Lloyds prints first ever Sonia-linked securitization

Following its debut £750m Sonia-linked covered bond issue in September, Lloyds has printed the first securitization linked to Sterling Overnight Index Average (Sonia) – Elland RMBS. The deal more than doubles the outstanding issuance in the format.

  • By Asad Ali
  • 17 Dec 2018

The transaction —four triple-A tranches and a junior note amounting to £7.6bn – is retained by the bank and paves the way for other issuers to follow as Libor is gradually replaced with a suitable alternative before the end of 2021.

And while investor-placed Sonia-linked covered bond issuance ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,256 32 16.83
2 Bank of America Merrill Lynch (BAML) 10,179 30 11.23
3 Citi 9,751 23 10.76
4 Lloyds Bank 7,329 24 8.09
5 JP Morgan 6,580 10 7.26

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 RBC Capital Markets 251.51 1 25.00%
1 MUFG 251.51 1 25.00%
1 Credit Agricole CIB 251.51 1 25.00%
1 Bank of America Merrill Lynch 251.51 1 25.00%
Subtotal 1,006.02 1 100.00%