X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A U.S. government–sponsored agricultural lender is seeking to swap $1.9 billion of LIBOR-linked bonds in a deal backers say could serve as a template for future transactions ahead of the discredited reference rate’s planned phase-out.

The Federal Farm Credit Banks Funding Corp. (FFCB) is looking to exchange securities due between 2022 and 2032 that lack language to account for the end of LIBOR, for notes that will shift to the Secured Overnight Financing Rate (SOFR) when the beleaguered LIBOR benchmark expires at the end of next year. There’s at least $345 billion of dollar-denominated floating-rate notes set to mature after 2021 that don’t have the necessary contractual terms to transition from LIBOR, according to TD Securities (USA), which is managing the deal.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Dig Deeper

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.