EDC makes splash with sterling floater

sterling fotolia 230x150
By Lewis McLellan
05 Oct 2017

Export Development Canada (EDC) sold a five year sterling floater on Thursday, raising £750m with its largest deal ever in the currency and, in an unusual development for the sterling market, pulled in its spread by 2bp. The borrower paid up over its dollar curve but was, according to one of the leads, happy to do so to maintain a presence in sterling.

EDC hit screens on Thursday morning, mandating Barclays, RBC Capital Markets and Scotiabank to sell what Dealogic shows is its first floater in sterling since October 2015, and its longest dated since a six year sold in 2009.

“It’s an interesting name as one of the ...

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