L-Bank leads race for first €STR-linked FRN

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By Burhan Khadbai
17 Sep 2019

L-Bank is preparing to issue a floating rate note linked to €STR, the recommended new risk-free rate in euros which the European Central Bank will begin publishing on October 2.

The German agency has appointed UniCredit “to prepare fixed income investors” for a two year FRN linked to €STR, according to the announcement on Tuesday. The transaction will follow subject to market conditions and investor feedback.

Market participants had expected one of the larger euro borrowers to issue ...

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