ABP bests sceptics, pulls off first switch from Libor to Sonia

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By Alex Radford
11 Jun 2019

Associated British Ports defied sceptical observers this week and succeeded in persuading holders of a £65m floating rate note to switch its coupon to one set over Sonia — a global first. ABP managed to do it without paying investors a fee, potentially setting a precedent for others to follow. ABP is certainly likely to try again.

By pulling off the consent solicitation, managed by NatWest Markets, the UK ports group has set a template others could copy in the run-up to January 2022, when the Bank of England wants the Sterling Overnight Index Average to replace sterling Libor.

On May 20, ABP announced the solicitation ...

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