The IBOR Transition Digest is a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they continue to transition from LIBOR and its variants to replacement benchmark interest rates. As the market moves to the next phase of IBOR transition, it is critical to have access to comprehensive and timely resources about the market.
For additional resources and an introduction to our global cross-practice IBOR Transition Task Force, please visit Mayer Brown’s IBOR Transition portal.
A Deeper Dive Into the US Adjustable Interest Rate (LIBOR) Act
Legal Update, 4 April 2022
A more detailed to examination of the LIBOR Act’s coverage, requirements and protections, as well as an example of its practical application.
United States – Syndicated and Bilateral Loans
Loan Syndications & Trading Association, 31 March 2022
LSTA has published a suite of amendment forms to assist in documenting the transition of loan interest rates from LIBOR to replacement rates.
United States – General
2022 Examination Priorities
Securities and Exchange Commission, 30 March 2022
In Section VIII, the SEC states that a continuing priority of the Division of Examinations is assessing the LIBOR exposure and plans for transition to alternative reference rates of registrants.
ICE Benchmark Administration Launches ICE Term SOFR Reference Rates as a Benchmark for use in Financial Instruments
ICE Benchmark Administration, 16 March 2022
ICE Benchmark Administration Limited has launched ICE Term SOFR Reference Rates as a benchmark for use in financial instruments. As is true for CME Term SOFR, market participants must license the use of the rate. The rates are based on a waterfall methodology that uses dealer-to-client prices and volumes for eligible SOFR-linked interest rate swaps.
Europe – General
Life after LIBOR: A new era of reference interest rates
Swiss National Bank, 31 March 2022 – speech by Governing Board Members Andrea Maechler & Thomas at Virtual Money Market Event
“Available indicators suggest that Swiss franc markets have managed the transition very well…. It is now up to the market participants themselves to maintain and raise the attractiveness of the new reference rates, by participating actively in the market and by taking actions that support trust in the reliability and robustness of the reference rates.”
Asia & Pacific Rim – General
Key Results of the Survey on the Use of LIBOR
Bank of Japan, 31 March 2022
This third survey regarding LIBOR transition focused on the status of transition away from LIBORs that ceased after 31 December 2021, the use of synthetic JPY/GBP LIBOR, and transition away from USD LIBOR.
Global – General
FSB statement welcoming smooth transition away from LIBOR
Financial Stability Board, 5 April 2022
The absence of any significant market disruptions is a testament to the magnitude of market participants’ efforts and the level of attention from the regulators and industry bodies to support the transition to RFRs. Key messages for 2022-23 focus on continuing the momentum in active transition away from remaining LIBORs, including USD and synthetic JPY and GBP.
Replays of all of our IBOR Transition Webinar Series presentations are available via iTunes podcasts, Google play or Spotify, as well as on the IBOR Transition Webinar Series page of our dedicated IBOR Transition portal.