More institutional deals get done without a CSA this month

Chart

The institutional loan market has mostly shifted to a term SOFR base rate this year. While there are a few deals that have been done at a spread over Libor, these are on the decline.
 
Only 11% of institutional term loans so far in February have been priced off the Libor rate. As the market adapts to the new SOFR benchmark, there are different approaches when it comes to credit spreads adjustments (CSA).