Land NRW mandates for first Sonia FRN, leaves money markets

newpound
By Burhan Khadbai
07 Oct 2019

The State of North Rhine-Westphalia (Land NRW) mandated banks on Monday for its debut Sonia-linked floating rate note, following its compatriot NRW.Bank, which sold its first trade in the format last week. The region has also decided to no longer use money market instruments for funding and liquidity management.

HSBC, Nomura and RBC Capital Markets have been appointed to lead Land NRW’s five year sterling Reg S Sonia FRN benchmark. The deal is expected to be launched on Tuesday.

The leads are taking indications of interest at initial price thoughts of 38bp area over ...

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