Top US banks issue $35bn of SOFR-linked debt in 2020 to date

The Secured Overnight Financing Rate (SOFR) is poised to replace Libor as the critical benchmark for trillions of dollars’ worth of loans, swaps and bonds before the end of 2021 – including bank debt. But in 2020 so far, though top US banks have issued some notes referencing the new rate, these represent just a fraction of their total outstanding debt. 

The eight systemic US banks have around $53.3 billion of long-term debt outstanding referencing SOFR issued at the holding company level, of

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