Reports of potential trouble in commercial real estate lending have steadily increased this year. Per the Wall Street Journal, a record number of commercial mortgages are expiring in 2023. Prices for commercial...more
...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
On April 7, 2021, the proposed New York “legislative solution” for legacy USD LIBOR contracts became Article 18-C of the New York General Obligations Law. Article 18-C is primarily aimed at USD LIBOR contracts, securities or...more
This alert provides a brief summary of a recent development that may impact borrowers that hedge floating rate debt. ...more
Since the end of 2017, we have been talking about the discontinuation of LIBOR as a reference rate for borrowers who finance with floating rate loans. The December 2021 end date is fast approaching, but much work remains to...more
Basis Risk of Floating Rate Loans - In connection with the likely cessation of LIBOR as a viable index at the end of 2021 or earlier, any borrower with floating rate loans based on LIBOR that has hedged, or plans to hedge,...more
On May 27, 2020, the US Alternative Reference Rates Committee (ARRC) published updated best practices guidance, including a summary factsheet, complete best practices guidance and a graphical timeline. ...more
On May 27, 2020, the Alternative Reference Rates Committee (“ARRC”) published recommended best practices for preparing for the end of USD LIBOR (the “Best Practices”). The Best Practices aim to provide appropriate target...more
Costs associated with LIBOR's discontinuation could tip the scale in favour of fixed-rate loans in real estate finance. LIBOR's phasing out in 2021 is set to shake up the real estate finance market, amplifying the appeal...more