Fjallraven says about the Hoja Rain Poncho
Specifically designed to keep you dry while cycling, Hoja Rain Poncho is a functional waterproof, breathable garment. Reflective details make sure you are easily seen in wet weather when visibility is often limited, and the helmet compatible hood and cuffs you can pull over your hands will protect you from the rain. An elastic waistband lets you pick up the pace without excessive flapping and the large kangaroo pocket will keep your essentials close at hand.