The US Treasury department will not issue SOFR-linked FRNs until at least 2020, according to Craig Philips, counsellor to the secretary of the US Treasury. In a statement released on Wednesday, Philips said that while it was “premature for us to speculate about timing or other details regarding our future relationship with the central bank”, he expected the two sides would
The US Treasury department will not issue SOFR-linked FRNs until at least 2020, according to Craig Philips, counsellor to the secretary of the US Treasury. Philips said the department has decided to wait until after it completes Project Titan, the planned overhaul of its auction system.