Blog
Insights on interest rates, benchmarks, and DeFi yields
ESTR Surges 25bp in a Month: Fastest Acceleration in Years, Unmatched by EUR Sovereign Yields
Proprietary SoniaRates data reveals a 25bp surge in ESTR over the past month—its sharpest 1-month acceleration in years—accompanied by a spike in volatility and not mirrored in EUR 1Y government yields. This points to a technical or liquidity-driven event in the euro money market segment.
UK 5Y Gilt Yields Surge 15.45bp in a Day: Medium-Term Risk Repricing, Not a SONIA Story
A rare 15.45bp one-day spike in UK 5Y gilt yields pushes the rate to the 94th percentile of its history, sharply diverging from a flat SONIA and signaling an abrupt repricing of medium-term UK risk.
Overnight Rates Look Calm. Term Yields Are Sending A Different Signal.
SoniaRates data shows that SONIA, SOFR, and ESTR are barely moving, while short sovereign yields have repriced into historically elevated spreads.
SONIA Methodology
How SONIA is calculated by the Bank of England, including the compounding formula, index methodology, and API reference.
What is SONIA? A Guide to the Sterling Overnight Index Average
SONIA is the benchmark interest rate for sterling markets, administered by the Bank of England. Learn how it works, how it's calculated, and why it replaced LIBOR.
SOFR vs SONIA: Comparing Global Overnight Rates
A detailed comparison of SOFR and SONIA — two of the world's most important risk-free rates. Understand the key differences in methodology, markets, and usage.
DeFi Stablecoin Yields: How They Compare to Traditional Rates
Exploring how DeFi lending yields on USDC and USDT compare to traditional overnight rates like SONIA and SOFR. What drives the spread?