20 Year SONIA Swap Rate: Current & Historical

The 20 year SONIA swap rate is the annual fixed interest rate that market participants exchange for annually paid, compounded SONIA over the next 20 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:

1. 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.
2. 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.
3. 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.

Longer swap rates reflect expectations for Bank of England policy over decades plus a term premium, and they are heavily influenced by structural demand from pension funds and insurers hedging long-dated liabilities.

That demand can compress or even invert the long end of the curve, so very long swap rates sometimes trade below shorter ones.

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.