Oversea-Chinese Banking Corporation (OCBC) has launched a consent solicitation to convert the basis of a £250m April 2023 FRN from Libor to Sonia, while Banco Comercial Português (BCP) is seeking approval from holders of its only euro outstanding benchmark to replace their representative with an EU company.

OCBC launched its consent solicitation on Tuesday, with a video/teleconference bondholder meeting scheduled for 4 June. The Singaporean issuer is seeking to convert the basis on its only sterling benchmark, a £250m (€290m, SGD470m) five year floater (ISIN XS1790067745) issued in March 2018, from Libor to Sonia. The quorum is 75% for the first meeting, falling to 25% comprising at least two bondholders for any adjourned meeting, with 75% votes in favour required at either for the resolution to pass.

OCBC is the latest of several non-UK issuers to have moved to amend the terms of its sterling bonds ahead of the Libor cut-off at the end of this year.

BCP is seeking to replace Deutsche Trustee Company Ltd, the common representative of the holders of its only outstanding euro benchmark, with Bondholders SL.

Under obrigações hipotecárias (OH) legislation, the common representative must be an entity authorised to perform investor representation services in an EU member state, and most of BCP’s fellow Portuguese issuers similarly switched from UK-based entities to Bondholders SL at the turn of the year, which was the end of the Brexit transition period.

However, Decree-Law 106/2020 of 23 December 2020 established a contingency regime for financial services in Portugal whereby “entities authorised to provide investor representation services in the United Kingdom may continue to carry out the bondholder representative activity in Portugal until the maturity of the issue or the issue programme”, according to Portuguese markets regulator CMVM.

“In this context, it is convenient to appoint a new common representative, as soon as possible, for the holders of series 9 covered bonds,” said the BCP bondholder notice.

The series 9 is a €1bn May 2022 benchmark (PTBCPIOM0057) issued in May 2017.

A meeting has been scheduled for 29 June. The resolution requires a simple majority to be passed and the meeting will be quorate as long as any bondholder participates.