Nationwide's Sonia conversion is positive

By Bill Thornhill
17 Jul 2019

Nationwide Building Society has restructured the swaps underlying its covered bond programme to ensure a proportionate share of the cover pool's mortgage interest will be swapped to Sonia, winning approval from Moody's this week.

Nationwide Building Society restructured the asset swaps in its mortgage covered bond programme on July 15.  

Now the swaps convert mortgage interest into separate Libor-linked and Sonia-linked cashflows, in proportion with the liabilities. Previously the programme's asset swaps had paid in Libor only.

In a note published on ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.