EBRD prices tight on third Sonia FRN

Squeeze_tight_spread_Fotolia_230x150
By Burhan Khadbai, Lewis McLellan
07 Nov 2019

The European Bank for Reconstruction and Development (EBRD) focused “on price over size” but achieved both when it brought its third Sonia-linked floating rate note (FRN) to the market this week, according to one of its leads.

Leads BarclaysNomuraRBC Capital Markets and TD Securities offered initial price thoughts of 32bp area over the compounded Sonia rate for the five year global benchmark.

Books opened on Wednesday morning with guidance unchanged from initial price thoughts. The first update arrived after two and a half hours, with ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.