On 22 December, the European Commission (the Commission) revealed plans to adopt implementing acts to designate statutory replacement rates for certain sterling and Japanese yen LIBOR settings (the Implementing Acts). Commission adoption of the Implementing Acts is expected in Q1 2022. The Commission has made this decision in light of the FCA's decision to permit use of 'synthetic' LIBOR for sterling and Japanese yen LIBOR settings for the duration of 2022. It also follows recommendations of the Euro Risk Free Rates Working Group to designate statutory replacement rates for sterling LIBOR and Japanese yen LIBOR.

On 21 December, we published an updated version of the table which sets out RFR referencing loans which have been announced to date. The update reflects, amongst other deals, Silverbow Resources' US$1 billion loan pegged to term SOFR, and Landsec transitioning £2.7 billion worth of facilities priced as SONIA and SOFR plus a CAS.

We will not be updating the list of RFR loans beyond the end of the year. We will, however, continue to monitor the market and make the market aware of notable deals.

On 22 December 2021, we published an RFR Destination Table to assist members in identifying the LMA RFR-referencing document which is most directly comparable to any given LMA LIBOR-referencing document. The LMA has also published new versions of the existing suite of German, Spanish and French Law investment grade documentation based on compounded RFRs.

We are now in the process of inserting warning notices and watermarks into LMA documentation referencing or based on LIBOR, in light of regulatory guidance that no new LIBOR referencing documentation should be entered into after year-end.