Lloyds becomes first commercial lender to issue Sonia-based bonds
Just four years after it was fined $280 million for manipulating Libor, the bank becomes the first to issue bonds linked to its alternative, Sonia.
In 2014, Lloyds Bank paid £218 million ($280 million) to settle allegations of rigging interest rate benchmarks. Fast forward four years, and it’s the first commercial bank to use the successor to Sonia (Sterling Over Night Index Average), the Bank of England’s replacement for scandal-hit Libor.
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