US Treasury won’t issue SOFR notes until at least 2020

Project Titan will delay issuance of floating rate Treasury notes linked to new reference rate

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The US Treasury department will not begin issuing floating rate notes (FRNs) linked to the secured overnight financing rate, or SOFR, until it completes a planned overhaul of its auction system.

“We’re in the process of a large conversion of our auction system. To manage expectations, we have decided that if we do issue in SOFR, we will implement it after the new system is complete,” said Craig Philips, counselor to the secretary of the US Treasury. “We will focus on that event – which is 2020

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