SOFR fallback to use a ‘waterfall’ sequence
May 22, 2019
SOFR so good: but where is Asia in the financing rate transition?
News that Canadian energy firm Enbridge issued the world’s first corporate bond linked to the Secured Overnight Financing Rate (SOFR) has been greeted as a watershed. Is Asia playing catch up?
The move to risk-free rates (RFRs) – the successor to the scandal-tainted LIBOR benchmark – took a step forward last week with news that Enbridge, a Canadian energy firm, became the first corporate bond issuer to sell debt linked to the risk-free SOFR.
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