{"id":3297,"date":"2022-12-20T14:52:00","date_gmt":"2022-12-20T14:52:00","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=3297"},"modified":"2025-05-23T14:30:07","modified_gmt":"2025-05-23T13:30:07","slug":"us-private-debt-markets-remediation-plans-will-aid-the-successful-transition-away-from-libor","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/us-private-debt-markets-remediation-plans-will-aid-the-successful-transition-away-from-libor\/","title":{"rendered":"US private debt market\u2019s remediation plans will aid the successful transition away from LIBOR"},"content":{"rendered":"\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-news has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<p class=\"has-large-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">News<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">US private debt market\u2019s remediation plans will aid the successful transition away from LIBOR<\/h1>\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-default\" style=\"margin-top:var(--wp--preset--spacing--2-xl);margin-bottom:var(--wp--preset--spacing--m)\"\/>\n\n\n\n<div class=\"wp-block-columns filter-article-meta-container is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-3333c3a8 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-4b827052 wp-block-group-is-layout-flex\">\n<p style=\"margin-top:0;margin-bottom:0\">Jason Mendoza<\/p>\n\n\n\n<p class=\"mt-1 has-constantia-font-family has-xsmall-font-size\" style=\"margin-top:0;margin-bottom:0\">Senior Quant Modeler<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"has-text-align-right wp-block-post-date has-small-font-size\"><time datetime=\"2022-12-20T14:52:00+00:00\">20 December 2022<\/time><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-article-content-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\"><figure style=\"height:250px;\" class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1440\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-skyline-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Skyline in New York\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-skyline-scaled.jpg 2560w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-skyline-300x169.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-skyline-1024x576.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-skyline-768x432.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-skyline-1536x864.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-skyline-2048x1152.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<p>\ufeffTime, as they say, moves on relentlessly, and for financial institutions the clock is well and truly ticking down on the transition away from the LIBOR. Indeed, borrowers and lenders are acutely aware that in just months the long-utilized rate will cease to exist.<\/p>\n\n\n\n<p>The need to successfully shift to an alternative rate such as the Secured Overnight Financing Rate (SOFR) is vital. LIBOR is the basis on trillions of dollars of loans and is tied to a multitude of products, such as adjustable-rate mortgages, student loans and corporate loans. Careful transitioning is the key to minimizing large-scale financial impacts, especially in the private debt market[1]<a href=\"https:\/\/06d5b292-58aa-4ece-84d6-2671b9759e5b.website.eu1.quilium.io\/infomedia\/market-news\/detail\/an-optimistic-outlook-us-private-debt-markets-remediation-plans-will-aid-the-successful-transition-away-from-libor#_ftn1\"><\/a>.<br><br>Now, as the deadline looms, it\u2019s essential that we examine the two fundamental questions: what\u2019s the current status of LIBOR transition in the U.S private debt space, and how well prepared are institutions for an orderly transition to the aforementioned new rates?<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-the-impetus-for-change-libor-and-the-financial-crisis\">The impetus for change: LIBOR and the financial crisis<\/h2>\n\n\n\n<p>As the dust finally began to settle on the financial crisis, public scrutiny in mid-2012 turned sharply to focus on LIBOR, which had been the standard reference rate for most adjustable-rate products for decades. The market was awash with allegations that during the financial turmoil, banks were misreporting borrowing rates in order to convey financial stability.<br><br>Since LIBOR was calculated from self-reported bank submissions, banks could in theory change the submissions and influence the published LIBOR value. In the wake of the allegations, financial regulators around the world urged financial institutions to move away from LIBOR. In 2014, the Alternative Reference Rates Committee (AARC) was created by the Federal Reserve Board and the New York Fed to support the transition away from LIBOR.<br><br>In 2017, the AARC then recommended the SOFR, a measure of the cost of borrowing overnight collateralized by Treasury securities[2], as the preferred alternative rate. This is primarily because SOFR is thought to be less susceptible to manipulation and is based on a vast volume of daily transactions (nearly $1 trillion), as opposed to LIBOR (estimated $500 million).<\/p>\n\n\n\n<p><strong>The early struggle to adopt SOFR<\/strong><\/p>\n\n\n\n<p>While it was helpful to determine an alternative rate, market participants struggled to quickly adopt SOFR, for various reasons. First, SOFR is a risk-free rate since it is backed by the U.S treasury. The LIBOR rate, however, incorporates credit risk (between banks) in the rates, and therefore tends to be higher. If lenders are to adopt SOFR, they need to add this incremental credit risk. To address this issue, the AARC also provided guidance on an additional \u201ccredit adjustment spread\u201d to add to the SOFR rate when transitioning away from LIBOR[3].<br><br>Moreover, SOFR is an overnight rate, whereas LIBOR contains various terms\/tenors (overnight, 1-week, 1 month, 2 month, 3 month, 6 months and 12 months). To address this gap, the AARC suggested the CME Term SOFR in July 2021, which modifies SOFR to have the same terms\/tenors as LIBOR[4].<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-IMAGE-1-1024x576.png\" alt=\"\" class=\"wp-image-3319\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-IMAGE-1-1024x576.