Shallow Sofr markets threaten systemic Libor issuers

The end of Libor is nigh, but the requisite market activity to build Sofr — the alternative to dollar Libor that has been pitched — into a predictable term rate is still remarkably sparse, potentially leaving issuers dependent on Libor with an unreliable alternative if the rate is no longer quoted after 2021.

  • By Alexander Saeedy
  • 06 Mar 2019
Though some observers believe that Sofr is a truer market rate than survey-determined Libor, the legwork required to turn the overnight repo rate into a term rate for tenored debt is proving substantially more difficult than some regulators and bankers -- such as those sitting on the Alternative ...

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4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

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