Nationwide seeks to replace Libor with Sonia

Nationwide Building Society announced a consent solicitation on Wednesday with plans to convert two floating rate covered bonds to pay coupons based on Sonia rather than Libor, and is considering doing the same on all of its Libor-based bonds. The UK issuer followed Lloyds, which won plaudits from Moody’s for undertaking a similar exercise on a covered bond earlier this month.