The Sterling Risk-Free Reference Rates Working Group has published a working paper (the “Working Paper”) outlining why, in their view, overnight SONIA compounded in arrears is appropriate and likely to be operationally achievable for approximately 90% by value of the sterling LIBOR loan market. However, this Working Paper goes on to recognise that the remaining 10% of loan deals by value would likely require some sort of alternative rate (i.e. not LIBOR and not overnight SONIA compounded in arrears). So what are the alternatives for export finance?
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