Dan Krieter and Dan Belton provide an update on the SOFR/LIBOR transition at the halfway point between July 2017, when Andrew Bailey’s comments kickstarted the process, and December 2021, the current proposed deadline for the cessation of LIBOR. Topics include: the proliferation of the SOFR-linked FRN market, the construction of a term structure for SOFR, progress on ISDA’s credit spread adjustment equating SOFR to LIBOR in the future, the impact of recent repo market volatility on the transition, and finally, whether or not LIBOR will exist beyond 2021.