IBOR Transition

LIBOR for most currency and tenor settings has either ceased or become non-representative as of the end of 2021. USD LIBOR for key tenors is still being published until 30 June 2023, however, this is for legacy use only. There is still some more work to do on the transition to alternative reference rates, particularly in respect of USD facilities. Non-LIBOR currencies are also going through a process of developing and encouraging the use of alternative reference rates either in replacement of, or as a fallback to, domestic interbank term rates. The LMA continues to work with the market, other trade associations and regulators on facilitating a smooth transition.

Latest News

European Commission to designate statutory replacement rates for certain sterling and Japanese yen LIBOR settings

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.

LMA publishes updated list of syndicated and bilateral loans referencing risk-free rates

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.

LMA publishes RFR Destination Table and RFR versions of its German, Spanish and French law documentation

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.

Video Content

LMA webinar update on the transition from LIBOR in the loan market and the LMA's term SOFR document


The ECA view on LIBOR transition

Hosted by Kam Mahil – LMA


LIBOR discontinuance and its potential impact on developing markets

This webinar includes a 20-minute presentation followed by a 20-minute Q&A session.


Swiss Loan Market Update

This webinar covers a wider loan market update and includes a discussion on LIBOR.


An introduction to the LMA Exposure Drafts of Multicurrency Compounded Rate/Term Rate Facilities Agreements - On Demand

Press: Do Not Quote Speakers Without Seeking Authorisation First.


View all our other LIBOR content on LMA Player