Riverside brings Sonia loans to UK housing as Libor transition looms
Riverside Group has signed what it claims to be the first loan in the UK's social housing sector priced over the Sterling Overnight Index Average (Sonia), as signs of innovation continue in the loan market despite the crushing effect of the coronavirus pandemic.
Riverside has replaced its existing revolving credit facility with a £100m Sonia-linked deal.
"There are still some discussions happening, to do with things that aren't virus-related," said a loans banker at a European lender away from the Riverside deal. "Not many, but some."Lloyds arranged the Riverside loan, ...
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