Dollar pipe builds after L-Bank’s trailblazing Reg S Sofr floater

Leads BMO Capital Markets, Deutsche Bank, JP Morgan and RBC Capital Markets priced a no-grow $500m three year floater for L-Bank at 35bp over compounded Sofr, in line with guidance and price thoughts of 35bp area. Leads Barclays, Citi, Daiwa Capital Markets and Goldman Sachs priced the bond at 47bp over mid-swaps, at the tight end of guidance of 49bp area and price thoughts of 51bp area. Leads Citi, Deutsche Bank, Morgan Stanley, Nomura and Société Générale have circulated initial price thoughts of 22bp area over mid-swaps for the deal, which is set to be priced this Friday.