Lending after Libor: critical conventions become clearer

By Mike Turner
10 Sep 2020

The European syndicated loan market’s transition from Libor to risk-free rates is gathering pace, with market participants starting to offer a much clearer view on the technicalities that a world without Libor will look like for lending.

GlaxoSmithKline has signed a £3.8bn-equvialent loan in sterling and dollars that uses the Sterling Overnight Index Average (Sonia) and the Secured Overnight Financing Rate (Sofr) from the beginning of the loan.

That is a first for the market, which has until now signed deals using Libor only but with ...

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