Interest rates

Southern BancShares (N.C.), Inc. Announces Completion Of $80 Million Subordinated Debt Offering

Retrieved on: 
Wednesday, June 23, 2021
Money, Finance, Interest rates, Economy, Arrears, Debt, SOFR, Accounts payable, Floating rate

Until June 30, 2026, the Notes will bear interest at a fixed annual rate of 3.125%, payable semi-annually in arrears.

Key Points: 
  • Until June 30, 2026, the Notes will bear interest at a fixed annual rate of 3.125%, payable semi-annually in arrears.
  • Thereafter, the Notes will bear interest at a floating rate equal to the three-month term SOFR plus 241 basis points, payable quarterly in arrears.
  • The Company intends to use the net proceeds of the offering for general corporate purposes.
  • served as legal counsel to the Company andWyrick Robbins Yates & Ponton LLP served as legal counsel to the placement agent.

Poly Executes Interest Rate Hedge to Reduce Interest Rate Risk

Retrieved on: 
Friday, June 18, 2021
Money, Finance, Economy, Interest rates, Loans, Banking, Swaps, Bond, Libor, Term loan, Interest rate, Hedge

Poly's term loan is a floating-rate debt instrument with an interest rate equal to LIBOR plus a 2.5% spread.

Key Points: 
  • Poly's term loan is a floating-rate debt instrument with an interest rate equal to LIBOR plus a 2.5% spread.
  • The interest rate hedge is designed to convert the covered portion of the outstanding term loan from a floating rate to a fixed rate of 2.9% for the next three years.
  • This interest rate hedge complements and will replace a prior hedge at an interest rate of 5.3% for a portion of the remainder of the term loan balance that expires in July 2022.
  • "By refinancing the 2023 bonds in February at a lower coupon and now removing much of the risk of the floating rate on the term loan, we have significantly reduced the interest rate risk associated with our debt", said Chuck Boynton, Poly Chief Financial Officer.

Apollo Medical Holdings, Inc. Announces Successful Completion of Debt Refinancing, Reducing Annual Interest Rate Spread by 50 Basis Points

Retrieved on: 
Thursday, June 17, 2021
Finance, Money, Economy, Credit, Financial District, San Francisco, Banking, Interest rates, Personal finance, Libor, Wells Fargo, Line of credit, Revolving credit

The new revolving credit facility will also be used to finance future acquisitions and investments and provide for working capital needs and other general corporate purposes.

Key Points: 
  • The new revolving credit facility will also be used to finance future acquisitions and investments and provide for working capital needs and other general corporate purposes.
  • Any amounts borrowed under the revolving credit facility will bear interest at a rate of LIBOR plus 1.25%-2.5% or a base rate plus 0.25%-1.5% (determined on a quarterly basis based on the Company's leverage ratio).
  • Wells Fargo, Bank of the West, City National Bank and TD Bank were also lenders in the transaction.
  • Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed.

Xignite Enhances Popular Interbanks and Rates APIs In Preparation for LIBOR Rates Transition Adds Four Alternative Risk Free Rates (RFRs)

Retrieved on: 
Wednesday, June 9, 2021
Money, Interest rates, Finance, Economy, SOFR, TONAR, Libor, SARON, Reference rate, Sonia, €STR, Euro

Other countries are introducing their own local-currency-denominated alternative reference rates for short-term lending.

Key Points: 
  • Other countries are introducing their own local-currency-denominated alternative reference rates for short-term lending.
  • Xignite enhanced its Interbanks and Rates APIs with SOFR earlier this year and has now added four of the alternative overnight risk-free rates (RFRs) recommended to replace LIBOR for currencies in respective markets.
  • The new rates include Euro Short-Term Rate (ESTR), Swiss Reference Rates (SARON), Sterling Overnight Index Average (SONIA), and Tokyo Overnight Average Rate (TONAR).
  • "Our rates and InterBanks APIs were the first REST APIs ever released to serve the needs of the lending and banking industries.

Turkiye Garanti Bankasi A.S.: Announcement regarding Syndicated Loan Agreement

Retrieved on: 
Wednesday, May 26, 2021
Money, Finance, Economy, Interest rates, United States housing bubble, Financial law, Swaps, Fixed-income securities, Syndicated loan, Euribor, Libor, Tranche

The issuer is solely responsible for the content of this announcement.

