Early movers get better pricing on SOFR loans

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Corporate borrowers willing to make an early switch to the secured overnight financing rate (SOFR) are receiving favourable pricing from lenders eager to avoid taking on new Libor exposures before the discredited benchmark is phased out.

Any new corporate loans referencing US dollar Libor must include fallback language that will automatically flip contracts to replacements when the outgoing benchmark is discontinued in June 2023. Regulator-endorsed ‘hardwired’ language would see these contracts

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