LeoFinance: Secured Overnight Financing Rate (SOFR)
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A broad measure of the costs banks incur when borrowing cash overnight. These costs are collateralized by US Treasury securities in repurchase agreement markets and are published by the Federal Reserve Bank of New York. Based on actual transactions instead of estimates, SOFR is offered as a replacement for the London Interbank Offered Rate (LIBOR) on various contracts and securities like interest rate swap agreements and variable rate debt obligations.
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