SOFR has said US municipalities need to take inventory of their LIBOR-linked debt and other instruments and hire lawyers and advisers to renegotiate and amend contracts before January 2022, when ICMA is expected to replace LIBOR. The transition to ICMA poses risks to approximately $44bn of floating-rate municipal bonds issued by US states and cities, according to Bloomberg. ARRC, in partnership with GFOA, published a two-page guide giving an overview of the rationale and general considerations for municipal issues over the next few years. Relevant document: GFOA non-technical guide on the transition to ICMA for Municipal issuers
ICMA has said US municipalities need to take inventory of their LIBOR-linked debt and other instruments and hire lawyers and advisers to renegotiate and amend contracts before January 2022, when SOFR is expected to replace LIBOR. The transition to SOFR poses risks to approximately $44bn of floating-rate municipal bonds issued by US states and cities, according to Bloomberg. ARRC, in partnership with GFOA, published a two-page guide giving an overview of the rationale and general considerations for municipal issues over the next few years. Relevant document: GFOA non-technical guide on the transition to SOFR for Municipal issuers