Interest rates

ICE Benchmark Administration to Consult On Its Intention to Cease the Publication of GBP, EUR, CHF and JPY LIBOR

Retrieved on: 
Wednesday, November 18, 2020
Finance, Public relations, Investor relations, Banking, Communications, Professional services, Money, Finance, Interest rates, Financial services, Swaps, Banking, Libor, United States housing bubble, New York Stock Exchange, Trademark, U.S. Dollar ICE Bank Yield Index, Libor scandal, ICE Benchmark Administration, Intercontinental Exchange

Discussions involving IBA, the Financial Conduct Authority (FCA), other official sector bodies and the panel banks are continuing regarding the future of USD LIBOR.

Key Points: 
  • Discussions involving IBA, the Financial Conduct Authority (FCA), other official sector bodies and the panel banks are continuing regarding the future of USD LIBOR.
  • Since then, the FCA and other official sector bodies have strongly advised end-users of the need to transition from LIBOR by December 31, 2021.
  • ICE LIBOR, LIBOR and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.
  • Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.

Thirty Capital Financial's SOFR With Ease™ Creates the First and Only Online SOFR Based Interest Rate Cap Calculator

Retrieved on: 
Tuesday, November 17, 2020
Money, Interest rates, Finance, Economy, Swaps, SOFR, Libor, Interest rate cap and floor, Calculator, European Regional Development Fund

CHARLOTTE, N.C., Nov. 17, 2020 /PRNewswire/ --Thirty Capital Financial's SOFR With Ease announced the launch of its newest web-based interest rate cap calculator tied to SOFR.

Key Points: 
  • CHARLOTTE, N.C., Nov. 17, 2020 /PRNewswire/ --Thirty Capital Financial's SOFR With Ease announced the launch of its newest web-based interest rate cap calculator tied to SOFR.
  • SOFR With Ease is an advisory service firm that offers expert interest rate hedging services and assists commercial real estate customers in navigating the transition from LIBOR to SOFR.
  • The new online calculator is the first and only SOFR cap calculator created.
  • Users of the calculator can receive an indication of a current SOFR Rate Cap and a side-by-side price comparison to a LIBOR Cap instantly.

Apogee Enterprises Announces Extension of Term Loan

Retrieved on: 
Tuesday, November 10, 2020
Other Manufacturing, Other Consumer, Environment, Commercial Building & Real Estate, Construction & Property, REIT, Building Systems, Manufacturing, Architecture, Consumer, Money, Finance, Economy, Interest rates, Credit, Banking, Libor, Swaps, United States housing bubble, Revolving credit, Basis point

Under the terms of the amendment, the company expects to reduce its annual interest expense by approximately $0.5 million, driven by a 75-basis point reduction in the term loan facilitys LIBOR-floor.

Key Points: 
  • Under the terms of the amendment, the company expects to reduce its annual interest expense by approximately $0.5 million, driven by a 75-basis point reduction in the term loan facilitys LIBOR-floor.
  • Completing this extension continues our efforts to strengthen Apogees financial position and optimize our capital structure, said Nisheet Gupta, Executive Vice President and Chief Financial Officer.
  • Together with our strong cash flow and unused capacity on our revolving credit facilities, the term loan extension provides significant financial flexibility to manage our business and drive long-term shareholder value.
  • Apogee Enterprises, Inc. (Nasdaq: APOG) delivers distinctive solutions for enclosing commercial buildings and framing art.

Nexo Doubles Earn on Crypto Interest Rates

Retrieved on: 
Wednesday, October 28, 2020
Professional services, Technology, Mobile, Wireless, Software, Finance, Venture capital, Banking, Money, Finance, Economy, Interest rates, Cryptocurrencies, Decentralization, Annual percentage yield, United States federal banking legislation, Stablecoin, Interest, Currency

View the full release here: https://www.businesswire.com/news/home/20201028005868/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20201028005868/en/
    Nexo's newly released Earn UP and Earn in NEXO features deliver interest rates of up to 12% APY to the platform's clients.
  • (Photo: Business Wire)
    The substantial hike constitutes a 1% bump in savings interest rates on all supported cryptocurrencies, bringing rates for these assets up to 6% APY.
  • The introduction of Earn in NEXO offers an extra 2% APY for savings in all digital and fiat assets the Nexo platform carries, respectively bringing maximum interest rates for the Earn suite to 8% and 12% for cryptocurrencies, and fiat and stablecoins.
  • Previously, Nexo interest rates ranged between 4% and 5% on cryptocurrencies, and 8% to 10% on fiat and stablecoins.

Freddie Mac Completes First Single-Family Credit Risk Transfer Offering Indexed to SOFR

Retrieved on: 
Friday, October 16, 2020
Mortgage industry of the United States, Finance, Money, Financial markets, United States housing bubble, Mortgage-backed security, Structured finance, Interest rates, Real estate mortgage investment conduit, SOFR, Freddie Mac, Tranche

McLEAN, Va., Oct. 16, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced today that it has priced its $1.086 billion STACR REMIC 2020-DNA5 offering, its first Single-Family credit risk transfer (CRT) offering tied to the Secured Overnight Financing Rate (SOFR).

Key Points: 
  • McLEAN, Va., Oct. 16, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced today that it has priced its $1.086 billion STACR REMIC 2020-DNA5 offering, its first Single-Family credit risk transfer (CRT) offering tied to the Secured Overnight Financing Rate (SOFR).
  • Once term SOFR is ready and administratively feasible, Freddie Mac expects to cease new issuance using a compound average of SOFR and to solely use term SOFR.
  • Freddie Mac also retains a portion of the risk in the class M-1, M-2, B-1, and B-2 tranches.
  • Freddie Macs Single-Family CRT programs transfer credit risk away from U.S. taxpayers to global private capital via securities and (re)insurance policies.

