PWLB briefing
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.
- → 10y: 5.376% (+2bp) — belly moved higher in line with short end.
- → 30y: 5.928% (-2bp) — long end diverged, finishing lower.
- → 50y: 5.331% (-2bp) — ultra-long yields also declined.
PWLB CLOSE SNAPSHOT
| Tenor | Rate | Change |
|---|---|---|
| 1y | 5.49% | +2bp |
| 5y | 6.02% | +2bp |
| 10y | 6.42% | +2bp |
| 25y | 6.90% | +2bp |
| 50y | 6.60% | +2bp |
WHAT DROVE TODAY
- → No significant UK economic data releases or market-moving Bank of England speeches occurred today.
- → News flow was dominated by international energy developments and UK political headlines, but there is no clear evidence these materially influenced gilt yields.
WHAT THIS MEANS
- → PWLB rates finished 1–3bp higher across most maturities, reflecting the modest upward shift in gilt yields.
- → The increase was most pronounced at the short and intermediate end, while the long end saw smaller moves.
- → Borrowing costs for local authorities edged slightly higher but remain close to recent levels.
NEXT ON THE DIARY
- → Tue 00:01 — BRC Retail Sales Monitor YoY (Forecast: 0.70%, Prev: 0.50%)
PWLB rates tracked the modest upward move in gilts, with no clear domestic catalyst driving today's changes.
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.