Barclays became the latest issuer of cash instruments linked to Sofr, the Federal Reserve’s preferred alternative to Libor, when it sold an unusually large asset-backed commercial paper (ABCP) deal from its flagship Sheffield Receivables Corp ABCP shelf on August 24.
The bank, which acted as one of the lead banks on the US government-sponsored enterprise Fannie Mae’s $6 billion three-tranche Sofr-linked deal in July, was the second bank to sell a Sofr-linked deal – only days before, Credit Suisse sold a $100 million, six-month Yankee certificate of deposit.
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