EIB targets ‘unifying template’ for all post-Libor FRNs
The European Investment Bank (EIB) has been at the forefront of developing the methodology for issuing floating rate notes (FRNs) linked to Sonia and Sofr. As it prepares for issuance in the new risk-free rates in euros, Canadian and Australian dollars, the supranational said it wants to use the same structure for all.
“We are fairly advanced with Ester [euro short term rate],” a funding official at the EIB told GlobalCapital. “We’ve done two test trades. But the question is whether there is demand for floating rate notes in euros when rates are so low.”The European Central Bank (ECB) will ...
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