(Bloomberg) As finance milestones go, what happened Tuesday in the U.S. leveraged-loan market isn’t going to catch fire in the public consciousness. This is not the Dow Jones Industrial Average hitting some five-digit number for the first time.
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The announcement of a new loan marketed by JPMorgan Chase and tied to the Secured Overnight Financing Rate raises hopes that the leveraged-loan market is finally making a real attempt to ditch Libor.