LIBOR transition
Published by a LexisPSL Banking & Finance expert

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • LIBOR transition
  • LIBOR transition toolkit
  • LIBOR developments tracker
  • LIBOR glossary
  • LIBOR reform and transition—background
  • What is LIBOR?
  • What is the background to reform?
  • Why do LIBOR and the other IBORs need to be replaced?
  • Which markets are affected by transition to RFRs?
  • What is the transition timing and is LIBOR continuing in some form following 2021?
  • More...

LIBOR transition

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This Practice Note provides:

  1. information on the background to the transition away from London Interbank Offered Rate (LIBOR) and other Interbank Offered Rates (IBORs) towards using risk-free rates (RFRs) (so named because they reflect minimal credit risk—see glossary definition below)

  2. an explanation of key terms in relation to the transition to RFRs

  3. a table setting out the RFR selected for each LIBOR currency and the focus of the relevant Working Group

  4. an explanation of contractual fallbacks for LIBOR

  5. information on the specific issues for the loan market of the transition to RFRs

  6. information on the specific issues for the derivatives market of the transition to RFRs

  7. information on the specific issues for the debt capital markets of the transition to RFRs, and

  8. information on the current status of developments in relation to EURO benchmarks, including EONIA, €STR and EURIBOR

For a quick reference guide, a list of FAQs on LIBOR transition, and key outstanding discussion points following the end of 2021, see Practice Note: LIBOR transition—FAQs and glossary.

For detailed information on documentary issues for the loan market in relation to transition away from LIBOR, see Practice Note: Interest provisions in risk-free rate based loan agreements.

LIBOR transition toolkit

For access to our interactive LIBOR transition toolkit, see Practice

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