Foreign Benchmark Rate Loans Tracker (H1 2023)


Summary

This foreign benchmark rate loans tracker identifies select new publicly filed loans with interest rates based on foreign benchmark interest rates from March 1, 2022, through the end of H1 2023. The main front-runner for replacing LIBOR in the United States is Alternative Reference Rate Committee (ARRC)-recommended SOFR, however, other international rates have developed like the Sterling Overnight Index Average (SONIA) in the United Kingdom, the Euro Interbank Offered Rate (EURIBOR) and the Euro Short-Term Rate (ESTR or €STR) in Europe, the Tokyo Overnight Average Rate (TONA or TONAR) and the Tokyo Interbank Offered Rate (TIBOR) in Japan, and the Swiss Average Rate Overnight (SARON) in Switzerland.