EDC boosts sterling’s record year as floaters outdo fixed rate

Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.

  • By Craig McGlashan
  • 08 Nov 2018
Leads BarclaysHSBC and RBC Capital Markets priced EDC’s three year Reg S only bond at 8bp over three month Libor on Tuesday, in line with guidance of 8bp area. ...

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