{"id":11402,"date":"2019-11-13T10:01:10","date_gmt":"2019-11-13T15:01:10","guid":{"rendered":"https:\/\/www.lsta.org\/?p=11402"},"modified":"2019-11-13T10:01:12","modified_gmt":"2019-11-13T15:01:12","slug":"sofr-loan-spotted","status":"publish","type":"post","link":"https:\/\/www.lsta.org\/news-resources\/sofr-loan-spotted\/","title":{"rendered":"SOFR Loan Spotted"},"content":{"rendered":"\n<p class='first-para'><strong>November 13, 2019<\/strong> - According to CME, there have been over $300 billion of SOFR floating rate issuances through October 2019. While material, that\u2019s kind of old news. The new news? That SOFR bilateral loans are beginning to appear publicly. According to a JP Morgan press release in early October, <strong><a rel=\"noreferrer noopener\" aria-label=\"JPM inked a bilateral SOFR loan (opens in a new tab)\" href=\"https:\/\/www.jpmorgan.com\/global\/detail\/1320575331041\" target=\"_blank\">JPM inked a bilateral SOFR loan<\/a><\/strong> with Brazilian bank Itau BBA.\u00a0 We have heard rumors of these vanguard deals, but they have been hard to publicly spot. Nonetheless, as will be discussed in the LSTA\u2019s <strong><a rel=\"noreferrer noopener\" aria-label=\"\u201cEnd of LIBOR\u201d webcast (opens in a new tab)\" href=\"https:\/\/www.lsta.org\/events\/the-end-of-libor-understanding-the-big-picture\/\" target=\"_blank\">\u201cEnd of LIBOR\u201d webcast<\/a><\/strong> on Thursday, we (along with lenders, vendors and consultants) have been working hard to make SOFR loans doable. In particular, we are a driver in the process to <strong><a rel=\"noreferrer noopener\" aria-label=\"make SOFR \u201coperationalizable\u201d (opens in a new tab)\" href=\"https:\/\/www.lsta.org\/news-resources\/brave-new-world-operationalizing-sofr\/\" target=\"_blank\">make SOFR \u201coperationalizable\u201d<\/a><\/strong> and have released a <strong><a href=\"https:\/\/www.lsta.org\/news-resources\/flashforward-lsta-releases-draft-sofr-concept-credit-agreement\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"SOFR in Arrears Draft Concept Credit Agreement (opens in a new tab)\">SOFR in Arrears Draft Concept Credit Agreement<\/a><\/strong>. <\/p>\n\n\n\n<p>The LSTA is a member of the Alternative Reference Rates Committee (ARRC), co-chairs the ARRC Business Loans Working Group (BLWG) and the BLWG Operations Subgroup. For more information on LIBOR cessation and the implementation of SOFR, please see the <strong><a rel=\"noreferrer noopener\" aria-label=\"LSTA LIBOR Magazine (opens in a new tab)\" href=\"https:\/\/www.lsta.org\/news-resources\/the-great-migration-away-from-libor\/\" target=\"_blank\">LSTA LIBOR Magazine<\/a><\/strong> or contact LSTA LIBOR experts <strong><a rel=\"noreferrer noopener\" aria-label=\"mcoffey@lsta.org (opens in a new tab)\" href=\"mailto:mcoffey@lsta.org\" target=\"_blank\">mcoffey@lsta.org<\/a><\/strong> (for policy, markets and general information), <strong><a rel=\"noreferrer noopener\" aria-label=\"tvirmani@lsta.org (opens in a new tab)\" href=\"mailto:tvirmani@lsta.org\" target=\"_blank\">tvirmani@lsta.org<\/a><\/strong> (for legal issues) and <strong><a href=\"mailto:ehefferan@lsta.org\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"ehefferan@lsta.org (opens in a new tab)\">ehefferan@lsta.org<\/a><\/strong> (for operations issues).<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>According to CME, there have been over $300 billion of SOFR floating rate issuances through October 2019. While material, that\u2019s kind of old news. The new news? That SOFR bilateral loans are beginning to appear publicly. <\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[330,1210,1211],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SOFR Loan Spotted - LSTA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lsta.org\/news-resources\/sofr-loan-spotted\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SOFR Loan Spotted - LSTA\" \/>\n<meta property=\"og:description\" content=\"According to CME, there have been over $300 billion of SOFR floating rate issuances through October 2019. 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