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Another small uptick in STR usage

SONIA
  • Another small uptick in the STR takeup to GBP14.44bln (from GBP13.58bln last week and GBP12.21bln the prior week).
  • The increased takeup is inspite of the tightening continued gradual tightening of the RONIA-SONIA spread (which is now around 9bp from 15bp a couple of weeks ago).
  • We are now back into the more usual range (albeit toward the top as it has generally been 5-10bp).
  • We think that the STR usage was previously seen as raising a red flag, so market participants were hesitant to use - but with comments from Ramsden last week we think this has become more normalised.
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