Santander UK requests Sonia covered bond consent

By Bill Thornhill
27 Nov 2020

Santander UK has requested investors’ consent to alter the terms of four sterling covered bonds from referencing Libor to Sonia. The borrower will use the same method it used when converting its additional tier one notes for the fixed rate deals, while changing the floating rate notes will be a simpler task.

The consent solicitation affects noteholders of Santander UK’s £1bn 5.75% March 2026s and £750m 5.25% February 2029s and its £75m March 2027 and £1bn November 2022 FRNs.

Santander UK has already undertaken consent solicitations to amend Libor references to a Sonia basis on its Holmes Master ...

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