It used to be all so simple. Corporates, wanting to borrow at a floating rate, could take out loans or issue bonds safe in the knowledge that it could be underpinned by LIBOR, a benchmark that, for all its flaws, was easy to use and used the world over. No longer. LIBOR, or to give it its full name the London Interbank Offered Rate, is in its death throes.

1. What have been the main difficulties associated with the phasing out of LIBOR? 

2. What are the benefits of SONIA over its predecessor?