It Looks Like Bankers Are Finally Waking Up to Sonia

The dome of St. Paul's Cathedral, left, and skyscrapers in the City of London, including 20 Fenchurch Street, also known as the "Walkie-Talkie," 22 Bishopsgate office tower, the Leadenhall building, also known as the "Cheesegrater", and The Scalpel stand beside the River Thames in London, U.K., on Wednesday, Nov. 14, 2018. The City of London averted one disaster with the draft Brexit deal announced Wednesday, but the bottom line is that banks, brokers and asset managers will continue to prepare for the talks going off the rails.Photographer: Bryn Colton/Bloomberg

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By Emma Haslett

January 7, 2019 at 1:29 PM UTC

Updated on

January 7, 2019 at 2:48 PM UTC

This article is for subscribers only.

U.K. regulators are seeing some success as they try to shift the sterling bond market away from scandal-hit Libor.

Five all-new floating-rate pound notes have come to market this year, and all of them have been tied to the Sterling Overnight Interbank Average rather than Libor. FMS Wertmanagement, Lloyds Banking Group Plc and International Finance Corp were the latest names to join the offering list.