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.
LIBOR Transition - counting down to end-2021
Swiss RFR National Working Group publishes opinion on the legitimacy of Non-Cumulative Compounded SARON under Swiss law
On 31 March 2021, we published an interview on the transition from LIBOR to risk-free rates, between Kam Mahil, Senior Director – Legal at the LMA and Christian Schumer, Head of Transformation at Intermediate Capital Group PLC where Christian gives his views on the asset manager approach to LIBOR transition.
In the interview, Christian talks about ICG's approach to its own financing (and its recent rate switch transaction), the impact on loan portfolios, the reaction of borrowers/sponsors, challenges for CLOs and the impact on secondary trading.
On 30 March 2021, we published an updated version of
the list setting out RFR-referencing loans publicly disclosed to date. The
update reflects new RFR and rate switch transactions for: INPP, Cross Keys
Homes, Miton UK MicroCap Trust Plc, Green Data Center AG, Indian Oil
Corporation Ltd and