October 4, 2019 The loan’s interest rate referenced the Secured Overnight Financing Rate (SOFR), a new USD-based benchmark that is published by the Federal Reserve Bank of New York and is based on transaction data from the repo market. This new loan transaction is a concrete step towards developing a SOFR loan market – a key component to foster the growth and viability of SOFR as a new financial market benchmark. J.P. Morgan is providing leadership by actively issuing SOFR-linked debt, making markets in SOFR instruments, educating clients and mobilizing hundreds of staff across the globe to prepare for this landmark transition to alternative reference rates. Please visit our Leaving LIBOR page for more information on the transition away from LIBOR. © 2019 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Bank products and services, including certain lending, derivative and other commercial banking activities, are offered by JPMorgan Chase Bank N.A. (JPMCB), including through its authorized branches and other global affiliates registered with local authorities as appropriate. Securities products and services, including execution services, are offered in the United States and in other jurisdictions worldwide by J.P. Morgan Securities LLC (JPMS LLC), in EMEA by J.P. Morgan Securities plc (JPMS plc), J.P. Morgan AG (JPM AG), J.P. Morgan Dublin plc (JPMD) and by other appropriately licensed global affiliates. JPMCB, JPMS LLC and JPMS plc are principal subsidiaries of JPMorgan Chase & Co. For information on which legal entities offer investment banking products and services in each jurisdiction, please consult: www.jpmorgan.com/ib-legal-entities. For important Singapore disclosures, please consult:https://www.jpmorgan.com/country/GB/EN/disclosures/apac-legal-entity-information#Singapore. For important disclosures in respect of securities transactions, please consult:www.jpmorgan.com/securities-transactions and in respect of over-the-counter equity derivatives transactions, please consult:www.jpmorgan.com/otc-equity-derivative-transactions. Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please consult:https://www.jpmorgan.com/global/disclosures/interbank_offered_rates For additional regulatory disclosures, please consult:www.jpmorgan.com/disclosures.
JPMorgan has executed its first bilateral SOFR-linked loan. The bank announced the transaction with Brazilian bank Itau BBA on October 4, 2019.