Current Treasuries and Swap Rates

U.S. Treasuries indicate yields for on-the-run U.S. Treasury bills, notes, and bonds, which are typically the most recently auctioned and most liquid issue with a maturity closest to the stated tenor. These are commonly used for pricing fixed-rate debt at origination and for calculating yield maintenance.

Semi-bond swap rates are benchmarks commonly used as the index for fixed-rate debt originated by CMBS lenders. These are based on an OTC swap contract in which a party pays the fixed rate semi-annually on a 30/360 basis, versus receiving 3-month LIBOR quarterly on an Actual/360 basis.

Monthly money swap rates are commonly used by real estate and corporate borrowers to hedge exposure to floating-rate 1-month LIBOR debt. The contractual basis is paying a fixed rate monthly on an Actual/360 basis, versus receiving 1-month LIBOR monthly on an Actual/360 basis, without amortization.

The London Interbank Offered Rate (LIBOR) is averaged from reports by a panel of banks seeking unsecured USD-denominated loans in the short-term money market. The LIBOR index is the adjustable interest rate referenced on hundreds of trillions of U.S. dollars' worth of debt and derivatives.

SOFR is an overnight, nearly risk-free rate based on transactions in the U.S. general collateral and bilateral cleared repurchase (repo) markets. Published by the NY Fed, SOFR is widely anticipated to replace USD LIBOR as the reference rate for many floating-rate loans.

The Effective Federal Funds Rate is an average based on daily overnight lending transactions between depository banks in the Fed system. The Prime Rate is the underlying index for many small business loans and retail lending such as credit cards or auto loans.

SIFMA is a swaps index based on a weekly average of the yields for a selection of high-grade Variable Rate Demand Obligations (VRDO), also known as municipal bonds issues. This index is often the basis for hedging tax-exempt floating-rate debt.