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 the short end.
• → 10y: 5.299% (-1bp) — belly marginally lower.
• → 30y: 5.838% (-1bp) — long end also slightly softer.
• → Curve — parallel move lower by 1bp across most maturities.

PWLB CLOSE SNAPSHOT

• → 1y: 5.50% (+1bp)
• → 5y: 5.99% (+1bp)
• → 10y: 6.36% (unch)
• → 25y: 6.82% (unch)
• → 50y: 6.52% (+1bp)

WHAT DROVE TODAY

There were no major UK economic data releases today. The only scheduled events were speeches from Fed Chair Warsh (USD, 04:30) and BoE Governor Bailey (GBP, 03:00), neither of which appear to have prompted significant moves in UK rates. News flow was dominated by reports of a potential increase in UK bank taxation in the upcoming Budget, but there is no clear evidence this directly impacted gilt yields today. Overall, market moves were minor and lacked a clear catalyst.

WHAT THIS MEANS

• → PWLB rates ended the day broadly unchanged, with only marginal moves (+1bp or unch) across key maturities.
• → Gilt yields softened by 1bp across most of the curve, reflecting a quiet session.
• → Borrowing costs for local authorities remain at elevated levels, but saw little net change on the day.

NEXT ON THE DIARY

• → Tomorrow 07:45: BoE Gov Bailey Speech (MEDIUM)

Markets were stable into the weekend, with little change in funding conditions for local authority borrowers.

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.