Term SOFR: Loans, CLOs In Scope! – LSTA
公開日:2022/06/23 / 最終更新日:2022/06/23
Implications for brand new loans and CLOs: The ARRC was less fulsome in its scope of use for new contracts. There it steered that almost all products can adopt – certainly, have adopted – day by day SOFR and SOFR Averages (upfront); these embrace FRNs, ARMs, Pupil Loans and most securitizations. However, these SOFR rates have been more challenging for business loans (and the securitizations that hold them). Thus, the ARRC noted that it “supports using SOFR Term Fee along with other forms of SOFR for business loan exercise -significantly multi-lender amenities, center market loans, and trade finance loans-the place transitioning from LIBOR to an overnight rate has been difficult and the place use of a time period rate may very well be useful in addressing such difficulties. The ARRC additionally recognizes that the SOFR Term Price could also be acceptable for sure securitizations that hold underlying enterprise loans or other belongings that reference the SOFR Term Charge and the place these property can not easily reference different forms of SOFR.”
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