EBRD braves repo volatility to tap Sofr FRN

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By Burhan Khadbai
20 Sep 2019

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.

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