Santander UK yesterday (Thursday) launched consent solicitations seeking to convert two sterling floating rate notes from a Libor to a Sonia basis, and similarly to change the basis for the extension period of two fixed rate sterling covered bonds.

The four issues constitute all Santander UK’s sterling covered bonds that do not already reference Sonia but mature after the end of 2021, the cut-off date for the switch from Libor.

The fixed rate issues are a £1bn (€1.12bn, $1.33bn) 5.75% March 2026 (ISIN XS0596191360) and a £750m 5.25% February 2029 (XS0746621704), and the FRNs a £75m March 2027 (XS0761325009) and a £1bn November 2022 (XS1719070390).

Teleconference meetings have been scheduled for 18 December. The quorum for the meetings is two-thirds of outstandings, with at least 75% of votes required to be in favour for the resolution to pass, while the quorum falls to one-third at any adjourned meeting.