Nationwide and Lloyds win nod for Sonia bond switch

Covered bonds secure unanimous transition support, while first negative consent amendment passed

Nationwide

Nationwide Building Society and Lloyds Banking Group have won noteholder approval to re-hitch another £2.6 billion ($3.3 billion) of Libor-referencing notes to Sonia, taking the total amount of legacy sterling debt approved for transition away from the discredited benchmark to £4.2 billion.

Nationwide received the green light to flip £2.3 billion of Libor-referencing notes to the risk-free rate at a noteholder meeting this morning (November 7). The issuer received 100% approval to transition

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