Lloyds is seeking consent from the note holders of its Permanent UK RMBS Master Trust to apply the ‘simple, transparent and standardised’ (STS) label to the bonds, as well as switch the reference rate from Libor to Sonia. Lloyds is seeking to use negative consent provisions to make the , requiring fewer than 10% of investors to object to the change. Recently, Nationwide its SilverStone master trust to Sonia, opting for positive consent where the issuer needs 75% or more of investors to agree to ...
Lloyds is planning to switch the reference rate on its Permanent UK RMBS Master Trust from LIBOR to SONIA. The move will be a major change for Lloyds, which has been using the benchmark interest rate, known as Libor, since it was introduced in 2008.