LIBOR during the same period, however, remained basically constant. Of course, this is the difference between a rate like LIBOR that is set through a panel of banks based on predictions about the future and a rate like SOFR based on actual market events. Nevertheless, ARRC’s faith in SOFR has apparently not been shaken (at least so far) and so it is on track to become the new replacement for LIBOR in dollar-dominated instruments. Meanwhile, Intercontinental Exchange is still pushing alternative approaches sometimes not so subtly. For example, ICE’s Benchmark Administration Limited (“IBA”) has let it be known that, while it supports a transition from LIBOR, it expects certain LIBOR quotes to be continued after the putative end date for LIBOR of December 31, 2021. Meanwhile, IBA has been touting its own index, the U.S. Dollar ICE Bank Yield Index, as an alternative to the government-sponsored indices. So LIBOR replacement will continue to be an ongoing story as we approach LIBOR’s uncertain demise.