Credit Suisse was the first bank to issue debt linked to the SOFR rate

Swiss bank Credit Suisse was the first among banks to issue debt, tied to the rate of SOFR instead of the traditional LIBOR. The Financial Times, citing sources, wrote that the New York division Credit Suisse placed a 6-month deposit certificate worth $100 million, the rate of which exceeds SOFR by 35 basis points. The Swiss bank became the third financial institution to issue debts, the rate of which depends on SOFR. Earlier, the World Bank placed bonds with a floating rate of $1 billion, and the American mortgage agency Fannie Mae sold notes worth 6 billion dollars.

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