9/29/10

I am in the middle of building an LBO model and was hoping someone could suggest a free site where I might be able to get forward Libor rates for my debt schedule. If such a site does not exist, would someone mind pulling some rates through 2014 for me from Bloomberg?

Thanks, I would really appreciate it.

Comments (24)

9/29/10

it's unlikely you will do an LBO with floating rate notes, so not sure why you need a Libor curve

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9/29/10

^???? Bank debt is priced as a spread over LIBOR........

9/29/10

Are you kidding? Term loans are floating pegged on LIBOR!

9/29/10

Bootstrap it yourself, dude. Why is everyone on this forum so damn lazy? Why don't you figure it out, then post what you did and how you did it and, as a result of that process, actually add some value to people's lives, instead of just asking someone to give you the answer.

10/3/10

I was able to get some forward rates from a bank we work with. The only other thing I could think of was using a floor-rate.

Thanks.

10/3/10

If you're assuming there's a libor floor of 2% or 3% then why not just use that all the way through?

In reply to blackcleo
10/3/10

blackcleo:
it's unlikely you will do an LBO with floating rate notes, so not sure why you need a Libor curve

what are you talking about? term loans are off of LIBOR as everyone said.

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10/3/10

Have you thought about consulting the almighty Bloomberg Terminal?

10/4/10

I just saw a really cool chart the other day. I'll see if I can find it again.

10/4/10

the bulk of your financing will be a term loan - fixed rate. Yes, the loan is initially priced as a spread above libor, but then it's fixed at funding. Why do you think bonds trade at a premium or discount to par, because they're fixed rate.

10/4/10

the bulk of your financing will be a term loan - fixed rate. Yes, the loan is initially priced as a spread above libor, but then it's fixed at funding. Why do you think bonds trade at a premium or discount to par, because they're fixed rate.

Uh... no.

Leveraged loans are not fixed at funding. If they were, then the LBO market would be a fraction of the size it is today, because CLOs -- which have to invest in floating rate loans -- wouldn't be able to invest in any of the debt that is issued to finance the transaction.

I'm not sure why you start off talking about loans and then switch to bonds. Yes, high yield notes are priced at a fixed rate, but they're not financing the bulk of the LBO transactions. As for the premium or discount to par comment, that's something that happens with variable rate securities too.

10/4/10

Wow some of the above statements about LBO financing and term debt are ridiculous and exactly why I would warn against from taking advice from anyone outside a select circle of proven posters.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.

10/4/10

why can't you just use eurodollar futures as quoted by the cme?

http://www.cmegroup.com/trading/interest-rates/stir/eurodollar.html

10/5/10

First, let me clarify my initial comment. I was questioning why a forward libor curve would be needed. My bad, I left out the word forward. There's a difference between a forward libor curve and a libor yield curve - that's all I was pointing out.

Do LBOs use floating rates, sure. But, the majority are done using fixed rate term loans. And the majority of loans in a CLO are fixed rate. I supposed everyone sees different things, but that's what I saw and worked on while at GS and at my current gig.

10/5/10

blackcleo,

What do you do what do you do where you see primarily fixed rate loans? I typically read anywhere from 5-20 CIMs a week that are marketing loans, and I don't think I've ever seen a fixed rate term loan. Many CLOs can only invest in floating rate securities. It makes sense because CLOs generate returns based on the spread of what they're invested in over the rates they're borrowing at (which are, for the most part, floating rate notes that the CLO issues).

