As everyone knows, LIBOR is ceasing—and no new USD LIBOR loans or CLOs should be originated after the end of 2021. We have been making progress. Forward Looking Term SOFR is now in scope for business loans and CLOs, which removes the concern about calculating a daily SOFR. This article was written by Meredith Coffey,...
Tess Virmani - Associate General Counsel & EVP Public Policy, LSTA August 2021 A LOOK AT THE LSTA’S TERM SOFR CONCEPT DOCUMENT 2 Key Events • July 29th: The ARRC formally recommended CME Group’s Term SOFR Reference Rates • July 21st: ARRC recommended use cases include new business loans, CLOs and end- user hedges of...
In a PLI presentation on Tuesday, May 5th, LSTA EVP Meredith Coffey discussed the potential replacement rates, their strengths, their weaknesses and their economics....
This week in review Tess Virmani explains why the ARRC published Abridged Hardwired Fallback Language... and why it makes your life so much easier, Meredith Coffey reports that the ARRC has privately (and now publicly) tamped down Term SOFR hopes - and explains what it means for loans and CLOs and Tess Virmani hails the...
