Interest rates

ICE Benchmark Administration Publishes Feedback Statement on the Consultation on the Potential Cessation of ICE Swap Rate® based on GBP LIBOR®

Retrieved on: 
Wednesday, August 4, 2021

USD LIBOR ICE Swap Rate, EUR ICE Swap Rate or GBP SONIA ICE Swap Rate), after December 31, 2021, or any other date.

Key Points: 
  • USD LIBOR ICE Swap Rate, EUR ICE Swap Rate or GBP SONIA ICE Swap Rate), after December 31, 2021, or any other date.
  • GBP SONIA ICE Swap Rate settings are available for the same tenors and at the same time as the current GBP LIBOR ICE Swap Rate settings, and are determined using the published ICE Swap Rate Waterfall methodology based on eligible interest rate swap data referencing SONIA.
  • GBP SONIA Spread-Adjusted ICE Swap Rate Beta settings are available here for information purposes only, alongside GBP SONIA ICE Swap Rate settings.
  • ICE LIBOR, LIBOR, ICE Swap Rate and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.

SOFR Academy Completes Series of U.S. Official Sector Meetings Regarding the Across-the-Curve Credit Spread Index (AXI)

Retrieved on: 
Wednesday, August 4, 2021

SOFR Academy Inc. , a digital education and data provider, announced that it has recently completed a series of meetings with United States government agencies regarding the Across-the-Curve Credit Spread Index known as AXI.

Key Points: 
  • SOFR Academy Inc. , a digital education and data provider, announced that it has recently completed a series of meetings with United States government agencies regarding the Across-the-Curve Credit Spread Index known as AXI.
  • Marcus Burnett, Chief Executive of SOFR Academy, said, It made sense to invest time with market regulators on this important topic.
  • The U.S. Official Sector have said that the same deficiencies exposed with LIBOR must not be replicated in the development of a credit sensitive index or spread.
  • It is also operationalizing AXI as a credit spread add-on for SOFR for use in lending and derivative markets.

Federal Home Loan Bank of Atlanta Declares a 3.67% Dividend for Second Quarter 2021

Retrieved on: 
Thursday, July 29, 2021

ATLANTA, July 29, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a second quarter 2021 cash dividend at an annualized rate of 3.67 percent.

Key Points: 
  • ATLANTA, July 29, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a second quarter 2021 cash dividend at an annualized rate of 3.67 percent.
  • We are happy to return value to our members through this second quarter dividend.
  • The dividend rate is 3.65 percentage points over the daily average Secured Overnight Financing Rate, also known as SOFR, for the second quarter of 2021.
  • FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System.

Sonnenblick-Eichner Company Arranges $38,000,000 of Interim First Mortgage Leasehold Financing for the Portofino Hotel & Marina, Redondo Beach, California

Retrieved on: 
Wednesday, July 21, 2021

BEVERLY HILLS, Calif., July 21, 2021 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company announced today that it has arranged $38,000,000 of interim first mortgage leasehold financing for The Portofino Hotel & Marina, a 161-room full service hotel located in Redondo Beach, California.

Key Points: 
  • BEVERLY HILLS, Calif., July 21, 2021 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company announced today that it has arranged $38,000,000 of interim first mortgage leasehold financing for The Portofino Hotel & Marina, a 161-room full service hotel located in Redondo Beach, California.
  • The new five-year floating rate LIBOR-based loan replaces a maturing loan and provides interest carry through stabilization.
  • The hotel features a full service restaurant and lounge, lobby bar and indoor/outdoor meeting and event space.
  • The hotel is also within close proximity to major employment centers including the Rosecrans Corridor and Silicon Beach.

ESMA consults on derivatives clearing and trading obligations in view of the benchmarks transition

Retrieved on: 
Friday, July 9, 2021

09 July 2021

Key Points: 
  • 09 July 2021

    Benchmarks

    Post Trading

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, today launches a consultation on the review of the regulatory technical standards (RTS) specifying classes of derivatives subject to the clearing (CO) and trading obligations (DTO).

  • The Consultation Paper examines the state of the transition away from EONIA and LIBOR, which will cease to exist, and onto alternative risk-free rates, such as STR, SONIA and SOFR, in the OTC interest rate derivatives market.
  • The overall aim of this consultation is to amend the scope of both the CO and the DTO to accompany the benchmark transition for OTC derivatives.
  • ESMA is seeking stakeholder feedback on the proposed changes to the scope of these obligations and will use the input to assess what changes to the RTS should be introduced to accompany the benchmarks transition.

ESMA consults on derivatives clearing and trading obligations in view of the benchmarks transition

Retrieved on: 
Friday, July 9, 2021

09 July 2021

Key Points: 
  • 09 July 2021

    Benchmarks

    Post Trading

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, today launches a consultation on the review of the regulatory technical standards (RTS) specifying classes of derivatives subject to the clearing (CO) and trading obligations (DTO).

