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Markets are pricing in the first 25 basis points of Fed rate hikes to occur mid-2023 versus early-2024. Benchmark Treasury yields hit their highest points since the start of the COVID-19 pandemic and the levels strained liquidity in U.S. interest...

Longer-duration yields have risen and the yield curve has steepened in a hurry. 10-year yield touched 1.55% on February 25. The last time it crossed 1.50% was a year ago before the COVID-19 pandemic. The 10-year yield fell below 0.60% on March 9,...

While many new interest rate caps incorporate revised LIBOR fallbacks prepared by ISDA, these fallbacks are not currently incorporated into caps on Freddie Mac and Fannie Mae loans. How will Agency loans and caps be treated as the market...

GBP LIBOR will lose its regulatory support at the end of 2021, and its administrator (ICE) is carrying out a consultation on its intention to cease publication of the benchmark. In this piece, we’ll cover some common issues our clients are...

After years of stubbornly low inflation, markets and economists expect prices to remain stable for the foreseeable future. But there are warning signals from various parts of the global economy that suggest a resurgence of inflation is more likely...

As of January 25, updated LIBOR fallbacks take effect for interest rate hedging transactions and existing hedges amended by way of the ISDA 2020 IBOR Fallbacks Protocol. This piece summarizes the mechanics and impacts, and highlights relevant...

2020 was a year of challenges and opportunities. The overriding factor impacting Housing Associations was COVID-19; the consequences for operations, the need to adjust business planning and financial management, both to changes in the economy...

2021 sees the removal or reduction of major uncertainties for the market. The agreement of the Brexit trade deal and the roll-out of COVID-19 vaccines are both providing a welcome boost. Some risks remain, and new ones will emerge. What are the...