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-IMAGE-1-300x169.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-IMAGE-1-768x432.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-IMAGE-1-1536x864.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-IMAGE-1.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading has-small-font-size\" id=\"h-timeline-of-transition\">Timeline of transition<\/h4>\n\n\n\n<p>Now that lenders\/borrowers are equipped with alternative rates that are most consistent with LIBOR, what are the key dates they should have in mind regarding the transition? The 1-week and 2-month LIBOR rates were discontinued in Dec 31, 2021, and loan originations after that date should for the most part be pegged to an alternative rate[7]. The most important deadline is June 30, 2023, which is when&nbsp;<em>all<\/em>&nbsp;LIBOR rates would irrevocably be discontinued, and every LIBOR rate loan should be moved to an alternative rate.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-2-1-1024x576.png\" alt=\"\" class=\"wp-image-3324\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-2-1-1024x576.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-2-1-300x169.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-2-1-768x432.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-2-1-1536x864.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-2-1.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading has-large-font-size\" id=\"h-the-state-of-play-where-do-us-private-debt-markets-stand\">The state of play: Where do US private debt markets stand? <\/h4>\n\n\n\n<p><strong>Bank loan originations tied to SOFR in 20222: On track<\/strong><\/p>\n\n\n\n<p>New bank loan originations in 2022, which post Dec 31, 2021, should&nbsp;<em>not<\/em>&nbsp;be pegged to LIBOR, went according to expectations. Based on data from Refinitiv, a large majority of syndicated US loans originated in 2022 were priced to Term SOFR. For the non-regulated direct lending market, however, the share of new originations priced to Term SOFR was closer to 50%[8].<br><br>The transition to SOFR was generally smoother than what lenders were expecting, largely in part to AARC\u2019s recommendation of the CME Term SOFR back in July 2021[9], which helped generate a term structure akin to LIBOR.<\/p>\n\n\n\n<p><strong>Transitioning remaining loans to SOFR: long road ahead but room for optimism<\/strong><\/p>\n\n\n\n<p>\ufeffSo what about the remainder of loans, originated prior to 2022, that still need to transition away from LIBOR? According to the LSTA[10], using data from LevFin Insights, the CS Loan Index, Refinitiv LPC and CLO surveillance reports, roughly 15% of broadly syndicated loans are currently on SOFR. What about the direct lending space? \ufeffAs a proxy, we turned to publicly available BDC data.<br>\ufeff<br>\ufeffFrom a sample of 12 BDC\u2019s (Business Development Companies) registered with the SEC, all but three BDCs had between 12% to 30% of their books currently pegged to SOFR. In this sample, the average transition rate was 15%, exactly what is estimated for the broadly syndicated loan market.<br>\ufeff<br>\ufeffThe general 15% LIBOR transition rate may seem small, considering how near LIBOR cessation is, but to further understand that number we can turn to the Loan Remediation Survey[11][12], recently administered by the ARRC.<br>\ufeff<br>The survey ran from August 9 to through September 7, 2022 and is comprised of 73 submissions; lenders and borrowers comprise of roughly 70% and 30% of the responses, respectively. Across all respondents, 89% had a loan remediation plan, which suggests that, even though there doesn\u2019t appear to be much activity, there is significant planning that is yet to manifest. Across all agents or bilateral lenders, 94% have identified all LIBOR loan exposures, 75% have contacted borrowers regarding their remediation plans and 75% have begun to actively transition loans away from LIBOR.<\/p>\n\n\n\n<p><strong>How do lenders and borrowers intent to transition the remaining loans? <\/strong><\/p>\n\n\n\n<p>It is encouraging to see that there is considerable planning and action taking place to transition away from LIBOR, but what methods are most adopted? 64% agents or bilateral lenders began to remediate contracts by adding \u201chardwired\u201d fallback language. From the borrowers that were contacted, however, only 13% were receptive to amending \u201chardwired\u201d fallbacks and 4% wanted to rely on existing fallbacks at cessation.<br><br>The most popular response, by 46% of borrowers, was to refinance directly to the replacement rate. In this environment of high inflation and economic uncertainty, getting favorable terms in a refinance may be challenging and could cause a backlog without a backup plan, like an amendment.<\/p>\n\n\n\n<p><strong>What timeline do lenders and borrowers have in mind? <\/strong><\/p>\n\n\n\n<p>With regards to timing, 86% of agents\/lenders expect most of their loans to transition away from LIBOR by the end of 2023Q2, or the last available quarter where LIBOR will be published. At 43%, half the agents\/lenders expect to transition in 2023Q1 or earlier, leaving a potential backlog come 2023Q2. The remaining 14% of agents\/lenders expect most loans to be transitioned after 2023Q2, which may seem concerning.<br><br>However, from those 14%, 70% of lenders report that a vast majority of their loans have hardwired fallback language, which means that loans would automatically revert to an alternative rate at LIBOR cessation.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-3-1024x576.png\" alt=\"\" class=\"wp-image-3321\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-3-1024x576.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-3-300x169.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-3-768x432.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-3-1536x864.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/US-private-debt-markets-transition-away-from-LIBOR-Image-3.