Industry group backs wider use of term Sonia in derivatives

Swaps used to hedge tough legacy products and some new loans could reference a forward rate

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Forward-looking term Sonia rates should be available for use in derivatives that hedge so-called tough legacy products as well as certain new loan deals, according to an influential industry group representing around 40 of the UK’s largest fixed income dealers, issuers and investors.

The FICC Market Standards Board (FMSB) published its draft use-case and governance proposals for term Sonia rates on March 24, just a week before firms are expected to ditch Libor in new lending agreements.


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