Coronavirus pandemic could slow loan market transition from Libor [Reuters]
General Electric Company (GE)
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Source: Reuters
Coronavirus pandemic could slow loan market transition from Libor NEW YORK, April 13 (LPC) - A health emergency of unprecedented proportions has added another layer of complexity to the US loan market’s transition away from a key lending benchmark used to set interest payments on trillions of dollars of investments as the deadline to move to a new rate rapidly approaches. Companies including General Electric, General Motors, and American Airlines all tie a portion of their loan interest payments to the London interbank offered rate (Libor). Following scandals linked to the rate stemming from the great financial crisis, a UK regulator said that by the end of 2021, markets should move to a new lending benchmark. A group backed by the Federal Reserve (Fed) has recommended a shift to the Secured Overnight Financing Rate (SOFR), a broad measure of the cost of borrowing cash overnight collateralized by US Treasury securities. Libor is an average rate banks say they would charge to lend to e
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