Campaign to Kill Off Libor Is Boosted by Landmark Bond Sale
- Enbridge is first non-financial corporate to issue the notes
- Sale is an ‘important milestone,’ says ARRC chairman Tom Wipf
Photographer: Jason Franson/Bloomberg
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A Canadian energy firm became the world’s first non-financial issuer to sell debt linked to the main Libor alternative, a boost for policy makers in their struggle to encourage market adoption of the new financial benchmark.
Enbridge Inc., which operates oil and gas pipelines as well as other energy infrastructure, sold floating-rate notes on Tuesday pegged to the Secured Overnight Financing Rate, or SOFR, a U.S. replacement for Libor.