EIB embraces Sofr ‘shift’

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By Burhan Khadbai
26 Feb 2020

The European Investment Bank is out with its first Sofr-linked floating rate note structured with a ‘shift’ coupon calculation rather than the ‘lag’ methodology which it introduced to the Sofr FRN market in June 2019.

Leads Citi, HSBC, RBC Capital Markets, Standard Chartered Bank and TD Securities are taking indications of interest with initial price thoughts of 29bp area over Sofr for EIB’s $1bn no-grow March 2024 FRN. The deal is expected to launch on Thursday.

The deal ...

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