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GC Asia
Sofr caps pick up, as Fannie and Freddie force liquidity
Fannie Mae’s and Freddie Mac’s drive to buy floating rate loans that reference the secured overnight financing rate is charging up a nascent market in interest rate caps that reference the Libor replacement.
Two weeks ago, Chatham Financial executed a Sofr interest rate cap on a $25m Sofr-linked Freddie Mac loan for a commercial real estate client. Since then, CRE borrowers have closed at least six more Sofr caps.
In February, Fannie and Freddie announced they would stop buying Libor linked ...Already a subscriber? Login
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Latest news from Derivatives
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