Request
details
GBP-SONIA

GBP – Sterling Overnight Index Average (SONIA)

Sterling Overnight Index Average (SONIA): An Alternative Reference Rate for the United Kingdom’s Financial Markets
 Download Factsheet

The following 11 datasets are available as part of the SONIA data package:

Dataset Description
Tenors
GBP OIS SONIA
1W – 60Y
GBP Forward Starting OIS
1×4, 1×7, 2×5, 2×8, 3×6, 3×9, 6×12, 12×24, 24×36
GBP OIS SONIA FRA
1×4, 1×7, 2×5, 2×8, 3×6, 3×9, 6×12, 12×24, 24×36
GBP OIS SONIA vs. USD SOFR
3M – 60Y
GBP OIS SONIA vs 3M LIBOR
1Y – 50Y
GBP FRA OIS Index Spreads
1 – 15 Dates
GBP Spread SONIA vs MPC Dates
1st MPC Meeting – 9th MPC Meeting
GBP OIS SONIA vs USD Fed Funds
3M – 60Y
GBP OIS SONIA vs 6M LIBOR
1Y – 60Y
GBP OIS SONIA vs ESTR
3M – 40Y
GBP OIS SONIA Single Period Swaps
1M, 3M, 6M, 12M Curves
SONIA data is available on Bloomberg under TRUK and Refinitiv under GBPOIS=TRDL.
SUMMARY

SONIA: the benchmark interest rate for overnight lending in the UK

What is SONIA?

SONIA (Sterling Overnight Index Average) is the benchmark interest rate for overnight lending in the UK. Following the discovery of manipulation of LIBOR in 2012, the Bank of England (BoE) selected SONIA as primary alternative reference rate (ARR) to be used by financial institutions. This came into effect on 31st December 2021 when all published sterling LIBOR rates were stopped.

How is SONIA calculated?

SONIA is calculated as the weighted average of all actual overnight loans made between banks in the London interbank market. The weighting is based on the amount of each loan and the calculation is performed by the Bank of England. SONIA is published each working day at 9:00 a.m. London time.

Key features of SONIA

Key benefits of using SONIA over the London Interbank Offered Rate (LIBOR) include:

  • SONIA is based on actual transactions in the market, making it a more accurate reflection of overnight interest rates
  • the administration of the ARR SONIA is overseen by the BoE, providing increased transparency and oversight compared to LIBOR
  • the use of the ARR SONIA will help to reduce the risk of benchmark manipulation, a concern that has plagued LIBOR in recent years

The migration from LIBOR to SONIA is important to many market participants, including banks, asset managers, financial advisors and regulators. As a benchmark it is more transparent, robust, and reflects the market activities better. As such, it will help to improve stability and integrity in financial markets.

You can read the latest updates from the BoE by clicking here.

CHF-SARON
Featured Product

CHF – SARON

SARON (Swiss Average Rate Overnight) is a new reference rate for the Swiss franc overnight market. It is designed to replace the current reference rate, the Swiss Interbank Offered Rate (CHF LIBOR),…

Read more
If the market is open, we are open.
Contact us