The Alternative Reference Rates Committee outlined the conditions that a forward-looking Secured Overnight Financing Rate term rate must fulfill in order to substantiate an ARRC recommendation.
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The Alternative Reference Rates Committee commended New York State Governor Andrew Cuomo's signing of legislation meant to reduce potential disputes and market disruption associated with the transition away from LIBOR.
The Alternative Reference Rates Committee provided a model for using the Secured Overnight Financing Rate in asset-backed securities products, including mortgage-backed securities and commercial mortgage-backed securities products.
In a new white paper, the Alternative Reference Rates Committee detailed a suggested fallback formula from the U.S. dollar LIBOR ICE Swap Rate to a spread-adjusted Secured Overnight Financing Rate Swap Rate.
The Alternative Reference Rates Committee released supplemental versions of recommended hardwired fallback language for USD LIBOR-denominated syndicated business loans and bilateral business loans.