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Clayton described the Secured Overnight Financing Rate known as SOFR, as “a good risk free benchmark.”
November 14 -
The sections pertaining to public finance can be implemented immediately.
October 9 -
The proposed transition regulation addresses the possibility that such a modification of a debt instrument, derivative, or other financial contract could be a taxable transaction for federal income tax purposes or could result in other tax consequences.
October 8 -
Issuance using the new Secured Overnight Financing Rate has risen to $265 billion since the beginning of 2019.
October 7 -
Internal Revenue Service enforcement officials told NABL workshop attendees the service is hiring five new revenue agents, up from the current 20, and two additional tax law specialists.
September 12 -
The Connecticut Housing Finance Authority became the first housing entity to use the Secured Overnight Financing Rate when it issued $100 million of variable-rate bonds.
May 20 -
The Alternative Reference Rates Committee said the recommendations are part of its mandate to address risks in contracts that refer to Libor as part of the larger shift to the Secured Overnight Financing Rate (SOFR).
April 30 -
Fallback language is expected to be released before year-end by the Alternative Reference Rates Committee convened by the Federal Reserve and ISDA.
April 16 -
The muni market has been slow to embrace SOFR but the existing Libor benchmark is set to cease publication in 2022.
April 10 -
Libor based municipal debt stood at $47.6 billion at the end of 2018, or about 1.3% of the overall muni market.
February 8