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

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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