Companies are on pace to issue a record amount of debt this year using the new LIBOR replacement, but that doesn't mean Wall Street has given up yet on the...
Old habits don’t fade easily on Wall Street, even those evoking a scandalous chapter for global finance.
This chart shows an growing range of companies this year using the Secured Overnight Financing Rate, or SOFR alternative, when arranging debt financing, including auto and truck makers, but also utilities, healthcare and real-estate firms. Regulators have warned banks and corporations for years to pick up the transition pace away from LIBOR, which remains tethered to trillions worth of financial contracts.Promises, challenges The LIBOR benchmark was created in the late 1980s by a British banking group, but now faces a Dec. 31 deadline when regulators say it can no longer be used on new U.S. financial contracts.
SOFR has been viewed by regulators and many banks as a preferred, more transparent benchmark rate, in part because it is tied to overnight repo transactions.
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