Welcome to the latest issue of Mayer Brown’s IBOR Transition Digest—a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates. As attention to IBORtransition 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.
IBOR Transition Readiness Survey
Mayer Brown IBOR portal, Introduced 17 November 2020
Our latest IBOR transition resource, an IBOR transition readiness survey jointly developed and presented with Morae global, helps organizations address the complex and imminent issue of IBOR transition, with follow up guidance and checklists.
In Search of a Common Market Standard for EURIBOR Fallback Clauses
Legal Update, 23 December 2020
The Euro Working Group published two consultations on 23 November 2020, seeking consistency, to the extent possible and appropriate, among market participants when developing and introducing fallback provisions in different financial instruments and contracts.
e-Discovery and IBOR Remediation: Similar Techniques, Different Goals
Eye on IBOR Transition Blog, 22 December 2020
Describing how time-tested e-discovery techniques can be applied to IBOR remediation projects.
United States – General
Further Updated Frequently Asked Questions
Alternative Reference Rates Committee, 18 December 2020
Addressing the 30 November 2020 statements by ICE Benchmark Administration and noting that ARRC-recommended Best Practices guidelines are “fully consistent” with the timelines and messages set out in the IBA announcement and related regulator guidance.
ARRC Proposal for New York State Legislation for U.S. Dollar LIBOR Contracts
Alternative Reference Rates Committee, 4 December 2020
An updated version of the proposal for New York State legislation, originally released on March 6, 2020, clarifying a number of recommendations.
United Kingdom – Syndicated and Bilateral Loans
Credit Adjustment Spread Methods for Active Transition of GBP LIBOR Referencing Loans
Working Group on Sterling Risk-Free Reference Rates, 9 December 2020
Addressing how to approach the differences between GBP LIBOR and SONIA when considering active transition mechanisms in, or actively amending, GBP LIBOR-referencing loans, including multi-currency loans with a GBP LIBOR option.
Path for discontinuation of new sterling LIBOR-linked lending by end-Q1 2021 – December 2020
Working Group on Sterling Risk-Free Reference Rates, 1 December 2020
Providing an indicative path toward the Q12021 milestone of ceasing issuance of sterling LIBOR-based loan products maturing beyond Q42021 by the end of Q12021.
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.