Lloyds is seeking to convert the extension period of its two dollar benchmarks from a Libor to a SOFR basis, while Santander Totta needs to change its bondholder representative due to Brexit, and CGD OH holders are being given the chance to object to the absorption of two entities.

Lloyds Bank yesterday (Monday) launched a consent solicitation in respect of its $750m (£570m, €632m) 3.375% November 2021 (ISIN XS1907146671) and $1bn 5.125% July 2022 covered bonds, seeking bondholder approval to change the basis for the potential extension period of the soft bullets from US dollar Libor to SOFR.

Teleconference meetings have been scheduled for 4 December. The quorum for the meetings is two-thirds of the outstandings, with at least 75% of votes in favour required for the resolution to pass, with the quorum falling to one-third at any adjourned meeting.

Lloyds in February gained approval for a Libor to Sonia switch on fixed rate sterling benchmarks, after having been in October 2019 the first UK financial institution to address the reference rate issue with respect to covered bonds.

Banco Santander Totta is seeking bondholder consent to change the common representative of the holders of obrigações hipotecárias (OHs) issued off its programme from BNP Paribas Trust Corporation UK Ltd (BNP) to Spanish company Bondholders SL.

According to the bondholder notice, under Portuguese covered bond legislation the common representative must be an entity authorised to perform investor representation services in an EU member state, and BNP will no longer be qualified as such following the end of the transition period of the UK’s withdrawal from the EU on 31 December.

The teleconference meeting – convened and chaired by BNP with a view to it being removed from such tasks – is scheduled for 7 December. The resolution can be passed by a simple majority of any participating bondholders.

Caixa Geral de Depósitos (CGD) is holding meetings on 3 December to give covered bondholders of two issues the right to approve or disapprove of the merging into CGD of Caixa Leasing e Factoring – Sociedade Financeira de Crédito and Partang SGPS – em Liquidação. Bondholders can either approve of the incorporation of the two entities into CGD – they are already 100% held by Portuguese bank – or not approve and exercise their right to judicially oppose it.

The relevant covered bonds are CGD’s €1bn 1% January 2022 (PTCGH1OE0014) and €250m June 2022 FRN (PTCGFD1E0019). The resolution can be passed by a simple majority of any participating bondholders.