Banks plan first yen Libor bond transitions

SG and Crédit Agricole Tona switches expected to be first bonds that ditch outgoing Japanese rate


Societe Generale and Crédit Agricole are to seek consent from holders of their Japanese yen-denominated floating rate notes to change the reference rates from Libor to the Tokyo overnight average (Tona) benchmark. If agreed, the switch will take place just over two weeks before publication of yen Libor ends for good.

Societe Generale will seek consent from bondholders to transition its ¥2.5 billion ($22 million) issuance at a meeting scheduled for December 15. Crédit Agricole’s bondholders are

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