Archive
PWLB briefings — October 2026
51 briefings across 17 trading days.
23 October 2026
- Morning Rate Update PWLB rates reset lower this morning, with a parallel move down by 3–6bp across the curve amid a backdrop of weak UK retail data and sharply deteriorating consumer confidence. NOTICE SUMMARY…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:12 reset; moves remain modest. PWLB fixed rates at the 12:12 PM reset edged up by 1–2bp across all key…
- End of Day Wrap-Up UK gilt yields rose across the curve today, lifting PWLB maturity rates to new cycle highs despite weak domestic retail sales and consumer confidence data. GILT MOVE SUMMARY → 2y: 4.747%…
22 October 2026
- Morning Rate Update PWLB rates have moved modestly lower across the curve at the AM reset, with long-dated tenors seeing the largest declines. NOTICE SUMMARY — AM reset: PWLB rates down 2–5bp across the curve…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:20 reset; moves remain modest. PWLB fixed rates at the 12:20 PM reset saw small declines across all key…
- End of Day Wrap-Up UK gilt yields declined across the curve today, leading to a modest reduction in PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.201% (-8bp) — front-end led the decline. → 10y…
21 October 2026
- Morning Rate Update PWLB rates reset lower this morning, with declines of 2–6bp across the curve following a hotter-than-expected UK inflation print. ⚠ RATE ALERT — AM PWLB rates fell 2–6bp across all…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across most maturities at the 12:17 reset, with the long end steady. PWLB fixed rates at the 12:17 PM reset saw small increases of 1–2bp…
- End of Day Wrap-Up UK gilt yields declined across most maturities today, leading to a modest downward adjustment in PWLB rates at longer tenors, while short-end PWLB rates edged slightly higher. GILT MOVE…
20 October 2026
- Morning Rate Update PWLB rates edge higher by 1–3bp across the curve at the AM reset, with no major surprises or sharp moves. NOTICE SUMMARY — PWLB fixed rates are up 1–3bp at the 09:08 AM reset, with a modest…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across most maturities at the 12:19 reset; moves remain modest. PWLB fixed rates at the 12:19 PM set saw small increases of 1–2bp across…
- End of Day Wrap-Up UK gilt yields ended mixed with a modest flattening bias, leaving PWLB rates slightly higher at the short end and broadly steady further out. GILT MOVE SUMMARY → 2y: 4.785% (+6bp)…
19 October 2026
- Morning Rate Update PWLB rates are little changed this morning, with moves of just ±1bp across the curve and no significant news or data to drive direction. NOTICE SUMMARY — AM reset: PWLB rates are broadly…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 2–3bp higher across the curve at the 12:14 reset; moves are modest and broad-based. PWLB fixed rates at the 12:14 PM reset rose by 2–3bp across all key…
16 October 2026
- Morning Rate Update PWLB rates posted a modest parallel move higher at the morning reset, with 2–4bp increases across most maturities. NOTICE SUMMARY — AM reset: PWLB rates rose 2–4bp across the curve, with…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates nudged slightly higher at the PM reset, with moves of +1bp across most key tenors and little change elsewhere. The 12:11 PWLB PM reset saw minor upward…
- End of Day Wrap-Up UK gilt yields edged lower across most maturities today, resulting in a largely unchanged to slightly softer finish for PWLB rates. GILT MOVE SUMMARY → 2y: 4.712% (-1bp) — modest decline at…
15 October 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 5–8bp declines across the curve after stronger-than-expected UK GDP data. ⚠ RATE ALERT — AM reset: PWLB rates fell 5–8bp across all…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates saw minimal movement at the PM reset, with only minor changes at the front end and a single basis point dip at 25 years. PWLB fixed rates at the 12:33 PM…
- End of Day Wrap-Up UK gilt yields fell across the curve today, leading to a modest downward adjustment in most PWLB rates, with the largest moves concentrated at the long end. GILT MOVE SUMMARY Tenor Yield…
14 October 2026
- Morning Rate Update PWLB rates are little changed this morning, with only minor moves of -1bp at select long maturities and the 2-year. NOTICE SUMMARY — AM reset: PWLB rates are broadly unchanged, with a -1bp…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:33 reset; moves remain modest. PWLB fixed rates at the PM reset are up 1–2bp across all key tenors, with little…
- End of Day Wrap-Up UK gilt yields ended modestly lower across the curve, resulting in a small increase in PWLB rates at the afternoon setting. GILT MOVE SUMMARY → 2y: 4.733% (-4bp) — front-end led declines. →…
13 October 2026
- Morning Rate Update PWLB rates have shifted lower across the curve at the AM reset, with long-dated tenors down by 5bp and the 10–15y sector 4bp lower. ⚠ RATE ALERT — AM reset: broad-based decline, long end…
- Afternoon Rate Update PM NOTICE SUMMARY — Minor downward adjustments at the front and long ends, but overall little changed across the curve. PWLB fixed rates at the 12:13 PM reset saw small moves, with most…
- End of Day Wrap-Up UK gilt yields ended the day little changed across most maturities, resulting in a marginal downward adjustment to PWLB rates at selected tenors. GILT MOVE SUMMARY → 1y: 4.262% (+2bp)…
