News & Analysis as of

Libor

Cadwalader, Wickersham & Taft LLP

London, Here We Come - June 2022 | Issue No. 181 - LSTA Publishes New Forms of Term SOFR Amendments

The LIBOR transition process continues to roll along. New transactions are (mostly) being closed without using LIBOR any more, and many legacy transactions are naturally transitioning when refinanced or renewed this year....more

Cadwalader, Wickersham & Taft LLP

United States Courts Possess Personal Jurisdiction over Foreign Banks in Ongoing LIBOR Case

The United States Supreme Court denied a petition for certiorari filed by six foreign banks that argued that U.S. courts lacked personal jurisdiction over them. (Lloyd’s Banking Group. PLC  v. Schwab Short-Term Bond Market...more

Allen & Overy LLP

Time for Term SOFR?

Allen & Overy LLP on

Term SOFR, the forward-looking term rate based on the Secured Overnight Financing Rate (SOFR), has become an established benchmark rate for new US Dollar lending in the US syndicated loan market....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

Proskauer Rose LLP

Regulation Round Up - April 2022

Proskauer Rose LLP on

Key developments in April 2022: 29 April - The Financial Stability Board (“FSB”) published for consultation an interim report that recommends measures to assist supervisory and regulatory authorities in developing...more

Skadden, Arps, Slate, Meagher & Flom LLP

LIBOR Transition: Shifting Market Headwinds Currently Make SOFR the Cheaper Borrowing Choice

On March 5, 2021, the Financial Conduct Authority (FCA) announced the future cessation or loss of representativeness of the 35 LIBOR benchmark settings currently published by ICE Benchmark Administration (IBA), the authorized...more

Cadwalader, Wickersham & Taft LLP

FCA Announcement on Synthetic Sterling LIBOR

On April 25, 2022, the UK Financial Conduct Authority (“FCA”) provided an important update relating to the future of the London Inter-Bank Offered Rate (“LIBOR”) benchmark. On its updated Benchmarks Regulation: our powers,...more

Weiner Brodsky Kider PC

Florida Enacts House Bill 925 Addressing LIBOR Transition

On April 6, 2022, Florida enacted House Bill 925 (HB925, or the Florida Bill) facilitating the transition away from the London Interbank Offered Rate (LIBOR), which is used as a benchmark rate in more than 200 trillion...more

Mayer Brown Free Writings + Perspectives

Top 10 Practice Tips: Debt Tender Offers

The following 10 practice points are intended to help you in assisting an issuer with a proposed debt tender offer for cash. Often, issuers of debt securities seek to manage their outstanding obligations through liability...more

Baker Donelson

SOFR: The Secured Overnight Financing Rate

Baker Donelson on

Changes are coming for the interest rate benchmark lenders use to finance long term care facilities. The long-standard benchmark, the London Interbank Offered Rate (LIBOR), is being replaced by the Secured Overnight Financing...more

ArentFox Schiff

Federal Law to the Rescue? (The Senate Version)

ArentFox Schiff on

LIBOR Relief Included In Appropriations Bill - New York Law Concerns - The New York law enacted in April 2021 provides the ‘Get Out of Jail’ card[2] for banks from litigation relating to the LIBOR (London InterBank...more

McDermott Will & Emery

HPE Miami 2022 Financing Healthcare Deals: Strategies for the Year Ahead

In this session, Stephanie McCann, Partner and Co-Head of McDermott’s Finance Practice, led a wide-ranging discussion of critical strategies for investors to consider as they seek sources of capital to finance healthcare...more

Thompson Coburn LLP

An introduction to the Adjustable Interest (LIBOR) Act: The federal response to LIBOR replacement

Thompson Coburn LLP on

As we have previously reported, all London Interbank Offered Rate (LIBOR) tenors (if they haven’t already been discontinued) will no longer be available after June 30, 2023. In response to the litigation risks created by the...more

Bradley Arant Boult Cummings LLP

The LIBOR Act: 7 Key Things Financial Institutions Need to Know about the New Law in Preparation for the LIBOR Transition in 2023

On March 15, 2022, the Consolidated Appropriations Act, 2022 – which included the Adjustable Interest Rate (LIBOR) Act – was signed into law. The LIBOR Act is meant to address concerns with ceasing the use of LIBOR by...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

Cadwalader, Wickersham & Taft LLP

A Spring in Our Step March 2022 | Issue No. 168 - Quarter-End Market Update

As we usher in spring and hopefully finally say goodbye to the worst of the COVID-19 pandemic, deal volume and overall market activity remain extremely robust. With less than a week to go in an eventful first quarter, we’re...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

McGlinchey Stafford

LIBOR Act Provides Answers, Safe Harbor For Lenders

McGlinchey Stafford on

On March 15, 2022, the Consolidated Appropriations Act of 2022 was signed into law. Division U, the Adjustable Interest Rate (LIBOR) Act, resolves what had otherwise been a pending concern with variable interest rate loan...more

Morrison & Foerster LLP

Federal LIBOR Transition Legislation Passed in Omnibus Spending Package

On March 15, 2022, President Joe Biden signed into law the Consolidated Appropriations Act, 2022, which includes the Adjustable Interest Rate (LIBOR) Act (the “Act”). The newly passed law facilitates the transition away from...more

Orrick, Herrington & Sutcliffe LLP

Tough Legacy Made Easy

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

Weiner Brodsky Kider PC

Federal Government Addresses LIBOR Transition

In the recently-enacted 2022 federal spending bill, Congress included the Adjustable Interest Rate (LIBOR) Act (the Act), which addresses the expected turmoil that will result from the transition from LIBOR to SOFR as a...more

Cadwalader, Wickersham & Taft LLP

LIBOR Federal Legislation Takes Big Step Forward

Federal legislation addressing the transition of legacy LIBOR contracts took a big step forward when it was included in the Omnibus bill passed late last night by the House of Representatives. The bill would provide legal...more

Womble Bond Dickinson

Federal Enactment of Adjustable Interest Rate (LIBOR) Act

Womble Bond Dickinson on

On March 15, 2022, President Biden signed the Consolidated Appropriations Act of 2022 into law, which includes the Adjustable Interest Rate (LIBOR) Act. This legislation establishes a uniform benchmark replacement process for...more

Morrison & Foerster LLP

Material Misrepresentations in Wire Fraud Prosecutions – The Truth Matters

The Second Circuit’s recent decision in United States v. Connolly underscores the government’s burden of proving a materially false representation to sustain a wire fraud conviction. ...more

Quinn Emanuel Urquhart & Sullivan, LLP

The ‘Fraud is Not Enough’ – English law raises the bar for proving reliance in misrepresentation claims

I. Introduction - What level of awareness is required to be in a person’s mind when being induced by another to rely on an implied fraudulent representation? According to the English High Court, which recently had to...more

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