Long wait expected for syndicated Sonia loans [Reuters]
ROYAL BANK of SCOTLAND (RBS)
US:NYSE Investor Relations:
investors.rbs.com
Company Research
Source: Reuters
Long wait expected for syndicated Sonia loans - Reuters 6 Min Read LONDON, July 29 (LPC) - Syndicated loans based on the sterling overnight index average (Sonia) may not be seen for at least a year, as banks and borrowers scramble to put expensive new technology and systems in place that can cope with backward-looking compounded rates. The loan market must transition away from products that use Libor towards risk free rates (RFRs) by the end of 2021, in one of the most significant changes ever to the contracts that underpin lending. Progress in the syndicated loan market on a Libor replacement has been slow to date as the market has been waiting for forward-looking rates to be created that would mimic Libor and allow them to predict their borrowing costs with few changes to existing systems. The development of a workable forward-looking term rate has taken longer than expected, hampered by a relatively small number of issuers and a lack of demand, as borrowers hesitated over making ex
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