Moody's hails Lloyds' Sonia deal as 'essential' for markets

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By Bill Thornhill
17 Sep 2018

Moody's has praised Lloyds Bank’s first sterling Sonia-linked covered bond for being an "essential" development that will help to create a market for similar deals and limit disruption from the move away from Libor.

The transaction on September 5 marked the start of the UK's transition away from Libor, that will be phased-out by the end of 2021.

The Lloyds’ deal is credit positive “because market-led actions are essential for the development of liquid markets for Sonia-based instruments to avoid potential disruptions from ...

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