Bring a saucepan of water to a boil and add the onions, cook for 2 minutes, then drain. When cool enough to touch, slice off the root ends and slip off the skins of the onions. Set peeled onions aside.

In a small sauté pan, warm the bay leaf in the oil over medium-high heat. When the oil is shimmering, add the onions and a pinch of salt and shake to coat onions with oil. Add the vinegar and let cook, shaking pan, until it almost completely evaporates, about 1 minute. Add the broth and honey and stir to blend. Let the liquid come to a boil, then reduce the heat, cover, and simmer until onions are softened, about 15 minutes.

Remove the lid and cook onions over high heat until sauce is reduced to a syrupy glaze. Serve hot, warm, or at room temperature.