Dollar pipe builds after L-Bank’s trailblazing Reg S Sofr floater

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By Craig McGlashan
07 Mar 2019

Dollar SSA issuance is expected to pick up next week, thanks to a change in the euro/dollar basis swap that is making issuance in the currency more attractive for euro funders. There was still a smattering of dollar trades this week, including a Sofr-linked floater that broke new ground for the format.

L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation, as well as having the longest tenor in the format so far. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the ...

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