10/5/10

6-Month
Date Spot Rate Forward Rate
09/02/2010 0.3496
10/04/2010 0.2579 0.3838
11/02/2010 0.2794 0.4109
12/02/2010 0.299 0.4355
01/04/2011 0.3236 0.46
02/02/2011 0.3409 0.4822
03/02/2011 0.3515 0.5042
04/04/2011 0.3684 0.532
05/03/2011 0.3798 0.5625
06/02/2011 0.3932 0.5936
07/05/2011 0.4066 0.6335
08/02/2011 0.4195 0.6721
09/02/2011 0.4335 0.715
10/03/2011 0.4471 0.7633
11/02/2011 0.4628 0.8115
12/02/2011 0.4773 0.8665
01/03/2012 0.4952 0.9183
02/02/2012 0.5139 0.9719
03/02/2012 0.5299 1.0285
04/02/2012 0.5501 1.0832
05/02/2012 0.57 1.1394
06/06/2012 0.5942 1.2041
07/02/2012 0.6124 1.2546
08/02/2012 0.6361 1.3153
09/04/2012 0.6612 1.3739
10/02/2012 0.6822 1.4278
11/02/2012 0.7071 1.4841
12/03/2012 0.7311 1.5427
01/02/2013 0.7558 1.5966
02/04/2013 0.7836 1.6567
03/04/2013 0.8047 1.7089
04/02/2013 0.8294 1.7626
05/02/2013 0.8541 1.8255
06/03/2013 0.8813 1.8862
07/02/2013 0.9055 1.9438
08/02/2013 0.9325 2.0032
09/03/2013 0.9603 2.0599
10/02/2013 0.9852 2.1124
11/04/2013 1.015 2.1678
12/02/2013 1.0394 2.2129
01/02/2014 1.0673 2.2627
02/03/2014 1.096 2.3156
03/03/2014 1.1185 2.3626
04/02/2014 1.1453 2.4127
05/02/2014 1.1712 2.4654
06/02/2014 1.1988 2.5158
07/02/2014 1.2245 2.5672
08/04/2014 1.2536 2.6224
09/02/2014 1.2792 2.6681
10/02/2014 1.305 2.716
11/03/2014 1.3334 2.7666
12/02/2014 1.3582 2.8105
01/02/2015 1.3855 2.8572
02/02/2015 1.4127 2.9052
03/02/2015 1.4347 2.9493
04/02/2015 1.4617 2.9783
05/05/2015 1.4895 3.0092
06/02/2015 1.5138 3.0337
07/02/2015 1.5389 3.0616
08/03/2015 1.5664 3.0873
09/02/2015 1.5921 3.1101
10/02/2015 1.6152 3.1527
11/02/2015 1.6399 3.1923
12/02/2015 1.6629 3.2318
01/04/2016 1.6889 3.2749
02/02/2016 1.7117 3.3116
03/02/2016 1.7328 3.3504
04/04/2016 1.7585 3.353
05/03/2016 1.7802 3.3537
06/02/2016 1.8035 3.3535
07/05/2016 1.828 3.3523
08/02/2016 1.8495 3.3501
09/02/2016 1.8732 3.3446
10/03/2016 1.8929 3.3778
11/02/2016 1.9126 3.4084
12/02/2016 1.9315 3.4399
01/03/2017 1.9523 3.4719
02/02/2017 1.9718 3.5023
03/02/2017 1.9875 3.5343
04/03/2017 2.008 3.535
05/02/2017 2.0258 3.5335
06/02/2017 2.0456 3.5314
07/03/2017 2.0645 3.5282
08/02/2017 2.0835 3.5245
09/05/2017 2.1048 3.5175
10/02/2017 2.119 3.5411
11/02/2017 2.1361 3.5654
12/04/2017 2.1528 3.592
01/02/2018 2.1687 3.6147
02/02/2018 2.1855 3.6394
03/02/2018 2.1983 3.6643
04/03/2018 2.2155 3.6552
05/02/2018 2.2303 3.6446
06/04/2018 2.2478 3.6322
07/02/2018 2.262 3.6209
08/02/2018 2.2783 3.6084
09/04/2018 2.2956 3.5915
10/02/2018 2.3076 3.6098
11/02/2018 2.3215 3.6288
