November 2020

So, once again, time for Dechert’s acclaimed (at least by us) Annual Golden Turkey Awards.  It is rather a difficult time for comedy; we are in the throes of a completely unfunny pandemic.  Sitting down to finalize this year’s list gave me some sympathy for our late-night talk show hosts who are very publicly pining over the end of the Trump administration and trying to find humor in the anticipated Biden administration, where the watchword is “dull is cool.”  But perhaps looking for inanity and making gentle fun of it might even be more important in tough times than good.  So, with that in mind, we went digging for gems in 2020.  Nothing seems quite so risible as in past years, but here’s the best of a bad lot:Continue Reading 2020 Golden Turkey Awards

Timing is everything.  I published a piece two weeks ago on LIBOR transition to SOFR and suggested that folks get on with it and embrace this flawed but seemingly inevitable new SOFR index.  Writing that piece, I thought of as rather an exercise in self-care, I just had to get beyond my annoyance with SOFR and stop worrying about SOFR and embrace it with all its flaws and join the SOFR chorus.
Continue Reading Inexorably SOFR…But Hang On!

I wrote back in the early days of 2020, or as we call it now, the “Time Before,” that we thought it made sense for key market participants to consider an early move to SOFR pricing, not just as the backstop but as the interest rate of the loans.  Frankly, we were thinking about the SASB market, and we thought that would be indeed well received by the investor community.
Continue Reading It’s Time to Initiate a SOFR Loan…Or Maybe Not