News & Analysis as of

Libor Interest Rates Banking Sector

ArentFox Schiff

The End of LIBOR: Hotel California Edition (Part I)

ArentFox Schiff on

Although July 3 was the first business day on which no USD LIBOR was published, many financial instruments will not reset until the next reset date, based upon the tenor of each instruments’ underlying benchmark, which could...more

A&O Shearman

USD LIBOR panel has ceased…what now?

A&O Shearman on

June 30th has passed and one-, three- and six-month USD LIBOR settings have ceased to be published. As confirmed by the FCA on 3 April 2023, the ICE Benchmark Administration (IBA) has begun publishing non-representative...more

Cadwalader, Wickersham & Taft LLP

FCA Announces That USD LIBOR Is Not Representative

The last publication of USD LIBOR on the basis of panel bank submissions occurred on June 30, 2023. As of July 3, 2023, 1-, 3- and 6-month USD LIBOR settings will be calculated using a synthetic methodology based on CME Term...more

Sullivan & Worcester

Drawing the line – Where are we now on USD LIBOR transition in the trade finance sector?

Sullivan & Worcester on

Jacqueline Cook, Of Counsel and Larissa Head, Trainee Solicitor, provide an update on the transition away from USD LIBOR with the deadline of 30 June 2023 upon us. What do market participants in the trade finance industry...more

Goodwin

Debt Download - May 2023

Goodwin on

Welcome to Debt Download, Goodwin’s monthly newsletter covering what you need to know in the leveraged finance market. We hope you are enjoying the Spring weather! Note: Some of the links in this newsletter may redirect...more

Williams Mullen

[Webinar] M&A Series: LIBOR Y2K: Implications of the End of LIBOR on your Transactions and Rates - February 21st, 11:00 am - 11:30...

Williams Mullen on

...join us for the next installment of our M&A Webinar Series, in which Matt Cheek, the chair of our Banking & Finance practice, will provide attendees with a high level overview of the history of the LIBOR floating rate, the...more

Seyfarth Shaw LLP

Briefing on LIBOR Replacement in Legacy Contracts: The Federal Reserve Brings Regulatory Life to the LIBOR Act

Seyfarth Shaw LLP on

As 2022 drew to a close, the Board of Federal Governors of the Federal Reserve System (Federal Reserve) adopted a final rule addressing “legacy contracts” in order to avert financial chaos due to potential breaches of...more

ArentFox Schiff

The End of LIBOR: New Year’s Resolutions

ArentFox Schiff on

Last year, the United Kingdom Financial Conduct Authority (UK FCA) announced the following: - ‘Zombie’ USD LIBOR for proposed use from July 1, 2023, through September 30, 2024, except for cleared derivatives - 1-Month and...more

Nutter McClennen & Fish LLP

Nutter Bank Report: December 2022

The Federal Reserve has adopted a final rule that provides benchmark replacement rates based on SOFR (Secured Overnight Financing Rate) for contracts governed by U.S. law that reference the overnight and one-, three-, six-,...more

Ballard Spahr LLP

The End is Near: Fed Issues Final USD LIBOR Transition Rule for Tough Legacy Contracts

Ballard Spahr LLP on

Summary - The Federal Reserve Board last week adopted a final rule that implements the Adjustable Interest Rate (LIBOR) Act (the LIBOR Act). The LIBOR Act identifies benchmark rates based on the Secured Overnight Financing...more

A&O Shearman

Term SOFR: six months on

A&O Shearman on

In May 2022 we reported that where Term SOFR was being used widely in U.S. loans; its use in other markets was more limited. Six months on, how has the picture changed?...more

Holland & Knight LLP

Libor Steaming Toward June 2023 Transition

Holland & Knight LLP on

The U.S. dollar London Interbank Offered Rate (Libor) publication is scheduled to end by June 30, 2023. With roughly nine months to go as of this writing, parties still have time to make modifications to existing debt...more

McGuireWoods LLP

Q1 2022 Update on LIBOR Transition Developments

McGuireWoods LLP on

Since passing the December 31, 2022 “no new LIBOR” line-in-the-sand drawn by regulators, the pace of new developments in LIBOR transition has slowed as various markets have adapted to pricing transactions at SOFR or some...more

Orrick, Herrington & Sutcliffe LLP

Tough Legacy Made Easy: An Overview of the Federal LIBOR Legislation

On March 15, President Biden signed, as part of a larger appropriations act, legislation known as the “Adjustable Interest Rate (LIBOR) Act,” which addresses “tough legacy” contracts that do not provide for the use of clearly...more

Dechert LLP

SOFR:  The Face That Launched a Thousand Ships Was Photo-Shopped!

