SOFR: Addressing Basis Biases
As highlighted in Nomura’s Special Topics on January 24th, basis risk has been on CLO managers’ (and equity holders’) minds. While the focus generally has…
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UK LIBOR: Regulators Speak, Industry Strategizes
“The intention is that sterling LIBOR will cease to exist after the end of 2021. No firm should plan otherwise.”
The Borrower’s Argument for Hardwired Fallbacks
According to recent research by Fitch, borrowers should have a compelling appetite for “hardwired” LIBOR fallbacks. The downside risk of the amendment fallback – ending…
SOFR and Loans: What’s on Deck for 2020
As of January 7, 2020, there are 724 days until the potential end of LIBOR. Will the syndicated loan market be ready?
Shelling for SOFR
SOFR syndicated loan origination is up and running! Sort of. On Friday, Shell announced a $10 billion SOFR (and sustainability)-linked financing. The $10 billion unsecured…
Demystifying the LSTA’s SOFR Concept Credit Agreement
Last week the LSTA hosted its Demystifying the LSTA's SOFR Credit Agreement webcast presented by Jeffrey Nagle of Cadwalader, Wickersham & Taft LLP, the LSTA’s…
LIBOR: The Future of Forward Looking Term SOFR
The syndicated loan market would really like an IOSCO-compliant Forward Looking Term SOFR to develop. If such a rate developed, it would solve several problems…
Demystifying the LSTA’s SOFR Concept Credit Agreement Presentation
What is a “concept credit agreement”? Why is the LSTA developing one? What is that math formula? Find out all you need to know about…
SOFR Loan Spotted
According to CME, there have been over $300 billion of SOFR floating rate issuances through October 2019. While material, that’s kind of old news. The…
Simple Minds?
There has been considerable discussion about the variants of SOFR on these pages (and at the LSTA Conference last week in the Introduction to LIBOR…
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