In brief: A Libor to Sonia consent solicitation was launched yesterday (Wednesday) in respect of a Nordea Eiendomskreditt £300m June 2023 floating rate note.

The issuer is seeking bondholder approval to convert the basis for the £300m (€351m, NOK3.47bn) bond (XS1837099339), issued in June 2018, from Libor to Sonia. A bondholder meeting is scheduled for 8 December.

The adjustment rate for the interest margin will be 11.93bp. The consent solicitation is only the second to use this ISDA fallback rate, after that launched in June in respect of a Bank of Montreal £400m April 2023 FRN – prior consent solicitations have been priced using an interpolated basis.

Credit Suisse is solicitation agent and Lucid Issuer Services is tabulation agent.