Regulatory measures have largely resolved headline issues for USD Libor transition as Sofr becomes cheaper borrowing choice.

The SRP database still lists 217 USD Libor products across 16 national databases maturing before the USD Libor cessation date of 30 June 2023, including 24 US jurisdiction products worth US$235m. The major payouts across all databases are some form of floater (US$2.3bn), range (US$958m), or accrual (US$900m). Bigger by far is the volume that matures after the Libor cessation date: 829 products across 16 different SRP databases, including 520 products worth US$3.6 billion in the US. Again, the m

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