Dechert LLP on

Why I’m bothering to write about SOFR transition at this point is a bit of a mystery.  Hasn’t this topic now finally exhausted both our energy and interest?  Oh, and a European war is being fought as I write which, to say the...more

Kramer Levin Naftalis & Frankel LLP

Final Treasury Regulations Cushion Potential Tax Ramifications of Vanishing LIBOR

On Jan. 4, 2022, the Department of the Treasury (Treasury) and the Internal Revenue Service (the Service) published final regulations (the Final Regulations) offering guidance to taxpayers with respect to the widely reported...more

A&O Shearman

UK Conduct Regulator's Rules for Use of Synthetic Sterling and Yen LIBOR Enter Into Force

A&O Shearman on

The U.K. Financial Conduct Authority's new rules permitting legacy use of certain synthetic sterling and yen LIBOR settings enter into force today. The FCA has published its final notice confirming that ICE Benchmark...more

A&O Shearman

UK Regulator Confirms Legacy Use of Synthetic LIBOR

A&O Shearman on

The U.K. Financial Conduct Authority has confirmed that the use of  certain synthetic sterling and yen LIBOR settings will be permitted until the end of 2022 for legacy LIBOR-referencing contracts, other than cleared...more

Morrison & Foerster LLP

House Passes Adjustable Interest Rate (LIBOR) Act of 2021

Morrison & Foerster LLP on

On Wednesday, December 8, 2021, the U.S. House of Representatives passed the Adjustable Interest Rate (LIBOR) Act of 2021, which facilitates the transition away from the London Interbank Offered Rate (LIBOR). For U.S. dollar...more

Mitratech Holdings, Inc

What’s the OCC Banking Regulatory Outlook for 2022?

As the year’s end approaches, the US Office of the Comptroller of the Currency (OCC), a primary US banking regulator, has published its Banking Supervision Operating Plan for 2022. As you might expect, much of the OCC’s...more

Dechert LLP

2021 Golden Turkeys

Dechert LLP on

Welcome, dear reader, to our annual Golden Turkey Awards.  But for my commitment to absolute fairness and concern over the appearance of impropriety, I would have awarded the first Golden Turkey Award to Dechert for actually...more

Dechert LLP

LIBOR and SOFR:  Welcome to a Two-Speed Market?

Dechert LLP on

The Great Index Reformation is coming.  (I note in passing that the last Reformation led to the 100 Years War…just saying.)  This is a massive change to our market that did not bubble up from the great unwashed on the...more

ArentFox Schiff

As Halloween Approaches, 'Zombie' LIBOR Is Scheduled to Appear

ArentFox Schiff on

On September 29, 2021, the UK Financial Conduct Authority (UK FCA) proposed that synthetic LIBOR rates (i.e. ‘Zombie’ LIBOR) be published next year for certain currencies, for a maximum of ten (10) years. In addition, it also...more

Dechert LLP

Term SOFR is Here - The ARRC Recommends CME Group’s Term SOFR Rates for Use

Dechert LLP on

An update from the Dechert LIBOR taskforce - On July 29, 2021, the Alternative Reference Rates Committee (the “ARRC”) formally recommended the forward-looking term rates based on the secured overnight financing rate (“SOFR”)...more

Sheppard Mullin Richter & Hampton LLP

ARRC Formally Recommends Term SOFR

As expected, on July 28, 2021, the Alternative Reference Rates Committee (ARRC) formally recommended the CME’s SOFR Term Rate. The SOFR Term Rate is known in advance of the related interest period and provides an indicative,...more

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