SONIA forward curve — term SONIA OIS swap rates

As of — · OIS swaps · Source: Bank of England

Near-term implied

Trough

Long-end

Curve slope

Near to far end

Implied SONIA path · change vs prior close

Since today's open

Loading…

Compare to

Loading forward curve

Implied MPC path Current: —

Loading MPC view

Implied forward SONIA rates

Loading forward rates

SONIA forward curve · long horizon

Loading SONIA history

Historic SONIA rates

Loading historic rates

Reading the chart

One continuous SONIA line, past meets implied future

The dark navy line is a single continuous view of SONIA across time. To the right of "Today" (the dashed vertical line) it shows the implied 3-month forward SONIA rate for a 3M period starting at each calendar date, derived from today's Term SONIA OIS swap curve — i.e. the rate at which a forward-starting deposit would price using current swap discount factors. To the left of "Today", when historical overlays are active, the line extends backwards with realised daily SONIA fixings, so the past and the implied future read as one path.

Other elements on the chart

Faded dotted line — implied path computed from today's first intraday snapshot ("today's open"). The gap to the latest line is today's intraday move along the curve.
Orange step line — implied Bank of England Bank Rate, computed by averaging the implied SONIA between consecutive scheduled MPC meetings and rounding to the nearest 25bps.
Green bars (right axis) — change vs yesterday's close at each tenor, in basis points.
Vertical dashed line — today's date marker, separating realised history from implied future.

Comparing to history

"Compare to" overlays

Buttons overlay an end-of-day snapshot from 1 week up to 1 year ago. Multiple periods can be active at once, shown in graduated blue shades (older = lighter). Each historical curve is plotted date-aligned: a given calendar period (say Apr-2027) sits at the same x-position on every line, so you can read directly how the market's view of that period has revised over time.

1-year range band

The 1yr range button shades a faint grey envelope showing, at each calendar date, the min and max implied 3M forward seen across all daily EOD curves that priced that date — with a dashed median line through it. Forward of today the band uses every available historical curve; backward of today it uses only curves older than the date in question, and it clips to the earliest active overlay so the past portion only shows where you have context for it.

How to read it: if today's path sits at the top of the envelope at a given calendar date, the market is pricing that forward richly versus the last year of history; bottom of the envelope, cheaply.

Interactions

Click any point or green bar — pins a popover with the implied rate and detailed deltas (vs prior close, vs today's open).
Toggle multiple "Compare to" buttons — overlay several historical curves at once.
Click "Clear" — removes all overlays and the range band in one go.