Key Points: 
  • The issuer is solely responsible for the content of this announcement.
  • On 25.05.2021 our Bank has signed a syndicated loan agreement with 367 days maturity in the amount of US $ 279.000.000 and 294.000.000 comprising of two separate tranches.
  • The loan which will be used for trade finance purposes has been executed with commitments received from 34 financial institutions from 18 countries.
  • The all-in cost for USD and EUR tranches have been realized as Libor + 2.50% and Euribor + 2.25% respectively.

CME Group Selected to Administer ARRC's Forward-Looking SOFR Term Rates

Retrieved on: 
Friday, May 21, 2021
Financial markets, Finance, Money, Futures exchanges, Interest rates, CME Group, Chicago Board of Trade, Market data, Futures markets, SOFR, Futures contract, Derivative

b"CHICAGO, May 21, 2021 /PRNewswire/ -- CME Group ,the world's leading and most diverse derivatives marketplace, today was selected by the Alternative Reference Rates Committee (ARRC) to publish its recommended forward-looking Secured Overnight Financing Rate (SOFR) term rates, following a robust request for proposals (RFP) process.\nCME SOFR Term Reference Rates for 1-month, 3-month and 6-month tenors became available for licensing on April 21, 2021.

Key Points: 
  • b"CHICAGO, May 21, 2021 /PRNewswire/ -- CME Group ,the world's leading and most diverse derivatives marketplace, today was selected by the Alternative Reference Rates Committee (ARRC) to publish its recommended forward-looking Secured Overnight Financing Rate (SOFR) term rates, following a robust request for proposals (RFP) process.\nCME SOFR Term Reference Rates for 1-month, 3-month and 6-month tenors became available for licensing on April 21, 2021.
  • CME Term SOFR Reference Rates can be accessed from the CME Group website, the CME Market Data Platform or various licensed data vendors.
  • For more information on CME Term SOFR Reference Rates, please visit www.cmegroup.com/termsofr .\nAs the world's leading and most diverse derivatives marketplace, CME Group ( www.cmegroup.com ) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data empowering market participants worldwide to efficiently manage risk and capture opportunities.
  • CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates , equity indexes , foreign exchange , energy , agricultural products and metals .

ICE Benchmark Administration Launches GBP SONIA Spread-Adjusted ICE Swap Rate® ‘Beta’ Settings

Retrieved on: 
Monday, May 17, 2021
Banking, Professional services, Finance, Money, Swaps, Finance, Interest rates, Economy, Sonia, Libor, Derivative, ICE Benchmark Administration, Intercontinental Exchange, SONIA, ICE BENCHMARK ADMINISTRATION, INTERCONTINENTAL EXCHANGE, SONIA

b'Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (\xe2\x80\x9cIBA\xe2\x80\x9d) has launched GBP SONIA Spread-Adjusted ICE Swap Rate\xc2\xae \xe2\x80\x98Beta\xe2\x80\x99 settings.\nIBA is publishing daily, indicative GBP SONIA Spread-Adjusted ICE Swap Rate \xe2\x80\x98Beta\xe2\x80\x99 settings for an initial testing period.

Key Points: 
  • b'Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (\xe2\x80\x9cIBA\xe2\x80\x9d) has launched GBP SONIA Spread-Adjusted ICE Swap Rate\xc2\xae \xe2\x80\x98Beta\xe2\x80\x99 settings.\nIBA is publishing daily, indicative GBP SONIA Spread-Adjusted ICE Swap Rate \xe2\x80\x98Beta\xe2\x80\x99 settings for an initial testing period.
  • The settings are designed to support the market in transitioning non-linear derivatives, structured products and cash market instruments that currently reference GBP LIBOR ICE Swap Rate.\nGBP SONIA Spread-Adjusted ICE Swap Rate \xe2\x80\x98Beta\xe2\x80\x99 settings are available here , alongside GBP SONIA ICE Swap Rate.
  • \xe2\x80\x9cIn combination with GBP SONIA ICE Swap Rate, we now have the building blocks needed to help this transition whilst helping address legacy contracts which reference GBP LIBOR ICE Swap Rate.\xe2\x80\x9d\n\xe2\x80\x9cIBA continues to engage closely with the market on the transition from GBP LIBOR ICE Swap Rate to GBP SONIA ICE Swap Rate,\xe2\x80\x9d said Tim Bowler, President of ICE Benchmark Administration.
  • \xe2\x80\x9cThrough the launch of spread-adjusted GBP SONIA \xe2\x80\x98beta\xe2\x80\x99 settings, in addition to publishing GBP SONIA ICE Swap Rate as a benchmark since December 2020, IBA is providing the tools and solutions the non-linear derivatives market needs to effectively plan and implement this transition\xe2\x80\x9d.\nIBA is publishing GBP SONIA Spread-Adjusted ICE Swap Rate \xe2\x80\x98Beta\xe2\x80\x99 settings for information and illustration purposes in order to enable stakeholders to evaluate the rates and provide feedback.

