PWLB briefing
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 SUMMARY
- → 1y: 4.170% (-1bp) — modest decline at the front end.
- → 5y: 4.928% (-2bp) — small downward move in the short-to-intermediate sector.
- → 10y: 5.316% (-3bp) — declines extended into the belly.
- → 30y: 5.910% (-4bp) — long end led the move lower.
- → 50y: 5.310% (-4bp) — ultra-long yields also fell.
PWLB CLOSE SNAPSHOT
| Tenor | Rate | Change |
|---|---|---|
| 1y | 5.45% | +1bp |
| 5y | 5.95% | +1bp |
| 10y | 6.35% | unch |
| 25y | 6.85% | unch |
| 50y | 6.55% | -1bp |
WHAT DROVE TODAY
- → S&P Global Construction PMI — Actual: 46.1 vs Forecast: 45.2 (Prev: 44.3). Slightly better than expected, but still contractionary.
- → Market drivers unclear — No major UK data or policy events directly linked to today’s gilt moves; declines in yields occurred alongside a global pullback in government bond yields and lower oil prices, but no single domestic catalyst was evident.
WHAT THIS MEANS
- → PWLB rates — Largely unchanged across most maturities, with only minor adjustments at the short and ultra-long ends.
- → Borrowing conditions — Remain broadly stable, with little material change in costs for most tenors.
NEXT ON THE DIARY
- → Wed 07:00 — Lloyds House Price Index YoY (Forecast: -0.20%)
- → Wed 07:00 — Lloyds House Price Index MoM (Forecast: 0.20%)
Overall, a quiet session for local authority borrowers, with only marginal shifts in funding rates and no clear domestic catalyst for the move.
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.