Money funds get S&P green light to buy SOFR notes

After many funds were shut out of first SOFR issuance, agency has now approved new benchmark

Daily resets minimise spread risk in SOFR notes, S&P says

Standard & Poor’s (S&P) has officially rubber-stamped the Secured Overnight Financing Rate (SOFR) as a financial benchmark for floating rate securities, paving the way for money market funds (MMFs) to invest in those products.

The rating agency announced earlier today (July 30) that SOFR has been classified as an “anchor money market reference rate” in its principal stability fund ratings (PSFR) methodology. The change means floating rate securities and notes linked to the benchmark will no

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