12/03/2018 2.3346 3.6486
01/02/2019 2.348 3.6666
02/04/2019 2.3626 3.6872
03/04/2019 2.3727 3.7043
04/02/2019 2.3855 3.6998
05/02/2019 2.3979 3.6943
06/03/2019 2.4118 3.6882
07/02/2019 2.4236 3.6823
08/02/2019 2.4369 3.6757
09/03/2019 2.4506 3.6669
10/02/2019 2.461 3.6819
11/04/2019 2.4735 3.6983
12/02/2019 2.4835 3.7121
01/02/2020 2.4952 3.7267
02/03/2020 2.5072 3.742
03/02/2020 2.5162 3.7562
04/02/2020 2.5277 3.7304
05/05/2020 2.5391 3.701
06/02/2020 2.5495 3.6763
07/02/2020 2.5597 3.6486
08/03/2020 2.5713 3.619
09/02/2020 2.5822 3.5896
10/02/2020 2.5902 3.602
11/02/2020 2.5993 3.6118
12/02/2020 2.6073 3.6219
01/04/2021 2.6167 3.6335
02/02/2021 2.625 3.6426
03/02/2021 2.631 3.653
04/06/2021 2.6408 3.7191
05/04/2021 2.648 3.7752
06/02/2021 2.6562 3.8307
07/02/2021 2.6639 3.8926
08/02/2021 2.6725 3.9519
09/02/2021 2.681 4.0122
10/04/2021 2.6914 4.0249
11/02/2021 2.7014 4.0359
12/02/2021 2.7111 4.0472
01/04/2022 2.7223 4.0594
02/02/2022 2.7322 4.0695
03/02/2022 2.7396 4.0808
04/04/2022 2.7507 4.0255
05/03/2022 2.7597 3.9739
06/02/2022 2.7697 3.9219
07/05/2022 2.7798 3.8627
08/02/2022 2.789 3.8125
09/02/2022 2.7991 3.7554
10/03/2022 2.8058 3.7631
11/02/2022 2.8128 3.7698
12/02/2022 2.8192 3.777
01/03/2023 2.8266 3.784
02/02/2023 2.8335 3.7907
03/02/2023 2.8381 3.7987
04/03/2023 2.8454 3.8044
05/02/2023 2.8513 3.8109
06/02/2023 2.8583 3.8177
07/03/2023 2.8646 3.8238
08/02/2023 2.8713 3.8299
09/05/2023 2.8788 3.8361
10/02/2023 2.8841 3.8417
11/02/2023 2.8909 3.8474
12/04/2023 2.8972 3.8538
01/02/2024 2.9035 3.859
02/02/2024 2.9101 3.8647
03/04/2024 2.9155 3.8709
04/02/2024 2.9217 3.8758
05/02/2024 2.9274 3.8819
06/03/2024 2.934 3.8865
07/02/2024 2.9395 3.8917
08/02/2024 2.9459 3.8972
09/03/2024 2.9524 3.9012
10/02/2024 2.9577 3.9062
11/04/2024 2.9644 3.9116
12/02/2024 2.9695 3.9157
01/02/2025 2.9756 3.9201
02/03/2025 2.9819 3.9251
03/03/2025 2.9858 3.9282
04/02/2025 2.9917 3.8874
05/02/2025 2.9969 3.8435
06/02/2025 3.0029 3.801
07/02/2025 3.0081 3.7578
08/04/2025 3.0144 3.7105
09/02/2025 3.0199 3.668
10/02/2025 3.0234 3.6708
11/03/2025 3.0277 3.6737
12/02/2025 3.0311 3.6758
01/02/2026 3.0352 3.678
02/02/2026 3.0393 3.6806
03/02/2026 3.0414 3.6832
04/02/2026 3.0455 3.6853
05/05/2026 3.0492 3.6878
06/02/2026 3.0528 3.6896
07/02/2026 3.0562 3.6923
08/03/2026 3.0602 3.694
09/02/2026 3.064 3.6952
10/02/2026 3.0672 3.6973
11/02/2026 3.0711 3.6995
12/02/2026 3.0743 3.701
01/04/2027 3.0783 3.7031
02/02/2027 3.0819 3.7043
03/02/2027 3.0837 3.7065
04/02/2027 3.0874 3.7083

