LIBOR and SOFR Transition

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Keeping you in the know

The remaining USD LIBOR indices have ceased publication as of June 30, 2023 and are no longer available for use as a reference rate for USD financial contracts. On this page, you’ll find news, information and articles relating to the cessation of LIBOR.

LIBOR to SOFR Transition Reference Guide

About SOFR

Secured Overnight Financing Rate (SOFR) has been widely accepted as the replacement rate for LIBOR across many financial products, including commercial and corporate loans, publicly traded bonds, and derivative products. SOFR is published daily by the Federal Reserve Bank of New York and reflects the cost of overnight borrowings and lending collateralized by U.S. Treasury securities.

SOFR is a fully transaction-based rate reflecting roughly $1 trillion of daily transactions in a market with a diverse set of borrowers and lenders. This is much larger than the transaction volumes in any other U.S. money market and dwarfs the volumes underlying the previously published USD LIBOR indices.

Additional information about the rate calculation and methodology can be found on the Federal Reserve Bank of New York's website.


Why was LIBOR phased out?

There was an announcement by the primary regulator of LIBOR in 2017 that it would not compel panelist banks to submit to the LIBOR panel indefinitely. This underscored a potential end-date for LIBOR, initially targeted for end-2021. This was ultimately extended to June 30, 2023 for certain USD LIBOR indices (1-month, 3-month, 6-month & 12-month).

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This content is for informational purposes only and may have been derived, with permission, from a third party. While we believe it to be accurate as of the date of publication, it does not constitute the rendering of legal, accounting, tax, or investment advice or other professional services by Fifth Third Bank, National Association or any of its subsidiaries or affiliates, and it is being provided without any warranty whatsoever. Please consult with appropriate professionals related to your individual circumstances.


Get answers to commonly asked LIBOR questions

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