Westpac today (Thursday) became the latest non-UK issuer to gain bondholder consent to convert the basis of a sterling covered bond from Libor to Sonia, getting approval to make the switch on a £500m FRN maturing in January 2023.

The £500m (€576m, A$895m) Westpac Banking Corporation floating rate note (ISIN XS1753807368) was launched in January 2018. The exercise was launched on 24 March, with Barclays as solicitation agent.

Bank of Nova Scotia last month gained bondholder approval to convert from Libor to Sonia the basis for a £550m (C$950m) January 2023 FRN (XS1747445481) paying Libor plus 23bp that was also issued in January 2018.

The Australian and Canadian issuers follow SpareBank 1 Boligkreditt, which was the first non-UK issuer to make the transition, in January.