fdba Emory Blaine and BBA or otherwise trying to find the perfect pseudonym.

10/5/10

3-Month
Date Spot Rate Forward Rate
09/02/2010 0.2956
10/04/2010 0.2579 0.3392
11/02/2010 0.2794 0.3735
12/02/2010 0.299 0.4038
01/04/2011 0.3236 0.4289
02/02/2011 0.3409 0.4487
03/02/2011 0.3515 0.466
04/04/2011 0.3684 0.4899
05/03/2011 0.3798 0.5153
06/02/2011 0.3932 0.5419
07/05/2011 0.4066 0.5746
08/02/2011 0.4195 0.6076
09/02/2011 0.4335 0.645
10/03/2011 0.4471 0.6883
11/02/2011 0.4628 0.7355
12/02/2011 0.4773 0.7838
01/03/2012 0.4952 0.8376
02/02/2012 0.5139 0.8877
03/02/2012 0.5299 0.943
04/02/2012 0.5501 0.995
05/02/2012 0.57 1.0519
06/06/2012 0.5942 1.1186
07/02/2012 0.6124 1.1676
08/02/2012 0.6361 1.2236
09/04/2012 0.6612 1.2832
10/02/2012 0.6822 1.3376
11/02/2012 0.7071 1.4007
12/03/2012 0.7311 1.4597
01/02/2013 0.7558 1.5149
02/04/2013 0.7836 1.5729
03/04/2013 0.8047 1.6206
04/02/2013 0.8294 1.6712
05/02/2013 0.8541 1.728
06/03/2013 0.8813 1.7879
07/02/2013 0.9055 1.8457
08/02/2013 0.9325 1.9135
09/03/2013 0.9603 1.9785
10/02/2013 0.9852 2.035
11/04/2013 1.015 2.0898
12/02/2013 1.0396 2.1351
01/02/2014 1.0675 2.1852
02/03/2014 1.0963 2.2392
03/03/2014 1.1188 2.2846
04/02/2014 1.1457 2.3322
05/02/2014 1.1716 2.383
06/02/2014 1.1992 2.4307
07/02/2014 1.225 2.4869
08/04/2014 1.2542 2.5488
09/02/2014 1.2798 2.6022
10/02/2014 1.3059 2.6507
11/03/2014 1.3345 2.7011
12/02/2014 1.3596 2.7447
01/02/2015 1.3871 2.7929
02/02/2015 1.4146 2.8424
03/02/2015 1.4368 2.8853
04/02/2015 1.4641 2.9315
05/05/2015 1.4921 2.9821
06/02/2015 1.5167 3.024
07/02/2015 1.542 3.025
08/03/2015 1.5697 3.0244
09/02/2015 1.5957 3.0215
10/02/2015 1.6185 3.0637
11/02/2015 1.6429 3.103
12/02/2015 1.6655 3.1414
01/04/2016 1.6912 3.1841
02/02/2016 1.7138 3.2214
03/02/2016 1.7345 3.2591
04/04/2016 1.7599 3.3007
05/03/2016 1.7813 3.337
06/02/2016 1.8043 3.3742
07/05/2016 1.8285 3.3422
08/02/2016 1.8498 3.3134
09/02/2016 1.8732 3.2791
10/03/2016 1.8927 3.3124
11/02/2016 1.9124 3.3437
12/02/2016 1.9312 3.3734
01/03/2017 1.952 3.4061
02/02/2017 1.9715 3.4358
03/02/2017 1.987 3.466
04/03/2017 2.0076 3.4971
05/02/2017 2.0253 3.5264
06/02/2017 2.045 3.5586
07/03/2017 2.0638 3.528
08/02/2017 2.0828 3.493
09/05/2017 2.104 3.451
10/02/2017 2.1181 3.4739
11/02/2017 2.135 3.4993
12/04/2017 2.1516 3.5247
01/02/2018 2.1673 3.5479
02/02/2018 2.184 3.5714
03/02/2018 2.1966 3.5963
04/03/2018 2.2137 3.6195
05/02/2018 2.2283 3.6424
06/04/2018 2.2457 3.6675
07/02/2018 2.2597 3.6347
08/02/2018 2.2759 3.5973
09/04/2018 2.293 3.5558
10/02/2018 2.3051 3.5744
11/02/2018 2.3192 3.5952
