News & Analysis as of

International Swaps and Derivatives Association Libor

Cadwalader, Wickersham & Taft LLP

Springing into Q2 April 2023 - LIBOR Transition Update: Synthetic LIBOR Is Here

Back in March of 2021, we covered a number of developments pertaining to the end of LIBOR that came out of certain announcements made early that month by the Intercontinental Exchange Benchmark Administration (the “IBA”),...more

Cadwalader, Wickersham & Taft LLP

FCA Compels the Publication of ‘Synthetic’ USD LIBOR

After USD LIBOR stops being published on June 30, 2023, “synthetic” USD LIBOR will continue to be published for a limited period, according to the UK’s Financial Conduct Authority (“FCA”). The FCA said that the “synthetic”...more

Mayer Brown Free Writings + Perspectives

FCA Synthetic LIBOR Announcement

On April 3, 2023 the U.K. Financial Conduct Authority (“FCA”) announced that it will require the administrator of U.S. dollar LIBOR to continue to publish one, three and six-month U.S. dollar LIBOR settings until September...more

Ballard Spahr LLP

LIBOR to Survive Until September 30, 2024

Ballard Spahr LLP on

Summary - The UK Financial Conduct Authority (FCA) recently announced the results of its November 2022 consultation on synthetic USD LIBOR. In line with the FCA consultation, USD LIBOR will continue to be published by the...more

ArentFox Schiff

The End of LIBOR: Final Countdown

ArentFox Schiff on

With USD LIBOR expected to end on June 30, 2023, there are numerous legal and financial implications to consider, especially as the pace of remediation of leveraged loans (and other commercial loans) needs to progress further...more

Cadwalader, Wickersham & Taft LLP

FCA Seeks Feedback on ‘Synthetic’ USD LIBOR

On November 23, the UK’s Financial Conduct Authority (“FCA”) released its further consultation to require the administrator of LIBOR to publish a synthetic version of 1-, 3-, and 6-month U.S. dollar LIBOR settings for a...more

ArentFox Schiff

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

ArentFox Schiff on

The death of the London InterBank Offered Rate (LIBOR) in the US may involve its coming back to life through ‘Zombie’ LIBOR. A parallel resurrection occurred in connection with Yen LIBOR and Pound LIBOR on New Year’s Eve...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

Pillsbury Winthrop Shaw Pittman LLP

Prepare for Arrival: Aviation Finance Transitions to SOFR

Term SOFR emerges as the new market standard for aviation financing and leasing transactions. Market standards are evolving in new SOFR-based financings, including with respect to market disruption, breakage costs and...more

Cadwalader, Wickersham & Taft LLP

Priorities for Derivatives Markets from ISDA's Annual General Meeting

The first in-person ISDA annual general meeting (“AGM”) after the COVID-19 pandemic is wrapping up today in Madrid, Spain. This conference follows the Futures Industry Association Law and Compliance (“FIA L&C”) annual...more

Cadwalader, Wickersham & Taft LLP

Cadwalader Corner Q&A: Morgan Stanley's Thomas Wipf, Chairman of the Federal Reserve's Alternative Reference Rates Committee

Earlier last week the President signed Federal legislation addressing LIBOR transition for legacy contracts. As Chair of the Alternative Reference Rates Committee, what does that mean for the financial markets?...more

Eversheds Sutherland (US) LLP

Anticipating the end: IRS finalizes LIBOR transition guidance

Since the announcement was made that the London Interbank Offered Rate (LIBOR) was to be discontinued, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have released three pieces of guidance...more

Holland & Knight LLP

CFPB Issues Final Libor Transition Rules

Holland & Knight LLP on

The Consumer Financial Protection Bureau (the Bureau) has issued final regulations (Final Regulations) to facilitate the transition away from Libor (the London Interbank Offered Rate) in the consumer credit market and to...more

ArentFox Schiff

Federal Law to the Rescue?

ArentFox Schiff on

Snidely Whiplash kidnaps Nell and, in the show’s opening, ties her to the railroad tracks to get even with his nemesis, Dudley Do-Right, of the famed Royal Canadian Mounted Police. Menacing music plays. In each episode,...more

A&O Shearman

LIBOR transition and loan hedging: basis risk and how to deal with it

A&O Shearman on

Global LIBOR transition efforts continue apace. However, switching hedged loans to risk free rates is a particularly challenging area. We discuss what borrowers, lenders and hedge providers really need to focus on in order...more

Mayer Brown Free Writings + Perspectives

Market Trends 2020/21: Medium-Term Note Programs

This practice note examines recent market trends regarding medium-term note programs (MTN programs), providing an overview of the market in 2020 and 2021 with a focus on general deal structure and process, and disclosure...more

Holland & Knight LLP

IRS Promotes Use of Fallback Language to Assist with Libor, IBOR Transition

Holland & Knight LLP on

The Internal Revenue Service (IRS) released Revenue Procedure 2020-44 to assist the market's transition from the London Interbank Offered Rate (Libor) and other interbank offered rates (IBORs) to alternative reference rates...more

ArentFox Schiff

Buckle Your Seatbelts: Tax Ramifications of the LIBOR Transition

ArentFox Schiff on

Although this article is focused on tax-exempt debt, the tax ramifications of the LIBOR transition are not limited to the municipal finance world, and the elimination of LIBOR may also have a significant impact on taxable...more

Jones Day

Australian Financial Services Regulatory Update - July 2021

Jones Day on

This edition of the Update covers: Key Legal and Regulatory Developments Financial Markets The Australian Regulators Reiterate Their Expectations for a Smooth Transition Away From LIBOR On 4 June 2021, ASIC, APRA, and the RBA...more

ArentFox Schiff

LIBOR Transition Comparison: US vs. UK (Focusing on Interdealer Brokers)

ArentFox Schiff on

As part of the ongoing transition from the London InterBank Offering Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) recommended by the Alternative Reference Rates Committee (ARRC) as an alternative rate, an...more

Morgan Lewis

New York Enacts Legislative ‘Fix’ for Legacy LIBOR Contracts Governed by NY Law; Will a Federal Fix Be Next?

Morgan Lewis on

The State of New York has enacted a new law that should ease the transition away from US dollar LIBOR for legacy financial contracts that are governed by New York law but do not contain modern benchmark fallback provisions. ...more

K&L Gates LLP

The End is Nigh-Bor For Good Old LIBOR: Important Transition Dates as New York Legislative Fix Becomes Law

K&L Gates LLP on

This is an update on recent events in the cessation of the London Inter-bank Offered Rate (LIBOR): InterContinental Benchmark Exchange (ICE), the organization that administers and announces LIBOR, and the United Kingdom’s...more

McGuireWoods LLP

LMA Publishes Note on the Use of Forward-Looking Term SONIA Reference Rates

McGuireWoods LLP on

On March 26, 2021, the LMA published a note outlining considerations for market participants relating to the use of forward-looking term SONIA reference rates (Term SONIA Rates)....more

Latham & Watkins LLP

FCA Confirms Dates for Cessation of LIBOR Benchmarks

Latham & Watkins LLP on

On 5 March 2021, the UK’s Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration...more

White & Case LLP

Announcements Trigger LIBOR Fallback Provisions: What That Means for the US Syndicated Loans and Derivatives Markets

White & Case LLP on

Recent statements by LIBOR authorities in the UK have implications for benchmark fallbacks in US documents. The UK’s Financial Conduct Authority ("FCA") and ICE Benchmark Administration ("IBA") released statements1 on...more

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