EBRD joins growing coupon trend with Sofr debut

By Mike Turner
20 Aug 2019

The European Bank for Reconstruction and Development has hit screens with its debut trade linked to the secure overnight financing rate (Sofr), with the issuer the third in quick succession to mirror the coupon technique found in the Sonia bond market.

The EBRD is taking indications of interest at Sofr plus 26bp area on a benchmark sized August 2022 trade. 

BMO, Nomura and Wells Fargo are running the transaction.

The deal uses a five day lag or observation period of Sofr rates instead of a ‘lock out’ period that ignores Sofr ...

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