担保隔夜融资利率 Secured Overnight Financing Rate/SOFR

在美元LIBOR逐步停用后，对于以美元计价的贷款和证券，ARRC（替代参考利率委员会，Alternative Reference Rates Committee）确定并建议将担保隔夜融资利率（SOFR）作为新基准。

SOFR是Secured Overnight Financing Rate的缩写，由美国国债抵押品的隔夜回购利率计算得出。这里需要注意的是，LIBOR是无担保贷款的利率，但SOFR是有担保的利率，而不是无担保的。所谓的有担保就是以美国国债作为抵押，并且资金仅借出一个工作日的融资利率。

The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. The SOFR includes all trades in the Broad General Collateral Rate plus bilateral Treasury repurchase agreement (repo) transactions cleared through the Delivery-versus-Payment (DVP) service offered by the Fixed Income Clearing Corporation (FICC), which is filtered to remove a portion of transactions considered “specials”. Note that specials are repos for specific-issue collateral, which take place at cash-lending rates below those for general collateral repos because cash providers are willing to accept a lesser return on their cash in order to obtain a particular security. 具体例句如下，供参考，以加深对该术语的理解：

例句1

The Secured Overnight Financing Rate (SOFR) is intended to replace the US dollar London Interbank Rate (US LIBOR) in future financial contracts. SOFR was selected by the Alternative Reference Rates Committee (ARRC) chaired by the New York Federal Reserve in 2017.

担保隔夜融资利率(SOFR)旨在取代未来金融合约中的美元伦敦银行同业拆息。SOFR于2017年被纽约美联储主持的替代参考利率委员会(ARRC)选中。

例句2

SOFR is the average rate at which institutions can borrow US dollars overnight while posting US Treasury bonds as collateral. Similar to a mortgage rate, SOFR is a secured borrowing rate in the sense that collateral is provided in order to borrow cash. SOFR differs from US LIBOR in that the latter is a rate for unsecured borrowing (where no collateral is posted).

担保隔夜融资利率(SOFR)是机构借入美元隔夜拆借并以美国国债作为抵押品的平均利率。与抵押贷款利率类似，SOFR是一种有担保的借款利率，也就是说，为了借入现金，需要提供抵押品。SOFR不同于美国伦敦银行同业拆借利率，后者是一种无担保借款利率（没有抵押品）。

例句3

The Secured Overnight Financing Rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing the London Interbank Offered Rate (LIBOR). Interest rate swaps on more than $80 trillion in notional debt switched to the SOFR in October 2020. This transition is expected to increase long-term liquidity but also result in substantial short-term trading volatility in derivatives.

担保隔夜融资利率(SOFR)是以美元计价的衍生品和贷款的基准利率，它将取代伦敦银行同业拆借利率(LIBOR)。2020年10月，超过80万亿美元名义债务的利率互换转向SOFR。这种转变预计会增加长期流动性，但也会导致衍生品交易的大幅短期波动。

例句4

The Secured Overnight Financing Rate, or SOFR, is an influential interest rate that banks use to price U.S. dollar-denominated derivatives and loans. The daily Secured Overnight Financing Rate (SOFR) is based on transactions in the Treasury repurchase market, where investors offer banks overnight loans backed by their bond assets.

担保隔夜融资利率(SOFR)是一种有影响力的利率，银行用它来为以美元计价的衍生品和贷款定价。每日担保隔夜融资利率(SOFR)基于国债回购市场的交易，投资者向银行提供由其债券资产支持的隔夜贷款。

相关知识拓展：

担保隔夜融资利率（SOFR）以美国国债作为抵押品，是一个用来计算隔夜借贷成本的广泛指标。芝商所SOFR期货具有SOFR价格发现功能，与流动性较高的欧洲美元期货、联邦基金期货和美国国债期货一同交易，为投资者提供价差套利的机会，其保证金制度更提高资本使用效率。

SOFR以美国国债回购市场的交易为基础，而美国国债回购市场是银行和投资者对美国国债进行隔夜借贷的场所。SOFR是衡量以美国国债为抵押物的隔夜拆借资金成本的一个广泛指标。SOFR以美国国债回购市场的交易以及可观察的交易数据为基础。SOFR以抵押交易为基础，每日进行发布，几乎不包含任何信用风险。

SOFR被国际掉期与衍生品协会选为美元LIBOR的后备利率，纳入其IBOR后备方案补编和协议，这一利率将在LIBOR逐步停用后，适用于衍生品市场。