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Transitioning out of LIBOR—what is the impact for trade and export finance?

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Published on: 16 October 2020

Published by a LexisNexis Banking & Finance expert

Table of contents

What are the challenges with switching to overnight SONIA compounded in arrears for trade finance?
Are there additional/different challenges with switching to overnight SONIA compounded in arrears for export finance?
What alternative rates could be used?
When do you anticipate a term rate being available for wide use by the market?
Are there any concerns with using a term rate based on SONIA?
What is the position for non-sterling deals?
What are the practical considerations of moving to a new rate specifically for trade finance loans, in particular, what elements of trade finance documentation should be analysed and considered?
What should practitioners be doing now to prepare for this change?

Article summary

Banking and Finance analysis: A transition away from LIBOR is expected by the end of 2021. This transition involved several challenges, notably for trade and export finance. Geoffrey Wynne, partner at Sullivan & Worcester, shares his analysis on the impact of transitioning out of LIBOR for trade and export finance.

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