Loan Market Round-Up

This was a busy week in the loan market. LIBOR transition is accelerating daily, we have a new form of credit agreement from the LSTA, and what has been deemed an "existential threat" to the syndicated loan market has reared its head once again. Here's the rundown.

1. The Shift to SOFR Is in Full Swing

Over the past few weeks, we have seen banks originating and refinancing loans based on SOFR at an accelerating pace. There were a number of big loans in the leveraged space that skipped right over LIBOR and went SOFR first in the month of October. 

The Alternative Reference Rates Committee (ARRC) held a symposium last week ? the sixth in a series covering the transition from LIBOR to SOFR. Acting Comptroller of the Currency Michael Hsu spoke about the transition away from LIBOR. Banks and borrowers also weighed in on how they are doing with their efforts to keep pace with the guidance that there be no new LIBOR loans issued after December 31 of this year. As a