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 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.

Thought Leadership | News and Developments | Events

THOUGHT LEADERSHIP

"Racing" to the IBOR Transition Finish Line
Journal of Investment Compliance, Winter 2021, 17 August 2021
Since publication of our article in the Winter 2020 Structured Finance Bulletin, transition activity has accelerated significantly, due in large part to several key developments during 2021, including the effectiveness of the ISDA IBOR Protocol and the 5 March 2021 announcements of the planned cessation of the publication of all LIBOR settings.

 

NEWS AND DEVELOPMENTS

United States – Syndicated and Bilateral Loans

SOFR Spread Solutions: The Price of Imperfection (LSTA, 8 September 2021)
The historical (and likely future) difference between LIBOR and SOFR is much wider than the current "LIBOR-SOFR spot spread," and, as a result, the gap between where the LIBOR-SOFR spread "should" be and where it actually is may create a conundrum as parties think about spread adjustments on new SOFR loans.

LSTA Publishes Term SOFR Concept Document (LSTA, 31 August 2021)
In the latest addition to its SOFR Document Library, the LSTA has added a concept credit agreement that illustrates a term loan facility referencing Term SOFR as its benchmark rate of interest.

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