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Nationwide and Lloyds win nod for Sonia bond switch

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

Nationwide
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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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