12/03/2018 2.3324 3.6133
01/02/2019 2.3459 3.6316
02/04/2019 2.3606 3.653
03/04/2019 2.3708 3.6701
04/02/2019 2.3837 3.6872
05/02/2019 2.3962 3.7057
06/03/2019 2.4102 3.7246
07/02/2019 2.4221 3.7118
08/02/2019 2.4356 3.6978
09/03/2019 2.4494 3.6818
10/02/2019 2.4603 3.6976
11/04/2019 2.4734 3.7148
12/02/2019 2.4838 3.7289
01/02/2020 2.496 3.7447
02/03/2020 2.5085 3.7613
03/02/2020 2.518 3.7752
04/02/2020 2.53 3.79
05/05/2020 2.5419 3.8065
06/02/2020 2.5527 3.82
07/02/2020 2.5635 3.7609
08/03/2020 2.5756 3.6969
09/02/2020 2.5869 3.6356
10/02/2020 2.5956 3.6482
11/02/2020 2.6052 3.6592
12/02/2020 2.6138 3.6696
01/04/2021 2.6239 3.6826
02/02/2021 2.6328 3.6927
03/02/2021 2.6393 3.7032
04/06/2021 2.6498 3.7153
05/04/2021 2.6576 3.7254
06/02/2021 2.6663 3.7355
07/02/2021 2.6745 3.7787
08/02/2021 2.6837 3.8193
09/02/2021 2.6928 3.8617
10/04/2021 2.7022 3.8734
11/02/2021 2.7114 3.8836
12/02/2021 2.7201 3.8932
01/04/2022 2.7303 3.9044
02/02/2022 2.7393 3.9142
03/02/2022 2.7459 3.9242
04/04/2022 2.7559 3.935
05/03/2022 2.7641 3.9443
06/02/2022 2.7732 3.9538
07/05/2022 2.7824 3.8819
08/02/2022 2.7908 3.8202
09/02/2022 2.8 3.7509
10/03/2022 2.8068 3.7588
11/02/2022 2.814 3.7661
12/02/2022 2.8205 3.7726
01/03/2023 2.8281 3.7801
02/02/2023 2.8352 3.7867
03/02/2023 2.8399 3.794
04/03/2023 2.8473 3.8009
05/02/2023 2.8534 3.8076
06/02/2023 2.8606 3.8153
07/03/2023 2.867 3.821
08/02/2023 2.8738 3.8274
09/05/2023 2.8815 3.8341
10/02/2023 2.887 3.8399
11/02/2023 2.8939 3.8462
12/04/2023 2.9003 3.8522
01/02/2024 2.9068 3.8578
02/02/2024 2.9135 3.8635
03/04/2024 2.919 3.8699
04/02/2024 2.9253 3.875
05/02/2024 2.9312 3.8807
06/03/2024 2.938 3.8864
07/02/2024 2.9436 3.8915
08/02/2024 2.9501 3.8975
09/03/2024 2.9568 3.902
10/02/2024 2.9623 3.9071
11/04/2024 2.969 3.9125
12/02/2024 2.9742 3.9167
01/02/2025 2.9806 3.9213
02/03/2025 2.987 3.9268
03/03/2025 2.991 3.931
04/02/2025 2.997 3.9352
05/02/2025 3.0024 3.9404
06/02/2025 3.0085 3.9443
07/02/2025 3.0138 3.8406
08/04/2025 3.0202 3.7258
09/02/2025 3.0258 3.6243
10/02/2025 3.0292 3.6269
11/03/2025 3.0334 3.6295
12/02/2025 3.0366 3.6313
01/02/2026 3.0405 3.6337
02/02/2026 3.0445 3.6364
03/02/2026 3.0464 3.6385
04/02/2026 3.0503 3.6405
05/05/2026 3.0538 3.643
06/02/2026 3.0573 3.6449
07/02/2026 3.0605 3.6468
08/03/2026 3.0644 3.6489
09/02/2026 3.068 3.6505
10/02/2026 3.0711 3.653
11/02/2026 3.0748 3.6544
12/02/2026 3.0779 3.6557
01/04/2027 3.0817 3.6577
02/02/2027 3.0851 3.6593
03/02/2027 3.0869 3.661
04/02/2027 3.0904 3.6623

fdba Emory Blaine and BBA or otherwise trying to find the perfect pseudonym.