FVCBankcorp, Inc. Announces Completion of $20 Million Subordinated Notes Offering

Retrieved on: 
Tuesday, October 13, 2020
Banking, Professional services, Finance, Interest rates, SOFR

FVCBankcorp, Inc. (NASDAQ:FVCB) (the Company) today announced the completion of its private placement of $20 million of its 4.875% Fixed to Floating Rate Subordinated Notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.

Key Points: 
  • FVCBankcorp, Inc. (NASDAQ:FVCB) (the Company) today announced the completion of its private placement of $20 million of its 4.875% Fixed to Floating Rate Subordinated Notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.
  • This offering was oversubscribed which demonstrates the confidence our investors have in our continued success.
  • The Notes have a maturity date of October 15, 2030 and carry a fixed rate of interest of 4.875% for the first five years.
  • Thereafter, the Notes will pay interest at 3-month SOFR plus 471 basis points, resetting quarterly.

Best’s Commentary: LIBOR Transition Poses Operational and Legal Challenges for Insurers

Retrieved on: 
Tuesday, October 13, 2020
Insurance, Professional services, Money, Finance, Financial services, Interest rates, Banking, Swaps, United States housing bubble, SOFR, Libor, Asset and liability management, Yield curve, Insurance

A review of AM Best-rated insurer debt, as detailed in a Bests Commentary, titled, LIBOR Transition Poses Operational and Legal Challenges for Insurers, found that nearly 80% of USD debt with LIBOR provisions will mature after year-end 2021, when LIBOR is no longer in use.

Key Points: 
  • A review of AM Best-rated insurer debt, as detailed in a Bests Commentary, titled, LIBOR Transition Poses Operational and Legal Challenges for Insurers, found that nearly 80% of USD debt with LIBOR provisions will mature after year-end 2021, when LIBOR is no longer in use.
  • Other issues include term structures for new reference rates, market liquidity, capital requirements and consistent supervisory guidance to eliminate cross-border issues.
  • The transition from LIBOR to the Secured Overnight Financing Rate (SOFR) will affect both sides of insurers balance sheets, as it affects assets and liabilities.
  • Given the sheer volume of transactions and the limited time remaining before LIBOR disappears, insurers will face numerous challenges during the transition period.

Benchmark Regulation: Council adopts position on amendments addressing LIBOR cessation

Retrieved on: 
Thursday, October 8, 2020
Money, Interest rates, Finance, Financial services, Banking, Libor, Swaps, United States housing bubble, Benchmark

Financial benchmarks are indices by reference to which amounts payable under relevant financial instruments or financial contracts, or the value of certain financial instruments, are determined.

Key Points: 
  • Financial benchmarks are indices by reference to which amounts payable under relevant financial instruments or financial contracts, or the value of certain financial instruments, are determined.
  • The Benchmark Regulation currently does not address the possibility of cessation of a critical benchmark.
  • The aim of the amendments is to create a framework that would allow a statutory replacement rate to be in place by the time a systemically important benchmark such as LIBOR is no longer in use.
  • Next steps

    On the basis of this negotiating mandate, the presidency will start negotiations with the European Parliament as soon as the Parliament has adopted its position.

Montrose Environmental Group Announces Successful Repricing of Term Loan

Retrieved on: 
Wednesday, October 7, 2020
Oil, Gas, Building Systems, Chemicals, Plastics, Commercial Building & Real Estate, Other Professional Services, Construction & Property, Energy, Manufacturing, Consulting, Professional services, Environment, Mining, Minerals, Forest Products, Natural Resources, Utilities, Engineering, Money, Finance, Interest rates, Economy, Libor, Basis point, Montrose, Interest rate, New York Stock Exchange

Montrose Environmental Group, Inc. (the Company, Montrose or MEG) (NYSE: MEG) announced today that the Company has closed on the repricing of its $175 million term loan facility.

Key Points: 
  • Montrose Environmental Group, Inc. (the Company, Montrose or MEG) (NYSE: MEG) announced today that the Company has closed on the repricing of its $175 million term loan facility.
  • The interest rate spread on the term loan was reduced by 50 basis points to LIBOR, with a 1.00% floor, plus 4.50%, compared to the prior rate of LIBOR, with a 1.00% floor, plus 5.00%.
  • This successful repricing provides us with additional financial flexibility to execute on our strategic initiatives and underscores the strong relationships we maintain with our financial partners.
  • Montrose is a leading environmental services company focused on supporting commercial and government organizations as they deal with the challenges of today, and prepare for whats coming tomorrow.

ICE Benchmark Administration Launches Beta Version of GBP SONIA ICE Swap Rate®

Retrieved on: 
Monday, October 5, 2020
Banking, Other Professional Services, Professional services, Finance, Swaps, Money, Finance, Interest rates, Economy, Swap rate, Libor, Sonia, ICE Benchmark Administration, Intercontinental Exchange, SONIA

IBAs publication of a Beta version of the ICE Swap Rate for SONIA swaps follows a positive market response to feedback and consultation papers on IBAs proposals to enhance the ICE Swap Rate through the introduction of these new settings.

Key Points: 
  • IBAs publication of a Beta version of the ICE Swap Rate for SONIA swaps follows a positive market response to feedback and consultation papers on IBAs proposals to enhance the ICE Swap Rate through the introduction of these new settings.
  • We are pleased to support the development and adoption of alternative rates by launching ICE Swap Rate settings for SONIA, said Tim Bowler, President of ICE Benchmark Administration.
  • IBA reserves all rights in the ICE Swap Rate methodology, and in the ICE Swap Rate and GBP SONIA ICE SWAP Rate Beta settings.
  • ICE Swap Rate, ICE LIBOR, LIBOR and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.