“ABS has certainly lagged ... SONIA - based issuance in securitisation markets is beginning to emerge . Less than six months after the Nationwide Building Society flipped its entire balance sheet to the market at the start of the financial year , the new benchmark is now the standard for sterling mortgage deals . Recent deals from Charter ##house finance and Shawbrook evidence that adoption reaches beyond the largest lenders , and announced deals from Bank of Ireland and Clydesdale further illustrate the extent to which SONIA is the new normal .
SONIA - based issuance in securitisation markets is beginning to emerge . Less than six months after the Nationwide Building Society flipped its entire balance sheet to the market at the start of the financial year , the new benchmark is now the standard for sterling mortgage deals . Recent deals from Charter ##house finance and Shawbrook evidence that adoption reaches beyond the largest lenders , and announced deals from Bank of Ireland and Clydesdale further illustrate the extent to which SONIA is the new normal .