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Sterling Overnight Index Average (SONIA)

White & Case LLP

South Africa M&A regulation: Adapting to change

White & Case LLP on

A peaceful election and slowing inflation have put M&A markets in South Africa in a more advantageous position. However, taking advantage of South African deal opportunities requires a clear understanding of a rapidly...more

Proskauer Rose LLP

Private Credit Deep Dives – PIK Toggles

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At the start of June 2022, the prevailing rate for the sterling overnight index average (SONIA) was 0.94%. Just 12 months later, SONIA has risen to 4.43%, and comparable increases in the equivalent reference rates have been...more

Sheppard Mullin Richter & Hampton LLP

Proposed “Made Available to Trade” Determination for SOFR and SONIA Swaps

On April 12, 2023, Tradeweb’s Swap Execution Facility, TW SEF LLC, filed a self-certification for certain overnight index swaps (OIS) referencing USD Secured Overnight Financing Rate (“SOFR”) or GBP Sterling Overnight Index...more

Vinson & Elkins LLP

SOFR: Coming in for Landing

Vinson & Elkins LLP on

With the last U.S. dollar (“USD”) LIBOR tenors being discontinued on June 30, 2023, the time has come for borrowers and lenders (and lessees and lessors) to think about replacing LIBOR in their existing facilities....more

Mitratech Holdings, Inc

Sunsetting LIBOR: How to Avoid the Elephant Traps

The formal end of using the London Interbank Offered Rate (LIBOR) as a risk-free reference interest rate for banks and other financial institutions, in the UK at least, was scheduled for the end of 2021....more

White & Case LLP

US versus Europe: Will their shared path continue in 2022?

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HEADLINES - ▪️ In the US, leveraged loan issuance for 2021 reached US$1.4 trillion, a 63% increase year-on-year ▪️ The high yield bond market in the US was relatively flat, rising from US$428.3 billion in 2020 to...more

White & Case LLP

Islamic finance closes in on LIBOR transition

White & Case LLP on

Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance - The phase-out of the London Inter-Bank Offered Rate...more

White & Case LLP

US versus Europe: Will their shared path continue in 2022?

White & Case LLP on

- In the US, leveraged loan issuance for 2021 reached US$1.4 trillion, a 63% increase year-on-year - The high yield bond market in the US was relatively flat, rising from US$428.3 billion in 2020 to US$429.7 billion in...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

Cadwalader, Wickersham & Taft LLP

ELFFF on the Shelf - December 2021 | Issue No. 155 - December Fund Finance Market Update

The active underlying deal environment comingled with the December 31st LIBOR transition deadline combined to make November the busiest month in the history of Cadwalader Fund Finance. We have no doubt that’s been the case...more

Sullivan & Worcester

Autumn 2021 Updates on LIBOR Reform

Sullivan & Worcester on

It is starting to feel as if we are nearing the end of a long climb, in fact the end of a long period of uncertainty, for financial institutions and businesses alike, on how to deal with LIBOR transition. Having to keep an...more

Morrison & Foerster LLP

MoFoREAL: European Real Estate Newsletter (Q3 2021)

Welcome to the latest edition of MoFoReal, our newsletter highlighting recent activities and other developments in MoFo’s European Real Estate team. We hope you enjoy it and would really appreciate your feedback and...more

ArentFox Schiff

Recommended Benchmarks or Credit-Sensitive Indices: The Best Path Forward?

ArentFox Schiff on

The best benchmark for a company or a bank primarily depends upon the entity’s debt/interest rate swap situation as summarized below. This analysis also touches on the rationale behind the derivatives market's recent embrace...more

ArentFox Schiff

LIBOR Transition Comparison: UK vs. US (Round II)

ArentFox Schiff on

This article summarizes the significant problems with the LIBOR transition in the US as compared to the UK (and the rest of the world). This summary is based upon the keynote speech at the United Kingdom Financial Conduct...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

Hogan Lovells

Insurance regulatory news, June 2021

Hogan Lovells on

GBP transition to SONIA under Solvency II regime: PRA PS12/21 - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS12/21, on deep, liquid and transparent (DLT) assessments and GBP transition to...more

Cadwalader, Wickersham & Taft LLP

SONIA: A Primer

As we approach the end of LIBOR, the next phase of the transition is already upon us: incorporating the new fallback rates and market conventions into our transactions. This article highlights SONIA, the Bank of England’s...more

K&L Gates LLP

The End of LIBOR - Considerations for Corporates

K&L Gates LLP on

Much information has been published in recent months on the discontinuation of The London Inter-bank Offered Rate (LIBOR) and what is to replace it. Set out below is a summary of what has happened and how it is likely to...more

Hogan Lovells

Securities and markets regulatory news, April 2021

Hogan Lovells on

LIBOR transition: FCA and BoE encourage switch to SONIA in sterling non-linear derivatives market - The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published a joint statement announcing that they...more

Hogan Lovells

Financial institutions general regulatory news, April 2021

Hogan Lovells on

UK-EU MoU on regulatory cooperation in financial services - HM Treasury has announced that technical discussions on the text of the memorandum of understanding (MoU) on UK-EU regulatory cooperation in financial services have...more

Sullivan & Worcester

And Spring Heralds SONIA….and Alternative Rates

Sullivan & Worcester on

The end of March has welcomed Spring, and this year it marks a new era for the financial markets, particularly for loans and financial products which would usually use Sterling LIBOR as the benchmark for calculation of...more

Cadwalader, Wickersham & Taft LLP

Springing Forward, March 2021 | Issue No. 22: LIBOR Update

LIBOR has been a key interest rate benchmark for many decades, used as the principal reference rate to several hundred trillions of dollars in derivatives, bonds, loans and securitizations. However, when the LIBOR...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

BCLP

Watch Out For Basis Risk - Preparing and Executing LIBOR Transition in UK PPP, Infrastructure: Government Publishes Guidance

BCLP on

The Infrastructure Projects Authority (“IPA”) recently published guidance on LIBOR transition and key considerations for both UK PFI/PPP contractors and their financiers in respect of active LIBOR transition. Whilst this...more

McDermott Will & Emery

LIBOR: Q1 2021 Snapshot

McDermott Will & Emery on

On 5 March 2021, the Financial Conduct Authority (FCA) set out certain key dates for the cessation of all 35 London Inter-Bank Offered Rate (LIBOR) settings published by ICE Benchmark Administration. Whilst there has been...more

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