The sun is going down on LIBOR, with final phase of the benchmark looming.
As of January 1, 2022 the Financial Conduct Authority will no longer compel banks to quote LIBOR (and its variations) as a benchmark lending rate. The required transition is shaping up to be one of the most fundamental changes to the financial services industry in recent times.
It is estimated that there are over $300 trillion of LIBOR-referencing mortgages, commercial loans, bonds and derivatives. The problem is global, complex and isn’t going away. Affected banks, insurers, and other financial market participants need to act quickly, and effectively, to resolve it.
Adding to the complexity is confusion in the market due to challenges from the COVID-19 pandemic. While regulators are standing firm on the deadline, this is no reason organizations should expect to find themselves in the dark on what to do.
Our new LIBOR Transition series of webinars and podcasts will provide information on the key issues and considerations you need to know about.
Part 1: Are you prepared for the LIBOR sunset?
22 July 2020 | Speakers: Paul Forrester, Mayer Brown | Joy Saphla, Morae
Part 2: The SEC-OCIE Examination; A practical guide to achieving “LIBOR transition preparedness
27 July 2020 | Speakers: Paul Forrester, Mayer Brown | Marlon Paz | Leslie Cruz | Heidi Rudolph (Morae)
Part 3: IBOR Replacement – Key Points for the Loans Market and linked Derivatives Hedging Arrangements
3 August 2020 | Speakers: Trevor Borthwick, Mayer Brown | David Duffee, Mayer Brown | Ashley McDermott, Mayer Brown | Ed Parker, Mayer Brown | Emma Khoo, Mayer Brown
Part 4.1: IBOR Transition: It’s later than you think!
10 August 2020 | Speakers: Oral D. Pottinger, Mayer Brown | Christopher Cahn (Morae)
Part 4.2: IBOR Transition: It's later than you think!
13 August 2020 | Speakers: Oral D. Pottinger, Mayer Brown | Christopher Cahn (Morae)
Part 5.1: LIBOR Transition: Issues impacting Floating Rate Notes, Preferred Stock, Depositary Shares, and Capital Securities
24 August 2020 | Speakers: Anna Pinedo, Mayer Brown | Jerry Marlatt, Mayer Brown | Bradley Berman, Mayer Brown
Part 5.2: LIBOR Transition: Issues impacting Floating Rate Notes, Preferred Stock, Depositary Shares, and Capital Securities
1 September 2020 | Speakers: Anna Pinedo, Mayer Brown | Paul Forrester, Mayer Brown
Part 6: LIBOR Transition: SOFR Loan Documentation: 8 things for lenders and borrowers to consider
23 September 2020 | Paul Forrester, Mayer Brown | Adam Wolk, Mayer Brown | Jennifer Kratchovil, Mayer Brown | David Duffee, Mayer Brown