SOFR linked paper issuance had a good June but questions remain on curves and pricing

SOFR linked issuance is starting to pick up. June data, compiled by the CME and published in the June/July 2019 ARRC newsletter, showed just over a cumulative $123 billions of paper issued. June 2019 issuance was about $35 billion, the highest monthly number by a factor of two, and some issuance longer than 2 years in June, about $2~$3 billion worth, is just kicking in. That is a very small amount in the big scheme of things, but if this continues (and expands), it is a big positive for SOFR adoption.
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