  • The Consultation Paper examines the state of the transition away from EONIA and LIBOR, which will cease to exist, and onto alternative risk-free rates, such as STR, SONIA and SOFR, in the OTC interest rate derivatives market.
  • The overall aim of this consultation is to amend the scope of both the CO and the DTO to accompany the benchmark transition for OTC derivatives.
  • ESMA is seeking stakeholder feedback on the proposed changes to the scope of these obligations and will use the input to assess what changes to the RTS should be introduced to accompany the benchmarks transition.

BlockFi Adds Support for BAT, DAI, and UNI

Retrieved on: 
Wednesday, June 30, 2021

BlockFi clients will be able to earn monthly compounding crypto interest on balances in DAI held in a BlockFi Interest Account (BIA) at an introductory rate up to8.5% APYthrough July 31, 2021.

Key Points: 
  • BlockFi clients will be able to earn monthly compounding crypto interest on balances in DAI held in a BlockFi Interest Account (BIA) at an introductory rate up to8.5% APYthrough July 31, 2021.
  • Please note: BlockFi will only be supporting Multi-Collateral Dai (DAI) on the platform, not Single-Collateral Dai (SAI).
  • BlockFi clients will be able to earn crypto interest on BAT held in a BlockFi Interest Account (BIA) at an introductory rate up to3.65% APYthrough July 31, 2021.
  • BlockFi clients holding UNI in a BlockFi Interest Account (BIA) will be able to earn monthly compounding crypto interest at an introductory rate up to3.75% APYthrough July 31, 2021.

Former CFTC Chief Trial Attorney Anne Termine Joins Bracewell in Washington, DC

Retrieved on: 
Tuesday, June 29, 2021

WASHINGTON, June 29, 2021 /PRNewswire/ --Bracewell LLPannounced today that Anne M. Termine, a former chief trial attorney at the Commodities Futures Trading Commission (CFTC), has joined the Washington, DC office as a partner in the government enforcement and investigations practice.

Key Points: 
  • WASHINGTON, June 29, 2021 /PRNewswire/ --Bracewell LLPannounced today that Anne M. Termine, a former chief trial attorney at the Commodities Futures Trading Commission (CFTC), has joined the Washington, DC office as a partner in the government enforcement and investigations practice.
  • Termine joins Bracewell from Covington & Burling LLP, where she led the futures and derivatives practice and was a member of the white collar defense and investigations practice.
  • Termine notably designed and spearheaded the landmark CFTC enforcement program involving the manipulation and false reporting of LIBOR, Euribor and TIBOR.
  • Termine is the 12th partner or senior principal to laterally join Bracewell since the start of 2021.

KBRA Analytics Releases The Bank Treasury Newsletter, the Bank Treasury Chart Deck, and Bank Talk: The After-Show

Retrieved on: 
Monday, June 28, 2021

KBRA Analytics releases this months edition of The Bank Treasury Newsletter, the Bank Treasury Chart Deck, and Bank Talk: The After-Show.

Key Points: 
  • KBRA Analytics releases this months edition of The Bank Treasury Newsletter, the Bank Treasury Chart Deck, and Bank Talk: The After-Show.
  • The Bank Treasury Chart Deck takes a closer look at the trading relationship between the 10-year Treasury and the overnight repo rate, and the inefficiencies in the trading markets when the financing rate slips below 0%.
  • It also takes an in depth look at the Treasury repo market, and the participation in it by primary dealers.
  • The risk for bank treasurers, as Ethan emphasizes to Van, is that rates stay low even after the Fed finishes hiking this next time.

Element Solutions Inc Announces Pricing and Syndication of Add-On to Existing Term Loan B

Retrieved on: 
Wednesday, June 23, 2021

Element Solutions Inc (NYSE:ESI) ("Element Solutions" or the Company), a global and diversified specialty chemicals company, announced today that it has reached agreement in principle on pricing and syndication for a $400 million add-on to its existing senior secured term loan B due 2026 (the Add-On), subject to certain conditions.

Key Points: 
  • Element Solutions Inc (NYSE:ESI) ("Element Solutions" or the Company), a global and diversified specialty chemicals company, announced today that it has reached agreement in principle on pricing and syndication for a $400 million add-on to its existing senior secured term loan B due 2026 (the Add-On), subject to certain conditions.
  • The funding of the Add-On is expected to close concurrently with the Coventya Acquisition, which closing remains subject to certain closing conditions.
  • The Add-On will be fungible with the existing senior secured term loan B with a periodic interest rate identical to the interest rate of the existing term loan B, or LIBOR base rate plus a 2.00% spread.
  • Element Solutions undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.