PWLB briefing
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) — Modest upward move at the front end.
- → 5y: 5.020% (+1bp) — Slight increase in the short-to-intermediate sector.
- → 10y: 5.382% (+1bp) — Belly of the curve broadly stable.
- → 30y: 5.923% (unch) — Long end unchanged; curve marginally flattened.
PWLB CLOSE SNAPSHOT
| Tenor | Rate | Change |
|---|---|---|
| 1y | 5.49% | -1bp |
| 5y | 6.00% | -1bp |
| 10y | 6.38% | unch |
| 25y | 6.85% | unch |
| 50y | 6.55% | unch |
WHAT DROVE TODAY
- → No clear domestic catalyst: UK economic calendar was light, with only low-impact BoE speeches and a long-dated gilt tender (2063 at 5.80%) that did not prompt a market reaction.
- → External context: Global news flow focused on US bank earnings and ongoing volatility in equity and commodity markets, but there was no direct link to UK rates today.
WHAT THIS MEANS
- → PWLB rates edged down by -1bp at the short and intermediate maturities, with longer tenors unchanged.
- → Overall borrowing costs remain near recent highs, with only marginal day-on-day relief for short-dated loans.
NEXT ON THE DIARY
- → Tomorrow 06:30: BoE Gov Bailey Speech (MEDIUM)
Market conditions for local authority borrowing were broadly stable today, with only minor downward adjustments at the short end of the curve.
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.