The rate is set by 18 banks with a spread above the Medium Term Lending Facility.
Rates both cut as expected, 10bps sliced off the 1 year and 5bps from the 5 year:
- 1 year rate 4.05% now vs. expected 4.05%, prior 4.15%
- 5 year rate 4.75% now vs. expected 4.75%, prior 4.80%
