Learn if SOFR is a good cost of funds proxy.
LIBOR is, and has been, a proxy for bank cost of funds to which has added a margin in doing the loans. The Federal Reserve Bank chose SOFR based on the robustness of the rate. The Federal Reserve Bank’s criteria in choosing SOFR was that the rate be provided by the Federal Reserve Bank for the public good; it is derived from an action and well-defined market with sufficient depth to make it extraordinarily difficult to ever manipulate or influence; and it is produced in a transparent, direct manner and is based on observable transactions, rather than being dependent on estimates, like LIBOR, or derived through models; among other criteria. This video reviews these criteria and discusses problems with SOFR including rates and the need for adjustment factors.
Agenda
Faculty
Ronald Scheinberg
Vedder Price
- Shareholder in Vedder Price's New York office
- Practice largely involves the representation of banks and other financial institutions in the financing of commercial aircraft
- Conducts regular seminars and workshops on numerous topics concerning aircraft finance, including as to loan pricing
- Has written extensively on aircraft financing matters, including as to loan pricing
- Earned numerous distinctions and rankings in his industry
- Received the highest rankings possible in Chambers USA in the categories of Nationwide Transportation: Aviation: Finance; New York Banking & Finance: Equipment Finance & Leasing; and Nationwide Banking & Finance: Equipment Finance & Leasing
- J.D. degree, Harvard Law School; B.A. degree, Brown University
- Can be contacted at 212-407-7730 or [email protected]
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