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Alter Domus&#8217; role in the LIBOR transition <\/strong><\/p>\n\n\n\n<p>As a leading agent in the private debt markets, Alter Domus has proactively reached out to our clients to make sure they were preparing for the transition of their portfolios. Using our recommendations and reporting tools, our clients are prepared for the end of LIBOR in 2023.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>The Reasons for Market Optimis<\/strong>m<\/p>\n\n\n\n<p class=\"has-small-font-size\">Although the percentage of loans currently transitioned away from LIBOR in the private debt space, 15%, seems rather small, there is reason to be optimistic. Thanks to the Loan Remediation Survey, there is data to support considerable LIBOR remediation plans by 89% of market participants. While the loans might not be transitioned currently, most loans have either AARC hardwired fallbacks (where transition is triggered automatically after LIBOR cessation) or amendment fallbacks, which would mean an amendment would have to be raised. <\/p>\n\n\n\n<p>If action is taken early enough, the private debt market can avoid a costly and risky backlog of amendments. With the end of LIBOR coming within the next six months, we will continue to provide timely updates as warranted, in line with <a href=\"https:\/\/alterdomus.com\/insight\/private-debt-outlook\/\">evolving private debt trends<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-wide\"\/>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" style=\"margin-top:var(--wp--preset--spacing--xs);margin-bottom:var(--wp--preset--spacing--xs)\"\/>\n\n\n\n<p><strong><em>Footnotes:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p>[1] For purposes of this paper, \u2018private debt\u2019 refers to broadly syndicated loans and private direct lending markets. See existing Alter Domus&nbsp;<a href=\"https:\/\/www.alterdomus.com\/infomedia\/market-news\/detail\/private-debt-broadly-syndicated-loans-and-investor-considerations\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a><br>for further details.<br>\ufeff[2]&nbsp;<a href=\"https:\/\/www.newyorkfed.org\/markets\/reference-rates\/sofr\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.newyorkfed.org\/mar&#8230;<br>\ufeff<\/a>[3]&nbsp;<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/Microsites\/arrc\/files\/2021\/20211006-arrc-release-spread-adjustment-narrative-final\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.newyorkfed.org\/med&#8230;<\/a><br><a href=\"https:\/\/www.newyorkfed.org\/markets\/reference-rates\/sofr\" target=\"_blank\" rel=\"noreferrer noopener\">\ufeff<\/a>[4]&nbsp;Details of how the Term SOFR is calculated is out of scope for this article&nbsp;<br>[5]&nbsp;<a href=\"https:\/\/www.newyorkfed.org\/arrc\/sofr-transition\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.newyorkfed.org\/arr&#8230;<\/a><br>[6]&nbsp;Other alternative rates like SOFR exist in other currencies, such as SONIA in the UK and SONAR in Switzerland.<br>[7]&nbsp;Some exceptions\/gray areas apply, like add-ons of existing deals or originations that were underwritten in 2021.&nbsp;<a href=\"https:\/\/www.lsta.org\/app\/uploads\/2022\/01\/LSTA-Presentation-LCD-Jan-2022-add-vols.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.lsta.org\/app\/uploa&#8230;<\/a><br>[8]&nbsp;<a href=\"https:\/\/www.loanconnector.com\/AnalyticDocDisplay\/AnalyticDocumentContent?PublicdocId=5135383\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.loanconnector.com\/&#8230;<\/a>&nbsp;<br>[9]&nbsp;<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/Microsites\/arrc\/files\/2021\/ARRC_Press_Release_Term_SOFR.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.newyorkfed.org\/med..<\/a><br>[10]&nbsp;<a href=\"https:\/\/www.lsta.org\/news-resources\/are-you-readyfor-the-end-of-libor\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.lsta.org\/news-reso&#8230;<\/a><br>[11]&nbsp;<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/Microsites\/arrc\/files\/2022\/ARRC_Loan_Remediation_Survey_Press_Release.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.newyorkfed.org\/med&#8230;<\/a><br>[12]&nbsp;<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/Microsites\/arrc\/files\/2022\/arrc-loan-remediation-survey-results-10-13-22\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.newyorkfed.org\/med&#8230;<\/a><\/p>\n\n\n\n<div class=\"wp-block-group filter-social-sharing-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-outermost-social-sharing has-normal-icon-size has-icon-color is-style-logos-only is-content-justification-center is-layout-flex wp-container-outermost-social-sharing-is-layout-598f35b6 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class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 26, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Operational equity, powered by technology<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" aria-label=\"Click to read Operational equity, powered by technology\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-300x180.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-768x461.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3.png 1386w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 24, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button 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srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-2048x1366.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 6, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need<\/h4>\n    <div class=\"filter-single-insight-item-link 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<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1505,"template":"","cat-insight-type":[19],"cat-sectors":[],"cat-services":[],"class_list":["post-3297","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US private debt market\u2019s remediation plans will aid the successful transition away from LIBOR - Alter Domus<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alterdomus.com\/insight\/us-private-debt-markets-remediation-plans-will-aid-the-successful-transition-away-from-libor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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