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Credit problem: SOFR faces uphill struggle in loan market

June 16, 2020, Risk

Jeremy Newell is quoted in Risk regarding  the secured overnight financing rate (SOFR) and its effort to replace LIBOR, the long-standing benchmark rate used around the world.  amid the pandemic. Mr. Newell says, “It’s a perfect microcosm of exactly how this debate between Libor and SOFR has gone. They attempted to stick to the script and insist on SOFR for these COVID-19 loans, but after a couple of weeks of hearing about the issues the Fed conceded to reality.”

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