Pimco calls for urgency on Libor transition

Bond giant wants SOFR rate published “sooner rather than later”; BlackRock raises questions over liquidity

The world’s largest fund managers have aired concerns about the current timeline for switching from the discredited interest rate benchmark Libor, to a new near risk-free rate.

Pimco, the second-biggest US fixed income manager, urged regulators to publish the recently announced Secured Overnight Financing Rate (SOFR) as soon as possible to kick-start the process. BlackRock, the largest money manager in the world, says the pace of the transition to the new benchmark will be dictated by liquidity