Bank of Nova Scotia (Scotiabank) is seeking to convert the basis for a £550m January 2023 floating rate note from Libor to Sonia.

The £550m (€636m, C$970m) FRN, ISIN XS1747445481, was issued in January 2018 with a coupon of three month Libor plus 23bp.

An audio or video bondholder meeting is scheduled for 25 March. A quorum of two-thirds is required for the initial meeting and three-quarters of votes in favour for the extraordinary resolution to pass, with the quorum falling to one-third for any adjourned meeting.

NatWest and Scotiabank are handling the consent solicitation.

Scotiabank has two other sterling covered bonds outstanding but these mature before the end of this year, the cut-off date for Libor.

SpareBank 1 Boligkreditt in January successfully completed the first Libor to Sonia switch of a covered bond by a non-UK issuer.