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Broadly syndicated loans pricing over SOFR make their debut

The first broadly syndicated loans (BSLs) priced over the secured overnight funding rate (SOFR) have approached the market, but whether the floodgates open to more loans priced over the Libor-replacement rate remains uncertain. Investors may not even see new collateralized loan obligations (CLO), which purchased 70% of leveraged loans last year, priced over a Libor-replacement rate until well into next year.

Regulators have set a year-end deadline to price all new floating-rate transactions over a Libor-replacement rate, and BSLs priced over SOFR have started to emerge, starting in September with Ford Motor Co.’s massive $15.5 billion refinancing of investment-grade debt.

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