But as the spreading coronavirus sparks an historic collapse in consumption and investment, the complex task of re-engineering a web of financial contracts is on the backburner among treasurers.
Corporate treasurers"may be in their pajamas but are working flat-out", said Caroline Stockmann, chief executive of the Association of Corporate Treasurers, a global trade body."It's all about liquidity, all about survival and not about the reference rate in over a year's time from now." The two agencies and the Working Group on Sterling Risk-Free Reference Rates"will continue to monitor and assess the impact on transition deadlines, and will update the market as soon as possible", they said at the time.
In the US, the Alternative Reference Rates Committee, effectively reminded firms last week that work on SOFR is still progressing. The committee will release a final recommendation of the spread adjustment methodology for cash products in the coming weeks.
Source: News Formal (newsformal.com)
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