Long goodbye

Category: ABS CDO CLOs

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First non-Libor linked ABS anticipated

Lloyds became the first bank to issue a benchmark covered bond tied to the sterling overnight index average (SONIA) in September. The move has sparked predictions that the first securitisations tied to alternative reference rates will emerge next year.

Libor is set to be phased out from 2021 and it remains unclear what will replace it as a reference rate for structured finance transactions.

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