The Organisation for Economic Co-operation and Development (OECD)'s Arrangement on Officially Supported Export Credits (the Arrangement) has been updated, effective 10 January 2022. This January 2022 version replaces the July 2021 version. The updates reflect, amongst other things, the new restrictions on export credit and tied aid support for coal-fired power plants and the LIBOR transition.

This article from Covington & Burling LLP, written by Steven Gamble, Chloe Taylor and David Miles, provides guidance on the demise of LIBOR, the consequences of and provisions dealing with its discontinuation, the emergence of risk free rates (RFRs), structural and substantive observations about the current LMA RFR Based Loan Documentation Suite and projections about how this suite will continue to develop.

The LMA has published an exposure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions ("Term SOFR Exposure Draft"), alongside a commentary. The Term SOFR Exposure Draft and the accompanying commentary are intended to facilitate awareness of the issues involved in structuring syndicated loans for developing markets jurisdictions which reference CME term SOFR and the development of an approach to these issues by market participants.