12 October 2026
- Morning Rate Update PWLB rates have eased modestly across the curve at the AM reset, with moves of 1–4bp lower led by the long end. NOTICE SUMMARY — AM reset: PWLB rates down 1–4bp across all maturities, with…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward shift across the curve, with 2–3bp moves at most key tenors. PWLB fixed rates at the 12:35 PM reset are up 2–3bp across most maturities; little changed in…
- End of Day Wrap-Up UK gilt yields ended modestly higher across most maturities today, resulting in a small upward move in PWLB rates. GILT MOVE SUMMARY → 2y: 4.740% (+3bp) — modest rise at the front end. →…
9 October 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with 5–10bp declines across the curve and the long end leading the move. ⚠ RATE ALERT — AM PWLB rates fell 5–10bp across all maturities, with…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:30 reset; moves remain modest. The 12:30 PWLB PM fix saw a further 1–2bp rise across all key maturities; little…
- End of Day Wrap-Up UK gilt yields ended the day lower across the curve, leading to a modest decline in most PWLB rates, with the move led by the long end. GILT MOVE SUMMARY → 2y: 4.720% (+1bp) — short end…
8 October 2026
- Morning Rate Update PWLB rates are little changed after the 09:40 AM reset, with only minor moves across the curve and no significant shifts in direction. NOTICE SUMMARY — AM reset: PWLB rates are broadly…
- Afternoon Rate Update ⚠ RATE ALERT — PWLB fixed rates rose 2–3bp across the curve at the PM reset, with the 10–20y sector leading; higher global bond yields and oil-driven inflation concerns remain the dominant…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in higher PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.222% (+5bp) — front-end led the move higher. → 2y: 4.732% (+7bp)…
7 October 2026
- Morning Rate Update PWLB rates reset this morning with a notable parallel shift higher across the curve, led by 5–6bp moves from 7 years out. ⚠ RATE ALERT — AM reset: PWLB rates rose 5–6bp across the mid and…
- Afternoon Rate Update ⚠ RATE ALERT — Notable upward move at the PM reset, with 5–7bp rises across the curve as gilt yields climb on the back of higher UK mortgage rates and a sharp repricing in the long end…
- End of Day Wrap-Up UK gilt yields rose notably across the curve today, driving PWLB maturity rates higher and increasing borrowing costs for local authorities. GILT MOVE SUMMARY → 5y: 4.964% (+3bp) — moderate…
6 October 2026
- Morning Rate Update PWLB rates nudged lower by 1–3bp across the curve at the AM reset, with no major surprises or fresh drivers in play. NOTICE SUMMARY — PWLB fixed rates reset lower by 1–3bp across all key…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates saw minimal movement at the 12:31 reset, with only minor changes at the short and ultra-long ends. PWLB rates at the PM fix are little changed, with a…
- End of Day Wrap-Up UK gilt yields declined modestly across the curve today, leading to a mixed but mostly stable finish in PWLB rates, with only minor changes at the short and ultra-long ends. GILT MOVE…
5 October 2026
- Morning Rate Update PWLB rates have moved higher across the curve at the AM reset, with front-end tenors up by 5bp and the long end firmer by 1–2bp. ⚠ RATE ALERT — Notable upward shift at the AM fix: 1–3y…
- Afternoon Rate Update PM NOTICE SUMMARY — Modest upward move across the curve, with 3–5bp rises in short and medium maturities and smaller gains further out. PWLB fixed rates at the 12:31 PM reset are higher…
- End of Day Wrap-Up UK gilt yields rose across the curve today, resulting in higher PWLB rates at all maturities. GILT MOVE SUMMARY → 1y: 4.177% (+4bp) — front-end yields rose, leading the move. → 10y: 5.353%…
2 October 2026
- Morning Rate Update PWLB rates reset sharply lower this morning, with double-digit declines across the curve as the global bond rout pauses and gilt yields retreat. ⚠ VOLATILITY ALERT — AM reset: significant…
- Afternoon Rate Update PM NOTICE SUMMARY — PWLB fixed rates saw minimal movement at the 12:15 reset, with only minor changes across the curve. PWLB rates at the PM fix are little changed, with small moves of ±2bp…
- End of Day Wrap-Up UK gilt yields ended the day mixed, with short maturities rising and longer tenors falling, resulting in a modest flattening of the curve and a slight downward shift in most PWLB rates…
1 October 2026
- Monthly Activity PWLB Borrowing Activity — Monthly Commentary September 2026 KPI Snapshot — Latest Month Metric September 2026 vs PM vs LY £ Borrowed £1,203.1m ▲129% ▲127% # Loans 97 ▲169% ▲87% WAR % 5.28%…
- Morning Rate Update PWLB rates have surged across the curve at the AM reset, with double-digit increases at key maturities and the 10-year rate now at 6.48%. ⚠ VOLATILITY ALERT — AM reset: PWLB rates jump…
- Afternoon Rate Update ⚠ RATE ALERT — Notable downward shift at the PM reset, with 6–7bp falls across the curve as global bond markets remain volatile. PWLB fixed rates reset lower at 12:13, with 6–7bp declines…
- End of Day Wrap-Up UK gilt yields fell across the curve today, leading to a broad-based decline in PWLB rates and easing borrowing costs for local authorities. GILT MOVE SUMMARY → 1y: 4.066% (-10bp)…