The sums are so large that issuers will have to tap just about all major debt markets, and it could take years for these tech investments to pay off—if they pay off at all. The rush has left some lenders overexposed.

The benchmark will have its last fixing at around 6:55 a.m. New York time on Friday, and some borrowers and lenders are still scrambling to amend contracts.

Debt investors losing millions on the move to SOFR are starting to fight back, requiring credit spread adjustments to make up the difference between the benchmarks.

Routine revolver refinancing becomes an ordeal as bank capital tightens.

As LIBOR rises—blowing past 1% yesterday, for the first time in nearly two years—more struggling junk-rated borrowers may end up with negative cash flow, unable to pay interest payments on their loans.

The Walker & Dunlop loan will use SOFR from the start, rather than launching with LIBOR and switching benchmarks after 2021.

ARRC ratification of a term structure for SOFR gives market participants "every tool they need to transition from LIBOR."

MicroStrategy sold $500 million of junk bonds to fund purchases of bitcoins. This approach provides a back door into cryptocurrencies for investors that can't buy bitcoins directly.