The front end of the Sonia curve is...........>

SONIA: The front end of the Sonia curve is slightly steeper in early Thursday

morning trading compared to Wednesday's close as US President Trump agrees a

3-month debt ceiling extension as markets look ahead to ECB monetary policy

meeting and 2nd reading of Brexit Repeal Bill. ECB is not expected to announce

any policy changes, but likely to hint at changes to come. On the Repeal Bill,

Labour have already said it would vote against it as it stands, as it amounts to

a huge power grab. MNI PINCH see markets pricing a 45% chance of a 25bp rate

hike in Feb 2018 and following levels in BoE forward dated Sonia:-

- Sep-17 unchanged at 0.216%

- Nov-17 0.1bp lower at 0.268%

- Dec-17 0.1bp lower at 0.272%

- Feb-18 0.4bp higher at 0.324%

- Mar-18 0.4bp higher at 0.318%

- May-18 0.4bp higher at 0.357%

- Jun-18 0.4bp higher at 0.359%

- Aug-18 0.4bp higher at 0.382%