The announcement by the US Alternative Reference Rates Committee of its proposed alternative to the London interbank offered rate (LIBOR) and the statement of the UK Financial Conduct Authority that, after the end of 2021, it will no longer encourage or compel banks to submit LIBOR quotations to the “administrator” of LIBOR—coupled with the upcoming implementation of the Benchmarks Regulation in the European Union—have created substantial uncertainty in the financial markets. The development of alternatives to LIBOR will affect derivatives, securities, loans and many other financial instruments across the globe. For example, in the loan market, participants in the United States are discussing to what extent, and how, loan documentation should respond to this uncertainty.

Please join Mayer Brown lawyers Kiel Bowen, David Duffee and Brian Newhouse as they discuss:

  • The next steps in developing an alternative to LIBOR
  • Proposals to address in current documentation the future adoption of an alternative to LIBOR
  • The differing implications of those proposals for lenders, borrowers, hedge providers and administrative agents
  • Global implications of unilateral actions in the United States

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Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.