The world bank (International Bank for Reconstruction and Development) last week priced its first bond priced off the Secured Overnight Financing Rate (SOFR), helping to further propel the new benchmark within the debt capital markets mainstream. Regulators, issuers and investors have been grappling with the best way to adapt to a post-Libor world as it begins to be phased out in the wake of the scandals surrounding benchmark interest rates.
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