Each lease's rate now reflects its own term

The obtainable borrowing rate is defined over a similar term to the lease. Lease102 now suggests it from the published term curve rather than the overnight rate, so a longer lease gets a rate that matches its longer term.

Each future payment is priced at the curve's rate for its date, plus your credit spread, giving one equivalent rate. Sterling leases use the Bank of England's SONIA swap curve and euro leases the ECB's euro area AAA curve, both updated every working day. For example, on 1 January 2026 with an average SME spread, a two-year lease came out at 5.80% and a ten-year lease at 6.05%.

At transition, Bulk Calculate can give every lease its own rate in one step. Leases in a portfolio take their own rate unless you choose a single fixed rate. Rates already on your leases are not changed.