Competing Benchmarks in the Transition from LIBOR

Weil, Gotshal & Manges LLP

As has been widely communicated, on July 27, 2017, the United Kingdom’s Financial Conduct Authority (the “FCA”), announced that the London Interbank Offered Rate (“LIBOR”) would be phased out by 2021. Subsequently, on March 5, 2021, the FCA extended this time period for certain LIBOR tenors, announcing that 1-week and 2-month LIBOR would still cease after December 31, 2021, but all other LIBOR tenors for all other currencies would be published until June 30, 2023.

In the aftermath of the FCA announcements, the loan market has been scrambling to build consensus around a prevailing alternative rate to replace LIBOR and to agree the requisite spread adjustments and related mechanics necessary to operationalize such rate.

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