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SONIA A Little Firmer To Start The Week, Mann Eyed

STIR

SONIA futures are flat to +3.0 early this week.

  • BoE-dated OIS contracts are flat to 2bp softer, showing ~82bp of ’24 cuts.
  • J.P.Morgan issued a recommendation to enter a paid May ’24 BoE-dated OIS position late on Friday.
  • Today will see the release of lower tier CBI data.
  • An appearance from BoE’s Mann will be of more interest (14:15 London). The former hawkish dissenter voted in line with the consensus at last week’s MPC decision (8 MPC members voted for unchanged rates, 1 for a cut).
  • The early uptick in SONIA futures may be in anticipation of more balanced comments from Mann, given her vote change.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
May-245.127-6.2
Jun-244.986-20.3
Aug-244.819-37.0
Sep-244.677-51.3
Nov-244.507-68.2
Dec-244.367-82.2
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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