Nationwide switches balance sheet to Sonia, readies first RMBS on new benchmark

Nationwide Correct Size
By Owen Sanderson, Tom Brown
08 Apr 2019

Nationwide announced the first distributed Sonia-linked RMBS on Monday, a milestone for the securitization market, which has lagged behind public sector and covered bond markets in switching to the post-Libor benchmark. The UK building society also switched the basis of its whole balance sheet to the new benchmark at the start of its new financial year on Friday.

The issuer has been ready to print the new RMBS from its Silverstone master trust since mid-March, but was looking for a market window with enough stability in UK politics.

“It’s a window — we haven’t got the clarity we were all hoping for, and we don’t think ...

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