Reading PWLB activity
About this course
Seven years of real PWLB loans — who borrows, at what rates, in what shapes. Live activity dashboard, counterparty leaderboard, concession × WAL heatmap, plus the full latest monthly commentary as a worked example.
What you'll learn
- The activity feed
- Who borrows
- Loan profiles
- Rate × WAL
- Concessions
- Monthly commentary
Part of these pathways
Related courses
- PWLB explained
- PWLB repayment structures
- PWLB break costs — mechanics & live calculator
- Debt restructuring
- Strategic PWLB borrowing
- Reading the PWLBpredict
Common questions
What is Certainty Rate (-20bps)?
20 basis-point discount on the standard PWLB rate available to councils that submit annual capital expenditure information through the Certainty Rate scheme. The dominant concessionary route — almost every loan in the modern dataset is at the Certainty rate.
What is Concession (NONE)?
A loan drawn at the standard PWLB rate with no Certainty or HRA discount applied. Rare in the modern dataset because the Certainty scheme is straightforward to register for; mostly seen in older deals or where the borrower hadn't filed CAA.
What is HRA Rate (-60bps)?
60 basis-point discount on the standard PWLB rate for borrowing related to the Housing Revenue Account. A targeted intervention to support council housing investment. Visible as a distinct band in the activity heatmap, concentrated in HRA-active stock-holding councils.
What is Months to Expenditure?
Self-reported field on the PWLB application: how long until the borrowed cash will actually be spent. Mostly 0 (immediate use). Non-zero values cluster around forward-funding programmes where the council wants to lock in a rate ahead of the spend.
What is PWLB Fixed Annuity?
Constant total payment (principal + interest) every period. Early payments are mostly interest; later payments are mostly principal. WAL sits between EIP and Maturity for the same tenor — closer to EIP than to Maturity.
What is PWLB Fixed EIP (Equal Instalments of Principal)?
Principal is repaid in equal instalments through the life of the loan, with interest paid on the declining balance. Cash cost is highest in the early years and tapers. Half-life is roughly tenor/2, so WAL is roughly half the tenor.