PWLB briefing
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 across all key tenors, with the largest moves in the 3–5 year area; long end changes are smaller but still positive.
PWLB PM SNAPSHOT
- → 1y: 5.45% (+2bp)
- → 3y: 5.78% (+3bp)
- → 5y: 5.97% (+3bp)
- → 10y: 6.37% (+2bp)
- → 25y: 6.86% (+1bp)
- → 50y: 6.57% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly lead — 1y, 3y, and 5y rates up by +2bp to +3bp, marking the largest moves on the curve.
- → Longer maturities firmer — 10y, 25y, and 50y all higher, but gains limited to +1bp to +2bp.
CONTEXT
- → UK PMIs — S&P Global Services PMI Final came in at 52.1 (forecast 51.7), and Composite PMI at 52.0 (forecast 51.7), both slightly above expectations but down from previous readings.
- → Global bond yields — News flow highlights continued global bond sell-off and rising yields, with no single clear domestic driver.
LOOK AHEAD
- → Today 15:00 — USD ISM Services PMI (forecast: 55), high impact for global rates.
- → Tomorrow 09:30 — GBP S&P Global Construction PMI (forecast: 45.4).
Curve is firmer but not disorderly; as ever, keep an eye on the next data prints for direction.
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 the rest of local government moved as predictably as the PWLB reset clock.