Dealers dip toe into Sonia swaptions market

NatWest and HSBC print trades, Barclays offers prices


In another milestone for the sterling market’s Libor transition, at least two banks have traded Sonia-linked swaptions and a third is actively showing prices for the instruments.

NatWest Markets is understood to have executed a trade last month to hedge a balance-guaranteed swap – a transaction in which the swap notional reduces at a rate linked to the amortisation of a reference security.

The trade was physically settled, meaning users are left with a Sonia swap if the option is exercised at

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: