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.
THOUGHT LEADERSHIP
Eye on IBOR Transition, 4 October 2021
The Critical Benchmarks (References and Administrators' Liability) Bill has been drafted to address the risk that LIBOR cessation poses to tough legacy contracts, by ensuring that parties that apply modified LIBOR to their contracts pursuant to FCA exercise of powers will not be subject to claims of breach of contract.
FCA Proposes to Require Publication of Synthetic GBP and JPY LIBOR for Specified Tenors
Eye on IBOR Transition, 4 October 2021
On 29 September 2021 the UK Financial Conduct Authority published Consultation Paper CP21-29: Proposed decisions on the use of LIBOR (Articles 23C and 21A BMR), in which it set out its plans for the temporary publication of 'synthetic' versions of LIBOR for a narrow range of outstanding sterling and yen contracts that cannot be switched in time for LIBOR cessation at the end of 2021.
NEWS AND DEVELOPMENTS
United States - Syndicated and Bilateral Loans
White Paper: Across-the-Curve Credit
Spread Indexes (AXI)
SOFR Academy, 27 September 2021
Providing key features, construction methodology, scope of use, loan conventions, and more.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
