The BoE Working Group on Sterling RFRs published The minutes of its meeting on 7 February which emphasised that 2019 is a key year for the transition from LIBOR to SONIA. Its priorities include finalising term rates and ensuring critical infrastructure is in place to support the transition. At a forum held in January, providers called for clarity in order to progress with infrastructure build, with emphasis on SONIA conventions and timelines. the minutes noted that SONIA-linked FRN volumes were growing, with around £8bn ($10.4bn) issued this year compared with £7bn in H2 2018. Relevant Document: Minutes of the Working Group on Sterling Risk-Free Reference Rates - February 2019
The BoE Working Group on Sterling RFRs published the minutes of its meeting on 7 February which emphasised that 2019 is a key year for the transition from LIBOR to SONIA. Its priorities include finalising term rates and ensuring critical infrastructure is in place to support the transition. At a forum held in January, providers called for clarity in order to progress with infrastructure build, with emphasis on SONIA conventions and timelines. The minutes noted that SONIA-linked FRN volumes were growing, with around £8bn ($10.4bn) issued this year compared with £7bn in H2 2018. Relevant Document: Minutes of the Working Group on Sterling Risk-Free Reference Rates - February 2019