"The Fed, Treasury, and other regulators have for years called on financial institutions and other companies to shift to alternative reference rates from LIBOR, the benchmark for trillions of dollars in mortgages, derivatives, business loans, and other financial contracts worldwide." Well, that was fun. Looks like the goal posts are still stuck on December 31, 2021 for conversion date. Many companies are waiting to see who adopts SOFR first. SOFR is based on overnight repurchase agreements secured by Treasuries and may not reflect credit risk or expedite the creation of a term structure, as a result, corporate treasurers will need to figure out a mechanism for future period rate calculations. Said another way...prepare for a bumpy ride..