The latest issue of Mayer Brown’s IBOR Transition Digest contains an exciting and important announcement: the launch of our IBOR blog, a new resource to bring you near real-time updates and insights of emergent IBOR transition issues. As attention to IBOR transition accelerates and becomes more focused, 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.
Eye on IBOR Transition blog
(New blog, launched 29 September 2020)
We are pleased to announce the launch of a new blog designed to enable our global, cross-practice IBOR experts to keep market participants abreast, in real time, of continuing regulatory and legislative announcements, and other market developments, and help market participants view these events through a clearer lens as they watch the clock count down to 31 December 2021. Initial posts include recent events relating to China’s identification of a fallback rate, revisions to the EU Benchmark Regulation, SONIA-based FRN conventions and LMA drafting tools, and US loan syndicate lender considerations. Read our full press release.
NEWS AND DEVELOPMENTS
United Kingdom – Derivatives
Letter to ICE Benchmark re GBP LIBOR ICE Swap Rate
Working Group on Sterling Risk-Free Rates, 18 September 2020
Seeking to better understand the expected status of, and IBA’s plans regarding, IBA’s GBP LIBOR ICE Swap Rate in the event that GBP LIBOR ceases or becomes unrepresentative, or of reduced liquidity in GBP LIBOR swaps prior to these events, in order for the Working Group to assess the potential impact for legacy non-linear derivatives, and to identify options to promote a smooth and orderly transition in this market.
Global – Derivatives
Letter to Regulators re Timing of the ISDA IBOR Fallbacks Protocol
(ISDA, 21 September 2020)
Letter to regulators flagging the revised effective date for the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol, which now is expected to occur in mid- to late-January 2021.