News & Analysis as of

Secured Overnight Funding Rate (SOFR)

Dechert LLP

It’s Not Just a Flesh Wound

Dechert LLP on

I’ve been back from CREFC’s and RER’s annual meetings for a week or so, mulling what those confabs meant.  There’s been plenty of reportage on the events, the panels, the parties, the to-ing and fro-ing, but what I want to do...more

Cadwalader, Wickersham & Taft LLP

London, Here We Come - June 2022 | Issue No. 181 - LSTA Publishes New Forms of Term SOFR Amendments

The LIBOR transition process continues to roll along. New transactions are (mostly) being closed without using LIBOR any more, and many legacy transactions are naturally transitioning when refinanced or renewed this year....more

Cadwalader, Wickersham & Taft LLP

Thank You, Mike - May 2022 | Issue No. 177 - Loan Market Update

Lots of news out of the loan market. SOFR remains a focus, we have new forms from the LSTA, and what has been deemed an “existential threat” to the syndicated loan market has reared its head once again. Here’s the rundown....more

Allen & Overy LLP

Time for Term SOFR?

Allen & Overy LLP on

Term SOFR, the forward-looking term rate based on the Secured Overnight Financing Rate (SOFR), has become an established benchmark rate for new US Dollar lending in the US syndicated loan market....more

Skadden, Arps, Slate, Meagher & Flom LLP

LIBOR Transition: Shifting Market Headwinds Currently Make SOFR the Cheaper Borrowing Choice

On March 5, 2021, the Financial Conduct Authority (FCA) announced the future cessation or loss of representativeness of the 35 LIBOR benchmark settings currently published by ICE Benchmark Administration (IBA), the authorized...more

Weiner Brodsky Kider PC

Florida Enacts House Bill 925 Addressing LIBOR Transition

On April 6, 2022, Florida enacted House Bill 925 (HB925, or the Florida Bill) facilitating the transition away from the London Interbank Offered Rate (LIBOR), which is used as a benchmark rate in more than 200 trillion...more

Baker Donelson

SOFR: The Secured Overnight Financing Rate

Baker Donelson on

Changes are coming for the interest rate benchmark lenders use to finance long term care facilities. The long-standard benchmark, the London Interbank Offered Rate (LIBOR), is being replaced by the Secured Overnight Financing...more

ArentFox Schiff

Federal Law to the Rescue? (The Senate Version)

ArentFox Schiff on

LIBOR Relief Included In Appropriations Bill - New York Law Concerns - The New York law enacted in April 2021 provides the ‘Get Out of Jail’ card[2] for banks from litigation relating to the LIBOR (London InterBank...more

Morgan Lewis

President Biden Signs Federal LIBOR Transition Legislation into Law

Morgan Lewis on

President Biden on March 15 signed into law the Adjustable Interest Rate (LIBOR) Act, which aims to reduce uncertainty regarding the effect of ending LIBOR on existing USD LIBOR transactions, as part of an omnibus spending...more

Thompson Coburn LLP

An introduction to the Adjustable Interest (LIBOR) Act: The federal response to LIBOR replacement

Thompson Coburn LLP on

As we have previously reported, all London Interbank Offered Rate (LIBOR) tenors (if they haven’t already been discontinued) will no longer be available after June 30, 2023. In response to the litigation risks created by the...more

Bradley Arant Boult Cummings LLP

The LIBOR Act: 7 Key Things Financial Institutions Need to Know about the New Law in Preparation for the LIBOR Transition in 2023

On March 15, 2022, the Consolidated Appropriations Act, 2022 – which included the Adjustable Interest Rate (LIBOR) Act – was signed into law. The LIBOR Act is meant to address concerns with ceasing the use of LIBOR by...more

McGuireWoods LLP

Q1 2022 Update on LIBOR Transition Developments

McGuireWoods LLP on

Since passing the December 31, 2022 “no new LIBOR” line-in-the-sand drawn by regulators, the pace of new developments in LIBOR transition has slowed as various markets have adapted to pricing transactions at SOFR or some...more

