EIB makes pioneering Sonia play

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By Lewis McLellan
21 Jun 2018

A sterling floater from the European Investment Bank would not normally set tongues wagging across capital markets but the supranational’s upcoming deal is an exceptional case. The bond is a test case for what is expected by many to become the new market standard for the format, writes Lewis McLellan.

The supranational will on Friday sell one of the first ever sterling floating rate benchmarks to reference Sonia rather than Libor. HSBC, NatWest Markets, RBC Capital Markets and TD Securities will run the books for the deal, offering initial price thoughts of 35bp area ...

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