SONIA Reference Rate means, in respect of any London Banking Day, a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such London Banking Day as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page (or if the Relevant Screen Page is unavailable, as otherwise is published by such authorised distributors) on the London Banking Day immediately following such London Banking Day; and

SONIA Reference Rate means, in respect of any London Business Day, a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such London Business Day as provided by the administrator of SONIA to authorised distributors and as then published on the Screen Page or, if the Screen Page is unavailable, as otherwise published by such authorised distributors (on the London Business Day immediately following such London Business Day);

SONIA Reference Rate means, in respect of any London Banking Day, the daily Sterling Overnight Index Average (“SONIA”) rate for such London Banking Day as provided by the Bank of England (or a successor administrator of SONIA) to authorised distributors (the “SONIA authorised distributors”) and as then published on the Relevant Screen Page (or, if the Relevant Screen Page is unavailable, as otherwise published by the SONIA authorised distributors) on the London Banking Day immediately following such London Banking Day, provided that if, in respect of any London Banking Day, the applicable SONIA Reference Rate is not made available on the Relevant Screen Page or has not otherwise been published by the SONIA authorised distributors by 5.00 p.m. London time, then (unless the Principal Paying Agent or the Calculation Agent, as applicable, has been notified of any Successor Rate or Alternative Rate (and any related Adjustment Spread and/or Benchmark Amendments) pursuant to Condition 5(f) below, if applicable) the SONIA Reference Rate in respect of such London Banking Day shall be:

Examples of SONIA Reference Rate in a sentence

The SONIA Reference Rate applied to a day that is a non-London Banking Day will be taken by applying the SONIA Reference Rate for the previous London Banking Day but without compounding.
For the avoidance of doubt, the formula for the calculation of Compounded Daily SONIA only compounds the SONIA Reference Rate in respect of any London Banking Day.
However, some market participants have indicated they would like to offer products referencing the Term SONIA Reference Rate that is still being developed.The Working Group has set a target of end Q3 2020, to cease issuance of GBP LIBOR-based cash products that mature beyond end-2021.5Market participants in the loan market are continuing to work towards addressing the barriers to facilitate and encourage transition towards SONIA in order to meet this target.
The alternatives to SONIA compounded in arrears include: (i) Bank Rate; (ii) fixed rate; and (iii) a forward-looking Term SONIA Reference Rate ("TSRR").
The FCA selected the following forward-looking term versions of the RFR:• Term SONIA Reference Rate (TSRR) provided by IBA for the synthetic GBP LIBOR, • and Tokyo Term Risk Free Rate (TORF) provided by QUICK Benchmarks Inc (QBS) for the synthetic JPY LIBOR.The FCA is planning to publish a Statement of Policy and feedback statement in 2021 Q3.

More Definitions of SONIA Reference Rate

SONIA Reference Rate means, in respect of any London Business Day, a reference rate equal to the daily Sterling Overnight Index Average (“SONIA”) rate for such London Business Day as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page or, if the Relevant Screen Page is unavailable, as otherwise published by such authorised distributors (on the London Business Day immediately following such London Business Day).If, subject to Condition 4(i) (Benchmark Discontinuation), in respect of any London Business Day in the relevant Observation Period, the Calculation Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the applicable Pricing Supplement) determines that the SONIA Reference Rate is not available on the Relevant Screen Page or has not otherwise been published by the relevant authorised distributors, such SONIA reference rate shall be:(x) the Bank of England’s Bank Rate (the “Bank Rate”) prevailing at 5.00 p.m. (or, if earlier, close of business) on the relevant London Business Day; plus(y) the mean of the spread of the SONIA Reference Rate to the Bank Rate over the previous five days on which a SONIA Reference Rate has been published, excluding the highest spread (or, if there is more than one highest spread, one only of those highest spreads) and lowest spread (or, if there is more than one lowest spread, one only of those lowest spreads) to the Bank Rate.Notwithstanding the paragraph above, and without prejudice to Condition 4(i) (Benchmark Discontinuation), in the event the Bank of England publishes guidance as to:

SONIA Reference Rate means in respect of any Business Day, a reference rate equal to the daily Sterling Overnight Index Average (“SONIA”) rate for such Business Day as provided by the administrator of SONIA to authorised distributors and as then published on the screen or, if the screen is unavailable, as otherwise published by such authorised distributors (on the Business Day immediately following such Business Day).

SONIA Reference Rate means, in respect of any London Business Day, a reference rate equal to the SONIA rate for such London Business Day as provided by the administrator of SONIA to authorized distributors and as published on the Screen Page as at 9:00 a.m. London time or, if the Screen Page is unavailable, as otherwise published by authorized distributors (on the London Business Day immediately following such London Business Day).

SONIA Reference Rate means, in respect of any London Banking Day, a reference rate equal to the daily Sterling Overnight Index Average (SONIA) rate for such London Banking Day as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page or, if the Relevant Screen Page is unavailable, as otherwise published by such authorised

SONIA Reference Rate means, in respect of any London Banking Day ("LBDx"), a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such LBDx as provided by the administrator of SONIA to, and published by, authorised distributors as at 9:00 a.m. London time on the SONIA Screen Page (or, if the SONIA Screen Page is unavailable, as otherwise published by such authorised distributors) on the London Banking Day immediately following LBDx.

SONIA Reference Rate means, in respect of any London Banking Day ("LBDx") a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such LBDx as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page (or, if the Relevant Screen Page is unavailable, as otherwise published by such authorised distributors) on the London Banking Day immediately following such LBDx; and

SONIA Reference Rate definition

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