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Dealers dip toe into Sonia swaptions market
NatWest and HSBC print trades, Barclays offers prices
![Barclays Barclays](/sites/default/files/styles/landscape_750_463/public/2019-02/Barclays.jpg.webp?itok=awMLfiaC)
In another milestone for the sterling market’s Libor transition, at least two banks have traded Sonia-linked swaptions and a third is actively showing prices for the instruments.
NatWest Markets is understood to have executed a trade last month to hedge a balance-guaranteed swap – a transaction in which the swap notional reduces at a rate linked to the amortisation of a reference security.
The trade was physically settled, meaning users are left with a Sonia swap if the option is exercised at
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