Update from the Loan Market Assocation LIBOR Early Evening Seminar—24 May 2018

Update from the Loan Market Assocation LIBOR Early Evening Seminar—24 May 2018

The Loan Market Association (LMA) chaired a packed evening seminar last night discussing the implications of phasing out LIBOR and the progress made so far. On the panel was Sarah Boyce, an associate director at the  Association of Corporate Treasurers, Harriet Hunnable, Manager of Benchmarks Policy at the Financial Conduct Authority, Andrew Hill, Head of Wholesale Portfolio Management at HSBC, David Campbell, a partner in the Banking Practice at A&O and Steve Bullock, Head of Benchmark Submission and Supervision at Lloyds Banking Group.

It was acknowledged that while SONIA is a good replacement for LIBOR for some participants, in particular those in the derivatives market, others, including those involved in syndicated loans, needed a forward looking term benchmark for cash flow forecasting and liquidity planning. The panel discussed progress of the term rate subgroup, which is looking at a suitable for

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About the author:

Miranda is a solicitor specialising in leveraged and acquisition finance. She trained at Hogan Lovells International LLP and qualified into the international banking and finance team. During her time at Hogan Lovells she worked on a variety of domestic and cross-border transactions, acting for both borrowers and lenders. She also experienced secondments to Barclays Bank PLC and Kaupthing Bank hf.