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OI Suggests Short Cover & Long Setting Seen Across SONIA Futures On Tuesday

STIR

The combination of yesterday's uptick across the SONIA futures strip and OI data points to modest net short cover in all packs through the blues. Pockets of net long setting were seen in individual contract terms.

  • Global impulses and some of the more dovish BoE snippets at the latest TSC hearing dominated pricing action, with markets moving back to pricing ~75bp of '24 cuts.
20-Feb-2419-Feb-24Daily OI ChangeDaily OI Change In Packs
SFIZ3185,744185,533+211Whites-1,995
SFIH4201,605210,467-8,862Reds-5,189
SFIM4226,950220,420+6,530Greens-1,744
SFIU4224,167224,041+126Blues-354
SFIZ4286,846284,458+2,388
SFIH5167,990174,991-7,001
SFIM5138,475141,327-2,852
SFIU5111,659109,383+2,276
SFIZ5124,721124,743-22
SFIH688,45290,847-2,395
SFIM662,87763,602-725
SFIU644,56643,168+1,398
SFIZ650,25450,889-635
SFIH738,79139,024-233
SFIM729,10829,021+87
SFIU719,08318,656+427
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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