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ARTICLE · 04 MARCH 2022

Interest Rates Watch Series: Early Trends In Term SOFR Contracts

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Welcome back to our Interest Rates Watch series, developed to provide timely updates and practical advice on developments related to interest rates and benchmarks on a regular basis.

CanadaFinance and Banking
Jennifer Wasylyk
Jennifer Wasylyk
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Welcome back to our Interest Rates Watch series, developed to provide timely updates and practical advice on developments related to interest rates and benchmarks on a regular basis. As always, we are here to help.

In the early months of 2022, we've continued to see the phase-out of USD LIBOR and an uptick in the number of contracts adopting an alternative reference rate. The adoption of alternative reference rates coincides with the guidance previously provided by Canadian and US regulatory bodies1 that parties cease using USD LIBOR as a reference rate in new contracts by December 31, 2021.

To date, the market has favoured the replacement rate recommended by the Alternative Reference Rates Committee (ARRC), being the forward-looking Secured Overnight Financing Rate (SOFR) term rate (Term SOFR). Please see our previous article for more information on the ARRC's recommendation of Term SOFR as the USD LIBOR replacement rate. Generally, we've seen three approaches

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