10 Year SONIA Swap Rate: Current & Historical
Check the current 10 year SONIA swap rate and its full daily history in an easy-to-use web app, with downloads straight to Excel.
No card needed, cancels automatically
trusted by
10 Year SONIA Swap Rate History
The 10 year SONIA swap rate is the annual fixed rate exchanged for compounded SONIA, also paid annually, over a ten-year term. As of , the 10 year SONIA swap rate is 4.35%: 9 basis points lower than a month ago, 30 basis points higher than a year ago, and in the upper half of its 52-week range.
FAQs
The 10 year SONIA swap rate is the annual fixed interest rate that market participants exchange for annually paid, compounded SONIA over the next 10 years. It is set in the interdealer swap market and moves continuously with expectations for Bank of England policy.
The rate shown on this page is the previous UK business day's close; the live rate is available in the BlueGamma app.
Three common reasons:
- Timing: this page shows the previous UK business day's mid-market close, while banks quote off the live curve, which moves through the day.
- Spread: the mid-market rate is the raw interbank level. A bank's quote adds a credit and execution charge, and on a loan a lending margin on top.
- Conventions: a quote using a different payment frequency or day count will differ slightly from the annual/annual rate shown here.
If you are comparing a quote against the market, compare it with the live mid rate at the time of the quote.
They are related but measure different things. The swap rate reflects expected compounded SONIA over the next 10 years, while the gilt yield reflects the UK government's borrowing cost, which also depends on gilt supply and demand.
The gap between them is the swap spread, watched as a signal of bank funding conditions and pension hedging demand. The two usually move together but can diverge materially, and long-dated UK swap rates have often traded below gilt yields in recent years.
This page shows the last 12 months of daily closes, the 52-week range and dated lookbacks.
The BlueGamma app carries the full daily history for every SONIA tenor, alongside 20+ other currencies, with downloads straight to Excel.
BlueGamma takes quotes directly from leading inter-dealer brokers and exchanges, bootstraps them into ready-to-use curves, and validates the output for consistency on a regular basis.
The rates shown on this page are the previous UK business day’s close. Live rates, refreshed every minute, are available in the BlueGamma app with a free trial.
More on SONIA
SONIA Swap Rates for All Tenors
The full rates table: every liquid tenor from 1 to 50 years with one-week, one-month and one-year history.
SONIA Forward Curve
The market-implied path for SONIA: live forward curve, charted and downloadable.
Compounded SONIA
Daily and period-compounded SONIA rates for floating-leg calculations.
What is the SONIA rate?
How SONIA is set, what it replaced and how it is used across GBP markets.
.png){kind=logo}