10/5/10

1-Month
Date Spot Rate Forward Rate
09/02/2010 0.2578
10/04/2010 0.2579 0.2949
11/02/2010 0.2794 0.3381
12/02/2010 0.299 0.3804
01/04/2011 0.3236 0.4029
02/02/2011 0.3409 0.433
03/02/2011 0.3515 0.4489
04/04/2011 0.3684 0.4635
05/03/2011 0.3798 0.4874
06/02/2011 0.3932 0.5156
07/05/2011 0.4066 0.5444
08/02/2011 0.4195 0.5679
09/02/2011 0.4335 0.6048
10/03/2011 0.4471 0.6511
11/02/2011 0.4628 0.6799
12/02/2011 0.4773 0.7305
01/03/2012 0.4952 0.7955
02/02/2012 0.5139 0.8295
03/02/2012 0.5299 0.8819
04/02/2012 0.5501 0.9478
05/02/2012 0.57 0.9907
06/06/2012 0.5942 1.0585
07/02/2012 0.6124 1.1179
08/02/2012 0.6361 1.1642
09/04/2012 0.6612 1.2254
10/02/2012 0.6822 1.2839
11/02/2012 0.7071 1.3308
12/03/2012 0.7311 1.397
01/02/2013 0.7558 1.4665
02/04/2013 0.7836 1.5147
03/04/2013 0.8047 1.5664
04/02/2013 0.8294 1.6169
05/02/2013 0.8541 1.6663
06/03/2013 0.8813 1.7265
07/02/2013 0.9055 1.7869
08/02/2013 0.9325 1.8377
09/03/2013 0.9603 1.907
10/02/2013 0.9851 1.977
11/04/2013 1.0148 2.0289
12/02/2013 1.0392 2.0759
01/02/2014 1.067 2.1275
02/03/2014 1.0956 2.1761
03/03/2014 1.118 2.224
04/02/2014 1.1448 2.2714
05/02/2014 1.1705 2.3203
06/02/2014 1.198 2.3687
07/02/2014 1.2236 2.4187
08/04/2014 1.2526 2.4711
09/02/2014 1.2781 2.55
10/02/2014 1.3043 2.5996
11/03/2014 1.333 2.6485
12/02/2014 1.3581 2.695
01/02/2015 1.3857 2.7434
02/02/2015 1.4133 2.7888
03/02/2015 1.4355 2.8345
04/02/2015 1.4629 2.8836
05/05/2015 1.491 2.9319
06/02/2015 1.5156 2.9731
07/02/2015 1.541 3.0196
08/03/2015 1.5688 3.0619
09/02/2015 1.5949 2.9769
10/02/2015 1.6178 3.0178
11/02/2015 1.6422 3.0581
12/02/2015 1.6649 3.0999
01/04/2016 1.6907 3.1413
02/02/2016 1.7133 3.1772
03/02/2016 1.7341 3.2175
04/04/2016 1.7596 3.2571
05/03/2016 1.7811 3.2943
06/02/2016 1.8041 3.3333
07/05/2016 1.8284 3.3726
08/02/2016 1.8497 3.4069
09/02/2016 1.8732 3.2351
10/03/2016 1.8927 3.2677
11/02/2016 1.9124 3.2983
12/02/2016 1.9311 3.3307
01/03/2017 1.9518 3.3628
02/02/2017 1.9712 3.3913
03/02/2017 1.9868 3.4221
04/03/2017 2.0072 3.4526
05/02/2017 2.0249 3.4819
06/02/2017 2.0446 3.5122
07/03/2017 2.0634 3.5422
08/02/2017 2.0822 3.5729
09/05/2017 2.1034 3.4131
10/02/2017 2.1175 3.4361
11/02/2017 2.1344 3.4621
12/04/2017 2.1509 3.4876
01/02/2018 2.1667 3.5109
02/02/2018 2.1833 3.5339
03/02/2018 2.1959 3.5582
04/03/2018 2.2129 3.5821
05/02/2018 2.2276 3.6062
06/04/2018 2.2449 3.6303
07/02/2018 2.2589 3.6515
08/02/2018 2.2751 3.6758
09/04/2018 2.2922 3.5384
10/02/2018 2.3044 3.5573
11/02/2018 2.3186 3.5774
