US loan market will move to SOFR by Q1 of 2021 – Wells Fargo
Libor head predicts quick transition for loans following ‘big bang’ shifts in swaps
The majority of US dollar loans will reference the Secured Overnight Financing Rate by the end of March 2021, according to the head of Libor transition at the fourth largest US lender.
Wells Fargo’s Brian Grabenstein said ‘big bang’ changes in the derivatives market and growing consensus around conventions for calculating the new rate will embed SOFR in the US financial system within the next 12
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