Browsing: Libor

Commercial Lending

In a letter to nonfinancial corporations today, the heads of the Treasury Department, Federal Reserve, Securities and Exchange Commission and Commodity Futures Trading Commission addressed the ongoing Libor transition, noting that “a smooth transition will be best supported if financial institutions offer alternatives to USD Libor that meet borrower needs and if this is done in a timely fashion.”

Commercial Lending

The American Bankers Association and a coalition of financial trade groups wrote in support today of the Adjustable Interest Rate (Libor) Act to address “tough legacy” contracts that currently reference Libor but lack adequate fallback language and can’t be amended to add it.

Commercial Lending

Today marked the start of the first phase of the Commodity Futures Trading Commission’s “SOFR First” initiative, which it recommended for switching trading conventions from Libor to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative, and by some measures, SOFR swaps accounted for 50% of total activity.

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