Securitization market fully switches to Sonia standard
The trickle of Sonia issuance in securitization markets has become a full stream less than two months after Nationwide Building Society's debut in the format, with the benchmark now the new standard for sterling markets. The development comes not a moment too soon, as UK banks try to structure their funding around repayment of central bank schemes.
Mortgage deals in the market this week from Charter Court Financial Services and Shawbrook show the benchmark works away from the largest master trust issuers, while announced deals from Bank of Ireland and Clydesdale underline the extent to which Sonia is the new normal.“ABS has certainly lagged ...
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