Ilona Andrews is a pen name used by the writing team of Ilona and Andrew Gordon. They are known for their series of books centered around magic. The series is set in alternate versions of our world, where magic and supernatural elements are very much present. One of their most popular series is the Kate Daniels series. It follows the adventures of the main character, Kate Daniels, a strong-willed and skilled swordswoman. In this series, magic comes in waves, alternating with technology.
The ARRC published recommended best practices that outline key transition milestones that market participants should aim to meet across floating rate notes, business loans, consumer loans, securitizations, and derivatives. The best practices outline recommended timelines for when robust fallback language should be incorporated, and dates after which no new USD LIBOR-based activity should be conducted. These best practices build on the ARRC’s 2020 Objectives, which aim to advance the ARRC’s work and mission.
In 2017, the ARRC selected SOFR as the rate that represents best practice for use in certain new USD derivatives and other financial contracts, representing the ARRC s preferred alternative to USD LIBOR. In addition, Federal Reserve Board staff members have published a FEDS note that includes data on indicative compound averages of SOFR and, based on a methodology they have proposed, estimated forward-looking term rates, that will be updated periodically.
In this series, magic comes in waves, alternating with technology. When magic is up, technology fails, and vice versa. With this unique concept, the authors create a rich and captivating world filled with magic, mythical creatures, and powerful characters.
Magic move sofr
The industry has been aware for some time now that the London Interbank Offered Rate (“LIBOR”) is due to be phased out of the United States, Britain and other markets by the end of 2021. The LIBOR is currently used in all kinds of financial transactions around the globe, including as a benchmark index for the setting of mortgage rates. If the LIBOR will no longer be available, the mortgage industry must move to a new benchmark rate to replace the large number of all new adjustable-rate mortgage loans which currently use LIBOR, as well as those already closed with interest change dates that will occur after 2021.
LIBOR is based on the reported interest rate at which banks borrow from and lend to each other in the unsecured short-term market. Every day panel banks submit their best estimate of the interest rate to LIBOR’s administrator, the Intercontinental Exchange (“ICE”). ICE uses a methodology of “trimmed means,” which means they trim off the top and bottom 25% of the submitted rates and average the remainder to come up with the LIBOR. The banks use their own judgment and models to determine the reported rates, which came under criticism after scandals in 2012-2013 broke in which several banks were accused of manipulating the rate to their own advantage.
The goal is to move to a more stable, trusted and reliable benchmark. The Federal Reserve Board and the Federal Reserve Bank of New York (“FRBNY”) convened the Alternative Reference Rates Committee (“ARRC”) to identify an alternative to LIBOR. In June 2017, ARRC selected the Secured Overnight Financing Rate (“SOFR”) as its recommended alternative reference rate for U.S. dollar-denominated loans and derivatives. Other overnight rates are being established to cover the UK (e.g., the Sterling Overnight Interbank Average Rate), Europe, Switzerland, and Japan.
SOFR differs from LIBOR in that it is calculated from actual trades, not estimates. It is based on repurchase agreement interest rates on U.S. Treasury securities. A repurchase agreement is a secured loan where one party sells a security to another party and agrees to repurchase it later at a set date and price. According to the FRBNY, the SOFR is calculated as a volume-weighted median of relevant transactions and published by the FRBNY at 8 a.m., Eastern Time, each business day.
The Federal Reserve Board has urged accelerating adoption of the alternatives to LIBOR. To that end, both Fannie Mae and Freddie Mac announced May 17, that effective immediately, they will no longer purchase LIBOR ARMs that are roughly more than six months old at time of purchase. The stated goal of this change is to facilitate movement away from the LIBOR.
Key points to note on synthetic LIBOR:
Another notable series by Ilona Andrews is the Hidden Legacy series. Set in a world where powerful families possess magical abilities, this series focuses on Nevada Baylor and her efforts to protect her family's business and uncover the truth behind her father's death. The series combines urban fantasy, romance, and mystery elements to create a thrilling and engaging storyline. The Iron Covenant series is a spin-off of the Kate Daniels series, following the character of Hugh d'Ambray, a former warlord and antagonist in the original series. This series delves into Hugh's journey of self-discovery and redemption, as well as his complicated relationship with Elara Harper, a powerful magic user. Overall, Ilona Andrews has crafted a collection of series that explore the possibilities and consequences of living in a world where magic is real. Their books are filled with action, adventure, romance, and intricate world-building. The main theme that runs through these series is the power of magic and how it shapes the lives of the characters. Whether it's Kate Daniels fighting to protect her city, Nevada Baylor uncovering family secrets, or Hugh d'Ambray seeking redemption, these stories demonstrate that magic can be both a blessing and a curse..
Reviews for "The Spellbinding World of Ilona Andrews' Magic Series"
1. Jane - 2/5 - I found the series of books by Ilona Andrews centered around magic to be quite disappointing. The plot was convoluted and confusing, with too many subplots that never seemed to tie together. Additionally, the characters felt one-dimensional and lacked depth, making it difficult to connect or empathize with them. The writing style was decent, but it couldn't salvage the overall lackluster experience. Overall, I was left unsatisfied and uninterested in continuing with the series.
2. Mark - 1/5 - I cannot express enough how much I disliked the series of books by Ilona Andrews centered around magic. The world-building was incredibly weak, lacking sufficient explanations and leaving me with more questions than answers. The magic system seemed arbitrary and inconsistent, which further added to my frustration. The characters were unremarkable and their motivations were often unclear. The pacing of the story was slow and tedious, making it a struggle to get through each chapter. I was deeply disappointed with this series and would not recommend it to anyone looking for a well-crafted magical adventure.
3. Emily - 2/5 - I had high hopes for the series of books by Ilona Andrews centered around magic, but unfortunately, it fell short of my expectations. The plot was predictable and lacked originality, following the same tropes and clichés found in countless other fantasy novels. The dialogue felt forced and unnatural, making interactions between characters feel awkward and stilted. The world-building, while interesting in concept, was poorly executed, leaving me feeling detached from the story. On the positive side, the action scenes were well-written and provided brief moments of excitement. However, overall, I was left unimpressed and underwhelmed by this series.