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Banking Sector Benchmarks Interest Rates

ArentFox Schiff

The End of LIBOR: Hotel California Edition [Part V]

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In a recent alert, we highlighted the United Kingdom (UK) benchmark manipulation cases of Tom Hayes and Carlo Palombo from 2015 and 2019, respectively. Hayes was the first banker to be jailed in the LIBOR scandal....more

A&O Shearman

USD LIBOR panel has ceased…what now?

A&O Shearman on

June 30th has passed and one-, three- and six-month USD LIBOR settings have ceased to be published. As confirmed by the FCA on 3 April 2023, the ICE Benchmark Administration (IBA) has begun publishing non-representative...more

Nutter McClennen & Fish LLP

Nutter Bank Report: December 2022

The Federal Reserve has adopted a final rule that provides benchmark replacement rates based on SOFR (Secured Overnight Financing Rate) for contracts governed by U.S. law that reference the overnight and one-, three-, six-,...more

A&O Shearman

Term SOFR: six months on

A&O Shearman on

In May 2022 we reported that where Term SOFR was being used widely in U.S. loans; its use in other markets was more limited. Six months on, how has the picture changed?...more

Holland & Knight LLP

Libor Steaming Toward June 2023 Transition

Holland & Knight LLP on

The U.S. dollar London Interbank Offered Rate (Libor) publication is scheduled to end by June 30, 2023. With roughly nine months to go as of this writing, parties still have time to make modifications to existing debt...more

Morgan Lewis

President Biden Signs Federal LIBOR Transition Legislation into Law

Morgan Lewis on

President Biden on March 15 signed into law the Adjustable Interest Rate (LIBOR) Act, which aims to reduce uncertainty regarding the effect of ending LIBOR on existing USD LIBOR transactions, as part of an omnibus spending...more

Orrick, Herrington & Sutcliffe LLP

Tough Legacy Made Easy: An Overview of the Federal LIBOR Legislation

On March 15, President Biden signed, as part of a larger appropriations act, legislation known as the “Adjustable Interest Rate (LIBOR) Act,” which addresses “tough legacy” contracts that do not provide for the use of clearly...more

A&O Shearman

UK Conduct Regulator's Rules for Use of Synthetic Sterling and Yen LIBOR Enter Into Force

A&O Shearman on

The U.K. Financial Conduct Authority's new rules permitting legacy use of certain synthetic sterling and yen LIBOR settings enter into force today. The FCA has published its final notice confirming that ICE Benchmark...more

A&O Shearman

UK Regulator Confirms Legacy Use of Synthetic LIBOR

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The U.K. Financial Conduct Authority has confirmed that the use of  certain synthetic sterling and yen LIBOR settings will be permitted until the end of 2022 for legacy LIBOR-referencing contracts, other than cleared...more

Latham & Watkins LLP

“SOFR First” Initiative Takes Flight

Latham & Watkins LLP on

As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December...more

McGuireWoods LLP

Mid-Year Check In on LIBOR Transition Developments

McGuireWoods LLP on

The last few months have seen the pace of change accelerate in the business loan market’s transition away from LIBOR. Several alternatives to the replacement benchmark rate recommended by the Alternative Reference Rates...more

Katten Muchin Rosenman LLP

Tax Implications of LIBOR Reform

LIBOR (London Interbank Offered Rate) is a set of interest rate benchmarks based on the rates at which banks are willing to borrow wholesale-unsecured funds. It is used in numerous financial instruments such as loans,...more

McGuireWoods LLP

FCA Consults on Use of New LIBOR Transition Powers

McGuireWoods LLP on

On May 20, 2021, the UK Financial Conduct Authority (FCA) published a consultation on its proposed policy framework for exercising two of its new powers under the Benchmarks Regulation, as introduced by the UK Financial...more

Quinn Emanuel

Transitioning Away from LIBOR:  A Constantly Shifting Landscape

Quinn Emanuel on

I. What’s the issue? The London Interbank Offered Rate (“LIBOR”) is the most widely used interest rate benchmark in the world, referenced in some $373 trillion notional value of financial transactions of all types. But...more

A&O Shearman

LIBOR Transition – Legislative Solutions

A&O Shearman on

As LIBOR (London Interbank Offered Rate) transitions, various jurisdictions are mapping out the path forward. ...more

Latham & Watkins LLP

FCA Confirms Dates for Cessation of LIBOR Benchmarks

Latham & Watkins LLP on

On 5 March 2021, the UK’s Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration...more

Eversheds Sutherland (US) LLP

FCA announcement triggers LIBOR endgame

On 5 March 2021, the UK Financial Conduct Authority (FCA) and the administrator of LIBOR, ICE Benchmark Administration (IBA) each made important announcements for parties to instruments or other contracts referencing LIBOR. ...more

Holland & Knight LLP

FCA Announces Future Cessation and Non-Representativeness of Libor Benchmarks

Holland & Knight LLP on

As widely expected, the United Kingdom's Financial Conduct Authority (FCA), the regulator for Libor (the London Interbank Offered Rate), has issued an announcement confirming that all 35 Libor benchmark settings currently...more

Adler Pollock & Sheehan P.C.

The LIBOR Phase-Out: What Borrowers Should Know Now

The London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate index used in setting the interest rate for many variable-rate loans and other financial obligations. LIBOR is currently set to be phased out in...more

White & Case LLP

Proposed NY Law Targets LIBOR Fallback Problems

White & Case LLP on

New legislation would ease benchmark transition for tough-to-amend contracts governed by NY law - New York State Senator Kevin Thomas has introduced a bill that would provide a legislative fix for contracts that lack...more

Skadden, Arps, Slate, Meagher & Flom LLP

ISDA Publishes Supplement and Protocol for Transition From IBOR to Alternative Benchmark Rates

On October 23, 2020, the International Swaps and Derivatives Association (ISDA) published its long-awaited IBOR Fallbacks Supplement (Supplement) and IBOR Fallbacks Protocol (Protocol), marking a major milestone in the effort...more

Stoel Rives - Renewable + Law

LIBOR Transition Will Begin to Accelerate as 2021 Approaches

Over the course of the next several months, participants that are actively engaged in project financing will need to begin thinking about how to manage the transition away from the London interbank offer rate (LIBOR, known as...more

Holland & Knight LLP

A Closer Look at ISDA's New 2020 IBOR Fallbacks Protocol and Amendments to 2006 Definitions

Holland & Knight LLP on

The International Swaps and Derivatives Association Inc. (ISDA) has published its long-awaited 2020 IBOR Fallbacks Protocol (the Protocol) and related Amendments to the 2006 ISDA Definitions (the Amendments). These documents,...more

Arnall Golden Gregory LLP

Understanding the Upcoming Shift to “Hardwired” LIBOR Replacement Provisions in Bilateral Business Loan Documents

By the end of October 2020, lenders should begin adopting a “hardwired” approach to replacing the benchmark interest rate for new loan originations with LIBOR-based interest rates. That’s according to the updated ARRC...more

A&O Shearman

UK LIBOR Working Group Publishes Recommendations on SONIA Conventions for the Sterling Loan Market

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The U.K.'s Working Group on Sterling Risk-Free Reference Rates has published a set of non-binding Recommendations on the conventions that market participants may wish to adopt to support their use of the Sterling Overnight...more

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