RMBS issuers diverge on noteholder consent for Sonia switch

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By Tom Brown
18 Oct 2019

Nationwide this week launched a consent solicitation to switch Silverstone Master Issuer 2018-1 from Libor to the Sonia benchmark, opting for ‘positive consent’ in asking noteholders to make the switch.

On Wednesday, Nationwide took the option of actively reaching out to noteholders, opting for “positive consent”, which requires obtaining at least 75% consent from noteholders before being able to transition the notes.

The process needs to be legally left open for twenty one days, ending on November ...

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