12/03/2018 2.332 3.5973
01/02/2019 2.3456 3.6174
02/04/2019 2.3605 3.6356
03/04/2019 2.3708 3.6545
04/02/2019 2.3839 3.6718
05/02/2019 2.3965 3.6911
06/03/2019 2.4106 3.7093
07/02/2019 2.4227 3.727
08/02/2019 2.4363 3.7457
09/03/2019 2.4502 3.6046
10/02/2019 2.4607 3.6207
11/04/2019 2.4732 3.6361
12/02/2019 2.4832 3.6505
01/02/2020 2.495 3.6663
02/03/2020 2.507 3.6806
03/02/2020 2.5161 3.6949
04/02/2020 2.5276 3.7106
05/05/2020 2.539 3.7253
06/02/2020 2.5494 3.7379
07/02/2020 2.5597 3.7525
08/03/2020 2.5714 3.7592
09/02/2020 2.5822 3.5481
10/02/2020 2.5904 3.5595
11/02/2020 2.5996 3.5703
12/02/2020 2.6076 3.582
01/04/2021 2.6172 3.5929
02/02/2021 2.6256 3.6019
03/02/2021 2.6316 3.614
04/06/2021 2.6416 3.6241
05/04/2021 2.6489 3.6339
06/02/2021 2.6572 3.6431
07/02/2021 2.665 3.6533
08/02/2021 2.6736 3.6633
09/02/2021 2.6823 3.9381
10/04/2021 2.6925 3.9501
11/02/2021 2.7025 3.9608
12/02/2021 2.712 3.9734
01/04/2022 2.7231 3.9848
02/02/2022 2.7329 3.9943
03/02/2022 2.7403 4.0065
04/04/2022 2.7512 4.017
05/03/2022 2.7601 4.0277
06/02/2022 2.77 4.0389
07/05/2022 2.78 4.0494
08/02/2022 2.7892 4.0588
09/02/2022 2.7992 3.7476
10/03/2022 2.8061 3.7554
11/02/2022 2.8134 3.7625
12/02/2022 2.8201 3.7705
01/03/2023 2.8278 3.7778
02/02/2023 2.835 3.784
03/02/2023 2.8398 3.7918
04/03/2023 2.8473 3.7986
05/02/2023 2.8535 3.8054
06/02/2023 2.8608 3.8124
07/03/2023 2.8673 3.8192
08/02/2023 2.8743 3.8266
09/05/2023 2.882 3.8326
10/02/2023 2.8876 3.8386
11/02/2023 2.8946 3.8453
12/04/2023 2.9012 3.8515
01/02/2024 2.9077 3.8573
02/02/2024 2.9146 3.8633
03/04/2024 2.9202 3.8693
04/02/2024 2.9266 3.8745
05/02/2024 2.9326 3.8807
06/03/2024 2.9395 3.886
07/02/2024 2.9452 3.8915
08/02/2024 2.9518 3.8973
09/03/2024 2.9586 3.9023
10/02/2024 2.9642 3.9081
11/04/2024 2.971 3.9128
12/02/2024 2.9763 3.9177
01/02/2025 2.9828 3.923
02/03/2025 2.9893 3.9269
03/03/2025 2.9934 3.9322
04/02/2025 2.9995 3.9365
05/02/2025 3.005 3.9412
06/02/2025 3.0112 3.9455
07/02/2025 3.0166 3.9507
08/04/2025 3.0231 3.9332
09/02/2025 3.0288 3.6228
10/02/2025 3.0322 3.6258
11/03/2025 3.0364 3.628
12/02/2025 3.0397 3.6306
01/02/2026 3.0437 3.633
02/02/2026 3.0477 3.6347
03/02/2026 3.0497 3.6375
04/02/2026 3.0536 3.6402
05/05/2026 3.0572 3.6422
06/02/2026 3.0608 3.6439
07/02/2026 3.064 3.6464
08/03/2026 3.0679 3.6483
09/02/2026 3.0716 3.65
10/02/2026 3.0748 3.6521
11/02/2026 3.0785 3.6538
12/02/2026 3.0816 3.6562
01/04/2027 3.0855 3.6577
02/02/2027 3.089 3.6587
03/02/2027 3.0907 3.6608
04/02/2027 3.0944 3.6627

