L-Bank brings Reg S only Sofr trailblazer

By Craig McGlashan
05 Mar 2019

L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the leads — which said any stock they were left with would be useful for providing paper to investors looking to test their Sofr systems in the coming weeks and months.

Leads BMO Capital Markets, Deutsche Bank, JP Morgan and RBC Capital Markets priced a no-grow $500m three year floater for L-Bank at 35bp over compounded Sofr, in line with guidance and price thoughts of 35bp area. 

Monday’s price thoughts had drawn indications of interest of ...

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