On December 9, 2021, Finance partner Paul Forrester (Chicago) will speak on, and FSRE associate Matt Bisanz will moderate, an ABA webinar on the transition from LIBOR to alternative benchmark interest reference rates.
All USD LIBOR rates will cease to be published no later than June 2023 and US banking regulators have repeatedly said “no new Libor exposures after the December 31, 2021 deadline,” subject to limited exceptions. Therefore, banks are in the midst of a massive effort to transition to new reference rates for many loans, derivatives, and other financial products. While substantial progress has been made for new consumer products, wholesale products are a work in progress and there remain a vast universe of legacy products that must be addressed through contractual, legislative, or supervisory measures. Further, there continues to be considerable debate on which reference rate should replace LIBOR, with concerns being raised regarding the credit-sensitivity and robustness of various competitors. Accordingly, listeners are invited to join this webinar to hear from a broad cross-section of industry experts on how they see the transition progressing through 2022 and what market participants need to know.
For additional information, please visit the event webpage.