The Treasury Department and the Internal Revenue Service issued proposed regulations on Tuesday to relieve loan market participants of the tax burdens associated with LIBOR transition.
So now everyone knows what SOFR (and Treasury repo) is!
This presentation was done at the 25th Annual ABS East Conference that took place in Miami, FL. It was presented by our very own Ellen Hefferan along with Linc Finkenburg of Perkins Cole, Nitish Idnani of Deloitte & Touche LLP, Ben Jordan of Wilmington Trust and Cindy Tjoe of KPMG LLP. We discussed how one […]
This week, we start off pondering the August secondary slump (but console ourselves with the YTD 6.5% return). We then turn to CLOs by: 1) analyzing their ownership and runnability and 2) defending them in the press. And what’s a week without LIBOR? We end with the latest (accounting) hurdle to LIBOR transition being knocked […]
The Financial Accounting Standards Board (FASB) released proposed guidance last week intended to ease the potential accounting burdens of LIBOR transition for loan market participants.
On September 3rd, we hit 850 days before the (earliest) potential end of LIBOR. So, what’s in your workflow for the next 850 days? To help you organize, we discuss fallbacks, new SOFR issuances and – critically – how lenders can learn exactly where things stand (and what is happening) with respect to the end of LIBOR.
The Office of Information and Regulatory Affairs announced last week that the Treasury Department will consider issuing guidance to define the tax implications of LIBOR transition, signaling the third key phase of regulatory relief sought by private sector groups overseeing transition to a new loan reference rate.
A number of global regulators have been warning institutions that i) LIBOR is ceasing, ii) transition plans are critical and iii) it’s (past) time to move on to a new rate. Last Friday the SEC added its voice in a joint eight-page Staff Statement on LIBOR Transition. This is not simply theoretical.
In a decision that could significantly ease the loan market’s transition from Libor to an alternative reference rate, the Financial Accounting Standards Board announced recently that it will soon take steps toward providing much-needed accounting relief for firms and organizations affected by the transition.
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