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DISCLAIMER: 

All survey responses and data provided to SFA will be kept confidential and not attributed to any company or business unit. It will only be shared with a limited number of SFA staff collecting the responses. 

If you have any questions about filling out the survey, please email Hunter Hamrick at hunter.hamrick@structuredfinance.org or call 202-524-6307.

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* 1. Please provide your institution.

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* 2. Please provide your role in the structured finance market. (Select all that apply)

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* 3. Please provide your name.

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* 4. Please provide your email.

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* 5. Please indicate your top choice in terms of the 3 potential transition solutions listed below for legacy instruments*: (rank from 1-3, or not supportive). If you are not supportive of any of the solutions, please select the last option and proceed to question 8.

Note: Legacy Instruments are defined as instruments that currently lack Libor fallback language.

*"Synthetic Libor" is a modified, formula-based Libor, where Libor would be calculated as a credit spread over a referenced overnight risk-free rate such as SOFR.

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* 6. If you indicated you were supportive of extending LIBOR beyond 2021 from Question 5, please explain why. 

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* 7. If you indicated you were supportive of Synthetic LIBOR from Question 5, please explain why.

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* 8. If you indicated you were supportive of Legislative Relief from Question 5, please explain why.

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* 9. If you indicated you were not supportive of any of the options from Question 5, please explain why.

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* 10. Please share any other broad comments you have on the various legacy transition options listed in Question 5.

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* 11. For legacy transactions, is your institution comfortable using a replacement rate for Libor of SOFR + spread?

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* 12. For new transactions, is your institution comfortable issuing SOFR-linked bonds and/or using SOFR + spread as the fallback rate for Libor?

Please let us know your opinion around each component of the ARRC’s proposal for a legislative fix in New York State, which would provide a safe harbor for contracts governed by New York law (see below).

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* 13. For contracts where there is no fallback language present, the statute would require that LIBOR rate is replaced with ARRC-recommended rate plus spread. Do you agree with this feature?

NOTE: Mutual opt-out available for bilateral contracts if parties can agree to another option

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* 14. For contracts where the fallback language directs participants to poll banks for quotes or use the last posted Libor, the legislation would override the contract and specify the ARRC-recommended rate plus spread. Do you agree with this feature?

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* 15. For contracts where exisiting fallback language specifies a non-Libor replacement rate, then the statute will not override the contract. Do you agree with this feature?

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* 16. Do you believe any components of the ARRC's proposed legislative fix are unworkable? If you do, please indicate which aspects are unworkable and explain why.

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* 17. ARRC has decided to move forward with a legislative relief proposal in New York State to support Libor transition. If you indicated in Question 5 that this legislative fix is not your first choice, are you comfortable with SFA supporting it as a second option?

0 of 17 answered
 

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