First bond switch from Libor to Sonia gets go-ahead

Landmark move sees Associated British Ports become first to amend legacy bond reference rate

Associated British Ports montage

In a landmark moment for the transition away from Libor, UK corporate Associated British Ports has become the first debt issuer to convince holders of its existing listed floating rate notes (FRNs) to switch the reference rate from Libor to Sonia.

A meeting of noteholders at law firm Linklaters’ offices in London this morning (June 11) saw attendees vote to amend a £65 million ($83 million) floating rate note due in December 2022 so that subsequent coupons are linked to compounded Sonia instead

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