The heir presumptive to dollar LIBOR is gaining traction with debt issuers, and banks may be ready to sell floating-rate notes linked to it within months.

That's the view of Toronto-Dominion Bank, which was involved with managing the first two bonds ever tied to the new secured overnight financing rate (SOFR). Those note sales, which both took place within the past month, raised $6 billion for the government-sponsored enterprise Fannie Mae and $1 billion for the World Bank.

“It's months, not years, before we see a financial or a corporate,” said Greg Moore, head of fixed income, currencies, and commodities for the U.S. at TD Securities. “I'm currently spending probably about 50 to 60 percent of my time on SOFR and the vast majority of that is traveling, seeing clients, and talking them through the nuances and the difference of the SOFR market versus markets they may be more familiar with.”