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About SONIA Interest Rate

The interest rate benchmark

The administrator of SONIA (Sterling Overnight Index Average) is the Bank of England and was first introduced in March 1997. It reflects the average of the interest rates that banks pay to borrow sterling overnight from other financial organisations. SONIA interest rate is used to calculate the interest paid on swap, transactions and sterling floating rate notes.

The Challenge

Complexity

SONIA interest rate is a more complex structure. In other words, it doesn’t have different curves for different maturities and it incorporates daily compounding, weighted averaging, end of period setting and a 5 day lag period.

More Challenges

We have simply decided to solve the problem for you

Managing this and applying it in a systematic orderly fashion to individual loans and swaps is difficult. In addition, it is also challenging to create EXCEL templates. Add in the requirement to calculate accruals on the back of this methodology, then it becomes even more challenging to record, administer, apply and manage your loan portfolio.

The Elegant Solution

SONIA System & Service

Salmon Software, using our Salmon Treasurer SONIA Service can do all of this for you whether you have 5 loans or 100+ loans

SONIA Interest Rates

Capability to record all the rates that make up the Sonia average interest rate

Accruals Calculations

Including accrual values output to EXCEL format for your own in-house use

Dashboards & Monthly Status Reports

Onboarding of Loans & Swaps

Including counterparties

Loans Database

Your own dedicated loans database located in the UK

Personalised Login

Manage your SONIA loans
with ease

The very first SONIA system & service is here!

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LIBOR to SONIA Transition

It doesn’t need to be painful

“Following our update to the software, as a result, our clients will be able to migrate from one reference rate to the other but it’s our job to make that as smooth as possible. Our system changes make the process pretty straightforward for the clients.”

“However our clients are likely to have a series of loans and swaps that are currently tied to LIBOR interest rate, plus or minus a margin, and they’re going to have to swap those out and link them to SONIA interest rate at some point in the future.”

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Contact Us : +353-1-4605305