LIBOR transition

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

  • LIBOR transition
  • 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?
  • What is happening to LIBOR now?
  • Which markets are affected by transition to RFRs?
  • What is the transition timing and will LIBOR continue in some form after 2021?
  • More...

LIBOR transition

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 and list of FAQs on LIBOR transition, 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 developments tracker

For a comprehensive, up to date list of developments in relation to LIBOR, see the LIBOR developments tracker, which sets out In tracker form:

  1. developments in relation to the transition away from LIBOR for each LIBOR currency

  2. cross

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