Freddie Mac has released a list of more than 34,000 floating-rate securities transitioning from LIBOR to replacement indices based on the Secured Overnight Financing Rate (SOFR).
The transition will begin on July 1, the day after ICE Benchmark Administration Ltd. says it will cease publication of a representative rate for all remaining tenors of USD LIBOR.
“Freddie Mac today moved another step closer to completing its years-long transition from LIBOR to new SOFR-based reference rates,” says Karen Pilewski, senior director and lead for Freddie Mac LIBOR transition implementation. “The assignment of a fallback reference rate to every remaining LIBOR-indexed Freddie Mac security offers market participants added confidence that their investments will transition seamlessly to the replacement index at LIBOR’s cessation.”
The securities include Freddie Mac Participation Certificates, Giants, Collateralized Mortgage Obligations, Credit Risk Transfer securities and Multifamily PCs and SPCs for which Freddie Mac is responsible for selecting the replacement index. The list provides a CUSIP, prior index and replacement index for each security.
To view the list and learn more about the LIBOR transition, please visit the Freddie Mac Reference Rates Transition webpage. The page links to the LIBOR Transition Playbook, Frequently Asked Questions and Answers about the LIBOR Transition, a table showing the Selected Replacement Index for each legacy LIBOR product, and other relevant information.