Cadwalader, Wickersham & Taft LLP

A Spring in Our Step March 2022 | Issue No. 168 - Quarter-End Market Update

As we usher in spring and hopefully finally say goodbye to the worst of the COVID-19 pandemic, deal volume and overall market activity remain extremely robust. With less than a week to go in an eventful first quarter, we’re...more

Orrick, Herrington & Sutcliffe LLP

Tough Legacy Made Easy

On March 15, President Biden signed, as part of a larger appropriations act, legislation known as the “Adjustable Interest Rate (LIBOR) Act,” which addresses “tough legacy” contracts that do not provide for the use of clearly...more

Weiner Brodsky Kider PC

4th Circuit: Dodd-Frank Bars Mandatory Arbitration of HELOC-Related Claims

The U.S. Court of Appeals for the Fourth Circuit recently held that the Dodd-Frank Amendment to TILA that prohibits mandatory arbitration clauses in mortgage loans precludes a bank from requiring arbitration of claims...more

Weiner Brodsky Kider PC

Federal Government Addresses LIBOR Transition

In the recently-enacted 2022 federal spending bill, Congress included the Adjustable Interest Rate (LIBOR) Act (the Act), which addresses the expected turmoil that will result from the transition from LIBOR to SOFR as a...more

Cadwalader, Wickersham & Taft LLP

LIBOR Federal Legislation Takes Big Step Forward

Federal legislation addressing the transition of legacy LIBOR contracts took a big step forward when it was included in the Omnibus bill passed late last night by the House of Representatives. The bill would provide legal...more

Womble Bond Dickinson

Federal Enactment of Adjustable Interest Rate (LIBOR) Act

Womble Bond Dickinson on

On March 15, 2022, President Biden signed the Consolidated Appropriations Act of 2022 into law, which includes the Adjustable Interest Rate (LIBOR) Act. This legislation establishes a uniform benchmark replacement process for...more

Hogan Lovells

With a New Year, Brings a New Rate . . . The Transition from LIBOR Is Now Here

Hogan Lovells on

In March 2021, the Financial Conduct Authority (FCA) and the ICE Benchmark Administration, the administrator of LIBOR, announced that sterling, euro, Swiss franc and Japanese yen LIBOR panels, as well as panels for one-week...more

Dechert LLP

SOFR:  The Face That Launched a Thousand Ships Was Photo-Shopped!

Dechert LLP on

Why I’m bothering to write about SOFR transition at this point is a bit of a mystery.  Hasn’t this topic now finally exhausted both our energy and interest?  Oh, and a European war is being fought as I write which, to say the...more

Mitratech Holdings, Inc

Sunsetting LIBOR: How to Avoid the Elephant Traps

The formal end of using the London Interbank Offered Rate (LIBOR) as a risk-free reference interest rate for banks and other financial institutions, in the UK at least, was scheduled for the end of 2021....more

Cadwalader, Wickersham & Taft LLP

Give Me a SOFR Break - February 2022 | Issue No. 164 - SOFR Breakage Costs: Breaking Up Is (Still) Hard to Do

Our topic today is breakage costs (also called “break funding” costs) in your new SOFR credit agreements. Someone in the market recently asked: - “I have a friend (OK, it’s me) who’s negotiating a credit agreement. We...more

Robins Kaplan LLP

Volkswagen Nearing Porsche Unit IPO to Raise Cash for EV Push

Robins Kaplan LLP on

Volkswagen and company shareholders are “in advance talks that could lead to the initial public offering of the iconic Porsche AG sports-car maker.” Spinning off Porsche via IPO would help give VW the “fresh cash” in needs to...more

Cadwalader, Wickersham & Taft LLP

Magnificent Miami! - February 2022 | Issue No. 163 - Panel Recap: 'Fund Finance Market Update'

The “Fund Finance Market Update” panel focused on the current state of the market. Moderated by Laurie Lawler, Managing Director at Société Générale, the panel included the following: Roshan Chagan, Partner at Ares...more

Alston & Bird

Structured Finance Spectrum – February 2022

Alston & Bird on

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features analysis of how the market continues to swipe left on LIBOR but isn’t ready...more

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