FCA’s Bailey urges loan market to switch to Sonia
Andrew Bailey, CEO of the UK’s Financial Conduct Authority, said on Monday that progress was needed in the next “year or so” in moving the loan market away from Libor. He added that the consent solicitation undertaken by Associated British Ports to switch an FRN to Sonia was a model for other borrowers.
Speaking in New York, Bailey said the loan market was the one where the transition away from Libor was “least advanced”.
“Here there is a major transition programme to be undertaken, and on which progress is needed in the year or so ahead,” he said.However, he welcomed ...