Banks to follow Sparebank 1’s Sonia lead

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By Bill Thornhill
07 Jan 2021

After issuing the first green covered bond, Sparebank 1 Boligkreditt has now become the first bank outside the UK to undertake a Sonia consent solicitation. The consent solicitation will increase pressure on other issuers outside the UK to follow suit.

Investors of its £500m November 2022 had wanted the issuer to conduct the exercise earlier, so it is likely that they will have also been asking a number of other sterling Libor issuers in Sweden, Norway, Australia and Canada whether they have such plans.

“Some investors were ...

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