diff --git a/synapse/storage/events.py b/synapse/storage/events.py
index a5a686907..9242b0a84 100644
--- a/synapse/storage/events.py
+++ b/synapse/storage/events.py
@@ -48,6 +48,7 @@ class EventsStore(SQLBaseStore):
             @contextmanager
             def stream_ordering_manager():
                 yield stream_ordering
+            stream_ordering_manager = stream_ordering_manager()
 
         try:
             with stream_ordering_manager as stream_ordering: