EBRD braves repo volatility to tap Sofr FRN
The European Bank for Reconstruction and Development was able to find good demand to increase the size of its outstanding August 2022 Sofr-linked floating rate note on Thursday, despite huge volatility in the US repo market.
EBRD tapped its outstanding August 2022 Sofr-linked FRN for a further $50m to take the new outstanding size to $650m. BMO Capital Markets was the sole lead.
The tap was priced at 100.001 and it is the first ever Sofr tap to have been priced with accrued interest....