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LIBOR, Loans and Ops

(updated on April 26, 2018)  – There were three major happenings on the LIBOR/SOFR front this week. First, on April 24th, overnight SOFR and overnight LIBOR converged (at 1.7%) for the first time since SOFR began being published (see chart). Second, it was a fitting date for convergence as “SOFR preparedness” was one of the themes at the LSTA Operations Conference. Third, on April 25th, IBA published its “ICE LIBOR Evolution” paper. The paper discusses efforts to shore up LIBOR to encourage its continuance past the end of 2021, when regulators will no longer compel banks to make LIBOR submissions. We tackle these issues below.

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Mark-to-Market Monthly November Summary

Last month in this space we boldly wrote “there is a silver lining for loans: they appear to be oversold”. And sure enough, following its worst monthly print this year (-0.45% in October) the S&P/LSTA Leveraged Loan Index (LLI) produced a four-month best 0.6% November return.

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 project counsel, and the LSTA’s Tess Virmani.

Semi-Annual Oil & Gas Industry Update Presentation

Energy finance practitioners from Haynes and Boone, LLP will discuss current energy finance topics, including the latest trends in oil and gas finance. The presentation was done by Eli Columbus, Partner, Bankruptcy Practice Group, Kraig Grahmann, Partner, Energy Finance Practice Group, Kim Mai, Associate, Commodities Trading & Finance Practice Group & Jeff Nichols, Co-Chair of […]

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 inherent in SOFR.