Fractured Libor transition halts US structured rates switch

Natasha Rega-Jones
12 Jul 2021

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Attempts to shunt US interest rate option products onto Libor replacements has stalled amid growing uncertainty over which benchmark will succeed the discredited rate for US dollar lending markets.

Dollar-denominated caps and floors, which protect lenders and borrowers against interest rate fluctuations, still predominantly reference US Libor. Similar instruments linked to the secured overnight financing rate (SOFR) – the US regulator’s preferred risk-free successor – have struggled to gain

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