Moody’s gives thumbs up to Lloyds’ covered conversion

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Moody’s gives thumbs up to Lloyds’ covered conversion

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File photo dated 18/03/14 of a Lloyds sign, as Lloyds Banking Group posted annual pre-tax profits of £4.24 billion, more than double the £1.64 billion reported for 2015. | Andrew Matthews/PA Wire/PA Images

Moody’s said on Wednesday that investors’ approval of Lloyds Bank’s request to convert the interest basis on a covered bond from Libor to Sonia was credit positive for the issuer and bodes well for the rest of covered bond and structured finance markets, which must transition to Sonia before 2022.

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