Lloyds seeks STS label, Sonia switch for RMBS shelf

By Tom Brown
07 Nov 2019

Lloyds is seeking consent from the note holders of its Permanent UK RMBS Master Trust to apply the ‘simple, transparent and standardised’ (STS) label to the bonds, as well as switch the reference rate from Libor to Sonia.

Lloyds is seeking to use negative consent provisions to make the switch, requiring fewer than 10% of investors to object to the change. Recently, Nationwide successfully converted its SilverStone master trust to Sonia, opting for positive consent where the issuer needs 75% or more of investors to agree to ...

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