SOFR has long been the anointed successor to LIBOR, but it just hasn’t been very successful despite a maximum pressure campaign from the official sector. GSEs issued a lot of SOFR linked debt, SOFR futures launched, clearing houses transitioned to SOFR discounting, and New York State passed legislation to automatically move legacy LIBOR contracts to SOFR. Yet, LIBOR exposure has grown from $199t in 2016 to $223t today. Amidst the on-going transition, Bloomberg launched its own LIBOR replacement to immediate …