In September 2020, Unilever and JP Morgan entered into a $500 million 10-year swap, the first swap to use SOFR as the reference interest rate. The interest rate swap effectively converted $500 million of fixed-rate debt for a floating rate based on SOFR. Why would Unilever use a swap agreement? In other words, why didn’t the company go ahead and issue floating-rate bonds since the net effect of issuing fixed-rate bonds and then doing a swap is to create a floating-rate bond?