On 27 July 2017, Andrew Bailey, Chief Executive of the UK Financial Conduct Authority, made a speech about the future of LIBOR stating that market participants should not rely on LIBOR being available after 2021. Work is progressing on the transition to alternative near risk-free reference rates in each of the LIBOR currencies. The LMA is working with the market, other trade associations and the regulators on the transition.
We have published a glossary of key terms related to the transition from LIBOR to near risk-free rates ("RFRs").
The transition from LIBOR has resulted in the use of a number of new acronyms and phrases being used in the market. This glossary is intended to assist our members in understanding the terminology used in respect of LIBOR transition and the use of RFRs in the syndicated loan market.
On 12 March 2020, British American Tobacco ("BAT") announced that it had signed a new £6 billion multicurrency revolving credit facility with a syndicate of 21 banks. In this spotlight interview, Kam Mahil, Senior Director at the LMA speaks to: Neil Wadey, Group Head of Treasury at BAT; Anandita Khanna, Director, Leveraged and Acquisition Finance at HSBC; and Greg Brown, Partner at Allen & Overy, about the BAT facility.
We have published a table which sets out risk-free rate ("RFR") referencing loans which have been announced to date. The list is based on publicly available information and seeks to raise awareness of RFR referencing loans by providing information on the conventions used and also links to public information. Please note this list is not a fully comprehensive list of all market transactions referencing RFRs.