LIBOR: Investor Perspectives
How are thoughtful investors preparing for LIBOR cessation? Last week, LSTA EVP Meredith Coffey caught up in an IMN panel with KKR’s Tal Reback (who…
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Loans: Going Hardwired!
The ARRC Best Practices Recommendations for LIBOR Transition came out several weeks ago and, critically, Business Loans Best Practice Recommendation # 1 is that new…
LSTA Releases Initial Draft of Simple SOFR Concept Document
On March 6th, the LSTA distributed a draft of the LSTA’s Simple SOFR in Arrears concept credit agreement to the Primary Market Committee and SOFR…
LIBOR Transition: Two Tools Here, Two Tools Coming!
There’s been major momentum on risk-free rate (“RFR”) tools in the last few weeks.
SOFR Index (and Averages) are Coming!
he SOFR Index (and Averages) have created considerable buzz in the loan space. The good news: Last week, the New York Fed announced it would…
LIBOR & SOFR: Spread Adjustments
Folks that know LIBOR is likely to end soon after December 2021 probably also know that SOFR, the likely replacement for USD loans, is a…
No More LIBOR Mortgages after 2020!
On February 5th, the FHFA, Fannie Mae and Freddie Mac took the next steps toward LIBOR transition in the Adjustable Rate Mortgage (ARM) market.
Demystifying the LSTA’s Draft SOFR “Concept Credit Agreement”
Recently, the LSTA took the next step in its efforts to educate market participants on replacement benchmarks by distributing a draft “concept credit agreement” referencing…
SOFR and Loans: What’s On Deck for 2020
As of January 1, 2020, there are 730 days until the likely end of LIBOR. Will the syndicated loan market be ready? Below we discuss…
SOFR: Addressing Basis Biases
Basis risk has been on CLO managers’ (and equity holders’) minds. While the focus generally has been on one-month/three-month LIBOR basis, basis questions also have…
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