.

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.