News & Analysis as of

Secured Overnight Funding Rate (SOFR) Libor Financial Services Industry

BCLP

Our Top 5 Banking Litigation Cases From 2024 - Looking Back to Look Forward

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2024 was a busy year for the Courts in England and Wales when it came to banking and wider financial services disputes. We were spoilt for choice when selecting our top 5 cases and, inevitably, have left out some significant...more

Cadwalader, Wickersham & Taft LLP

Benchmarks Beyond January 2024 - 2024 Update on the Cessation of CDOR and SIBOR

As we kick off 2024, the focus on the unavailability of certain benchmarks continues on. To refresh, we have already seen the benchmark for US Dollars generally replaced with the Secured Overnight Financing rate as...more

ArentFox Schiff

The End of LIBOR: Hotel California Edition (Part I)

ArentFox Schiff on

Although July 3 was the first business day on which no USD LIBOR was published, many financial instruments will not reset until the next reset date, based upon the tenor of each instruments’ underlying benchmark, which could...more

Cadwalader, Wickersham & Taft LLP

Bye-bye BSBY?

Earlier this week, Bloomberg Information Services Limited (“BISL”) announced that it is seeking feedback on a proposal to cease the publication of the Bloomberg Short-Term Bank Yield Index (“BSBY”) “following a review of...more

Holland & Knight LLP

ANH Colombia publica Acuerdo 3 de 2023: Cambio tasa LIBOR por SOFR

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La Agencia Nacional de Hidrocarburos (ANH) de Colombia expidió el Acuerdo 3 de 2023 el 19 de julio de 2023, "por el cual se adoptan medidas para mitigar los efectos adversos ocasionados por el cambio de la tasa de interés...more

Sullivan & Worcester

Drawing the line – Where are we now on USD LIBOR transition in the trade finance sector?

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Jacqueline Cook, Of Counsel and Larissa Head, Trainee Solicitor, provide an update on the transition away from USD LIBOR with the deadline of 30 June 2023 upon us. What do market participants in the trade finance industry...more

Ballard Spahr LLP

Term SOFR Hedges: The Price of Perfection

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Summary - As a result of the shift from LIBOR to the Secured Overnight Finance Rate (SOFR), borrowers who use interest rate swaps or options to manage interest rate risk may be asked to pay extra to maintain a hedge under...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 5, May 2023

Survey Finds Small-Business Lending Fraud on Rise - “Lending fraud with small and midsize businesses has increased significantly over the last 12 months, and many financial institutions expect it to get worse, according to...more

Paul Hastings LLP

Ticking Fees Trends in the U.S. Loan Market

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Ticking fees for extended commitment periods (often over at least 4 to 6-months) have long been a feature of committed financings in the U.S. loan market. Such fee structures were initially most common in syndicated deals,...more

Orrick, Herrington & Sutcliffe LLP

Rates committee approves SOFR best practices

On April 21, the Alternative Reference Rates Committee (ARRC) announced the endorsement of the CME Group’s Term SOFR rates, which ARRC formally recommended in 2021 (covered by InfoBytes here). The ARRC endorsement recommended...more

Cadwalader, Wickersham & Taft LLP

What Are the Alternatives? April 2023 - Current State of Play of Alternative Currency Benchmark Rates

As we finish the last season of LIBOR replacement, the fund finance market is busy amending our loan documents to include SOFR as the interest rate benchmark for U.S. dollar loans. While the cessation date for USD LIBOR is...more

Cadwalader, Wickersham & Taft LLP

FCA Compels the Publication of ‘Synthetic’ USD LIBOR

After USD LIBOR stops being published on June 30, 2023, “synthetic” USD LIBOR will continue to be published for a limited period, according to the UK’s Financial Conduct Authority (“FCA”). The FCA said that the “synthetic”...more

Mayer Brown Free Writings + Perspectives

FCA Synthetic LIBOR Announcement

On April 3, 2023 the U.K. Financial Conduct Authority (“FCA”) announced that it will require the administrator of U.S. dollar LIBOR to continue to publish one, three and six-month U.S. dollar LIBOR settings until September...more

Baker Donelson

What Recently Finalized Regulation ZZ Means for LIBOR-Based Commercial Financing Contracts When LIBOR Sunsets

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The well-publicized sunset of the London Interbank Offered Rate (LIBOR), the adjustable interest rate benchmark referenced in trillions of dollars' worth of contracts, is happening this summer. After June 30, 2023, U.S....more

Alston & Bird

Structured Finance Spectrum – February 2023

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more

Williams Mullen

[Webinar] M&A Series: LIBOR Y2K: Implications of the End of LIBOR on your Transactions and Rates - February 21st, 11:00 am - 11:30...

Williams Mullen on

...join us for the next installment of our M&A Webinar Series, in which Matt Cheek, the chair of our Banking & Finance practice, will provide attendees with a high level overview of the history of the LIBOR floating rate, the...more

Akin Gump Strauss Hauer & Feld LLP

Final Rule Implementing Libor Act Confirms Use of CME Term SOFR Plus CSA for Tough Legacy Contracts

Final Rule - On December 16, 2022, the Federal Reserve Board adopted the final rule (the “Final Rule”)1 implementing the Adjustable Interest Rate (LIBOR) Act (the “Libor Act”), which establishes benchmark replacements for...more

Alston & Bird

The Last Days of LIBOR

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Our Financial Services & Products Group discusses the status of the financial industry’s transition away from LIBOR, including the final rule identifying replacement benchmarks that was recently adopted by the Board of...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

Cadwalader, Wickersham & Taft LLP

FCA Seeks Feedback on ‘Synthetic’ USD LIBOR

On November 23, the UK’s Financial Conduct Authority (“FCA”) released its further consultation to require the administrator of LIBOR to publish a synthetic version of 1-, 3-, and 6-month U.S. dollar LIBOR settings for a...more

Cadwalader, Wickersham & Taft LLP

FCA Issues Statement on the End of Synthetic Sterling LIBOR

On September 29, the UK’s Financial Conduct Authority (“FCA”) issued a statement that the publication of the 1-month and 6-month synthetic sterling LIBOR would permanently cease at the end of March 2023....more

Hogan Lovells

The end is nigh (-bor): FCA consults on end to GBP LIBOR settings and need for synthetic USD LIBOR

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It has been over five years since the Financial Conduct Authority ("FCA") called time on the publication of LIBOR. While most LIBOR settings ended on 31 December 2021, a small number of US dollar LIBOR settings and a handful...more

Skadden, Arps, Slate, Meagher & Flom LLP

LIBOR Transition: Shifting Market Headwinds Currently Make SOFR the Cheaper Borrowing Choice

On March 5, 2021, the Financial Conduct Authority (FCA) announced the future cessation or loss of representativeness of the 35 LIBOR benchmark settings currently published by ICE Benchmark Administration (IBA), the authorized...more

Hogan Lovells

With a New Year, Brings a New Rate . . . The Transition from LIBOR Is Now Here

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In March 2021, the Financial Conduct Authority (FCA) and the ICE Benchmark Administration, the administrator of LIBOR, announced that sterling, euro, Swiss franc and Japanese yen LIBOR panels, as well as panels for one-week...more

White & Case LLP

Islamic finance closes in on LIBOR transition

White & Case LLP on

Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance - The phase-out of the London Inter-Bank Offered Rate...more

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