SOFR fallback to use a ‘waterfall’ sequence
Steady pickup in money markets using the Secured Overnight Financing Rate is helping financial industry participants formulate fallback language for existing financial products that use Libor.
Last April, the Federal Reserve of New York began publishing the daily Secured Overnight Financing Rate (SOFR). Borrowers are slowly embracing the successor to the London Interbank Offering Rate (Libor), the benchmark rate used throughout the financial industry.
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