fdba Emory Blaine and BBA or otherwise trying to find the perfect pseudonym.

In reply to blackcleo
10/6/10

blackcleo:
First, let me clarify my initial comment. I was questioning why a forward libor curve would be needed. My bad, I left out the word forward. There's a difference between a forward libor curve and a libor yield curve - that's all I was pointing out.

Do LBOs use floating rates, sure. But, the majority are done using fixed rate term loans. And the majority of loans in a CLO are fixed rate. I supposed everyone sees different things, but that's what I saw and worked on while at GS and at my current gig.

Were you a janitor at GS?

10/6/10

I worked at a MM shop and all of the senior debt was L+.

fdba Emory Blaine and BBA or otherwise trying to find the perfect pseudonym.

10/6/10

Was not a janitor - was a Senior Facility Maintenance Engineer. All kidding aside, I guess I show my age from the days when virtually all term loans were fixed rate. Just exchanged emails with a few friends - MD at a BB DCM, CEO of a Regional Bank, and Attorney specializing in finance. I can definitely confirm that there's still plenty of fixed rate lending on terms loans used for LBOs; however, banks and CLOs are quick to swap them out to floating to avoid interest rate risk. There are also CLO-driven floating rate term loans which now make up a sizeable portion of the LBO financing market (50-65% was the range estimated).

I'm big enough to admit that I wasn't up to speed on the availability of the floating rate term loans, but it appears that there are also still plenty of fixed rate term loans - but this makes sense because as a borrower it's natural to want to lock in today's low rates.

Nuf said?

In reply to blackcleo
10/8/10

blackcleo:
Was not a janitor - was a Senior Facility Maintenance Engineer. All kidding aside, I guess I show my age from the days when virtually all term loans were fixed rate. Just exchanged emails with a few friends - MD at a BB DCM, CEO of a Regional Bank, and Attorney specializing in finance. I can definitely confirm that there's still plenty of fixed rate lending on terms loans used for LBOs; however, banks and CLOs are quick to swap them out to floating to avoid interest rate risk. There are also CLO-driven floating rate term loans which now make up a sizeable portion of the LBO financing market (50-65% was the range estimated).

I'm big enough to admit that I wasn't up to speed on the availability of the floating rate term loans, but it appears that there are also still plenty of fixed rate term loans - but this makes sense because as a borrower it's natural to want to lock in today's low rates.

Nuf said?

I think you have it the other way around. (I don't want to say never...) but you usally will ahve floating rate term loans and if the company wants, it can pay a premium and do an interest rate swap to hedge against future interest rate volatility. However, that is not the norm. but it does happen.

Go and read any credit agreement or offering memorandum... theyr'e all (or mostly all) floating rate. that's what my group has seen, that's what is marketed to investors, and that's what we use in our models.

So, yes, you will need a forward 3-mo libor for TL's.

11/29/10

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In reply to thaTHRILLA
11/29/10

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