OCBC seeks Sonia conversion as Asian supply outlook questioned
by Bill Thornhill
May 20, 2021 02:45 PM
Oversea-Chinese Banking Corporation is seeking investors' consent on Thursday to convert a sterling covered bond from referencing Libor to Sonia amid what Fitch described as an improved outlook for Asian covered bond issuance. Covered bond bankers agreed with the sentiment but noted issuers were hesitant and clearing levels have shifted wider after this week’s supply.
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