Private sector working group on euro risk-free rates publishes recommendations on EURIBOR fallbacks

Retrieved on: 
Thursday, May 13, 2021
Money, Finance, Interest rates, Eurozone, Financial services, Euribor

11 May 2021

Key Points: 
  • 11 May 2021

    The private sector working group on euro risk-free rates has today published its recommendations addressing events that would trigger fallbacks in EURIBOR-related contracts, as well as STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

  • The valuable feedback from the two market-wide consultations on the draft recommendations has been taken into account in the final recommendations.
  • As with similar fora in other currency areas, the working groups recommendations are not legally binding for market participants.
  • They do, however, provide guidance and represent the prevailing market consensus on EURIBOR fallback trigger events and STR-based fallback rates, which market participants may consider in their contracts.

ICE Benchmark Administration Consults on Potential Cessation of ICE Swap Rate® based on GBP LIBOR®

Retrieved on: 
Friday, May 7, 2021
Banking, Professional services, Finance, Swaps, Money, Finance, Interest rates, Economy, Libor, Sonia, Interest rate swap, Swap rate, ICE Benchmark Administration, Intercontinental Exchange, SONIA, ICE BENCHMARK ADMINISTRATION, INTERCONTINENTAL EXCHANGE, SONIA

IBA will publish a feedback statement after the feedback period has closed.\nThe consultation is not, and must not be taken to be, an announcement that IBA will cease or continue the publication of GBP LIBOR ICE Swap Rate, or any other ICE Swap Rate settings, after December 31, 2021, or any other date.

Key Points: 
  • IBA will publish a feedback statement after the feedback period has closed.\nThe consultation is not, and must not be taken to be, an announcement that IBA will cease or continue the publication of GBP LIBOR ICE Swap Rate, or any other ICE Swap Rate settings, after December 31, 2021, or any other date.
  • IBA expects to consult on the potential cessation of USD LIBOR ICE Swap Rate in due course.\nSince December 2020, IBA has published GBP ICE Swap Rate settings based on SONIA.
  • GBP SONIA ICE Swap Rate settings are available for the same tenors as GBP LIBOR ICE Swap Rate settings and at the same time, and are determined using the published ICE Swap Rate \xe2\x80\x98Waterfall\xe2\x80\x99 methodology based on eligible interest rate swap transactions referencing SONIA settings.\nICE Benchmark Administration is authorized and regulated by the Financial Conduct Authority for the regulated activity of administering a benchmark, and is authorized as a benchmark administrator under the UK Benchmarks Regulation.
  • ICE LIBOR, LIBOR, ICE Swap Rate and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.\nIntercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity.

Granite Point Mortgage Trust Inc. Announces Pricing of $824 Million Commercial Real Estate CLO

Retrieved on: 
Wednesday, May 5, 2021
Commercial Building & Real Estate, Construction & Property, REIT, United States housing bubble, Money, Finance, Economy, Interest rates, Valuation, Banking, Libor, Swaps, Mark-to-market accounting, Forward-looking statement

The Company expects approximately $686 million of investment grade securities to be placed with institutional investors, providing GPMT with term-matched financing on a non-mark-to-market and non-recourse basis.

Key Points: 
  • The Company expects approximately $686 million of investment grade securities to be placed with institutional investors, providing GPMT with term-matched financing on a non-mark-to-market and non-recourse basis.
  • GPMT 2021-FL3 features an initial advance rate of 83.25% and a weighted-average interest rate at issuance of LIBOR + 1.62%, before accounting for transaction costs.
  • Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance.
  • Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them.