Sonia users push for official in-arrears rate

US Fed proposal for compounded SOFR index leads to calls for endorsement of NatWest’s Sonia calculation

Natwest rates
Image: Alistair Wilson 50/50/PA Archive/PA Images

Sterling debt issuers are calling on authorities to formally back a compounded-in-arrears index for the UK’s alternative risk-free rate, Sonia, after US regulators signalled their intention to publish an official compounded version of their own rate, SOFR.

The sterling markets have so far relied on a private sector initiative by NatWest Markets, which since July has published backward-looking versions of Sonia, SOFR and the euro equivalent, €STR, in tenors from one week to 12 months. Issuers

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