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Announcements Trigger LIBOR Fallback Provisions: What That Means for the US Syndicated Loans and Derivatives Markets | White & Case LLP


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Recent statements by LIBOR authorities in the UK have implications for benchmark fallbacks in US documents.
The UK’s Financial Conduct Authority (
FCA ) and ICE Benchmark Administration (
IBA ) released statements
1 on March 5, 2021 announcing that LIBOR will cease to be published on a representative basis on:
December 31, 2021, for one-week and two-month USD LIBOR (and all tenors of GBP, EUR, CHF and JPY LIBOR); and
June 30, 2023, for all other tenors of USD LIBOR (i.e. overnight, one-month, three-month, six-month and 12-month).
Though the end of LIBOR has been anticipated for years, the importance of these statements is that they constitute a triggering event in the most common formulations of USD LIBOR fallback provisions.  This trigger doesn t mean that loans based on USD LIBOR need to imminently switch to another rate, but certain actions will still be required under many loan ....

United Kingdom , International Swaps , United Kingdom Financial Conduct Authority , Derivatives Association , Reference Rates Committee , White Case , Financial Conduct Authority , Alternative Reference Rates Committee , Benchmark Transition Event , Transition Start , ஒன்றுபட்டது கிஂக்டம் , சர்வதேச இடமாற்றுகள் , ஒன்றுபட்டது கிஂக்டம் நிதி நடத்தை அதிகாரம் , வழித்தோன்றல்கள் சங்கம் , குறிப்பு ரேட்ஸ் குழு , வெள்ளை வழக்கு , நிதி நடத்தை அதிகாரம் , மாற்று குறிப்பு ரேட்ஸ் குழு , பெஞ்ச்மார்க் மாற்றம் நிகழ்வு , மாற்றம் தொடங்கு ,