United States: IBOR transition digest
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Welcome to the latest edition of Mayer Brown’s IBOR Transition Digest – a periodic compendium of global regulatory and market developments and insights into the complex problems financial market participants face when planning the transition from LIBOR and its variants to replacement benchmark rates. As attention for IBOR As transition becomes accelerated and more focused, it is crucial to have access to comprehensive and timely resources through the marketplace.
Additional resources and an introduction to our global cross-practical IBOR Transition Task Force can be found on Mayer Brown’s IBOR Transition Portal.
Thought leadership | News and developments | Events
“Racing” to the IBOR Transition Finish Line
Journal of Investment Compliance, Winter 2021, August 17, 2021
Since our article was published in the Structured Finance Bulletin Winter 2020, transition activities have accelerated significantly, in large part due to several key developments in 2021, including the effectiveness of the ISDA-IBOR protocol and the announcements of the 5th publication of all LIBORs -Settings.
NEWS AND DEVELOPMENTS
United States – Syndicated and Bilateral Loans
SOFR Spread Solutions: The Price of Imperfection (LSTA, September 8, 2021)
The historical (and likely future) difference between LIBOR and SOFR is much larger than the current “LIBOR-SOFR spot spread” and consequently the gap between the LIBOR-SOFR spread “should” and where it actually is could pose a mystery when the parties think about spread adjustments on new SOFR loans.
LSTA publishes Term SOFR concept document (LSTA, August 31, 2021)
As the latest addition to its SOFR document library, the LSTA has added a Concept Loan Agreement that illustrates a term credit facility that refers to the SOFR term as the reference rate.
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