Lloyds has originated the first SONIA-linked securitisation. The Elland RMBS was issued in four triple-A tranches and a junior note totalling £9.6bn ($7.6bn) and has been retained by the bank. The deal, which comes three months after the bank issued its first SONIA-linked covered bond, more than doubled the outstanding issuance in the format and paves the way for other issuers to follow.
Lloyds has originated the first SONIA-linked securitisation. The Elland RMBS was issued in four triple-A tranches and a junior note totalling £7.6bn ($9.6bn) and has been retained by the bank. The deal, which comes three months after the bank issued its first SONIA-linked covered bond, more than doubled the outstanding issuance in the format and paves the way for other issuers to follow.