Overview
Date: 13 September 2021
Event overview
This webinar focused on the reasons for the cessation of LIBOR across the main international LIBOR jurisdictions, and the need to transition to risk-free rates (RFRs), including the relevant timelines. The main emphasis was on the bond market, with reference to the loan and derivatives markets.
The differences between the components of LIBOR and the various RFRs was covered, with an update on progress in the international bond markets in adapting to the new RFRs, including a summary of the conventions typically used to accompany them.
The expected outcome for bonds which are scheduled to continue referencing LIBOR after its anticipated cessation date was explained by reference to the fallbacks in typical bond documentation. This included the suitability of available market-led solutions across jurisdictions, such as consent solicitation, and the various proposed legislative interventions which may materialise.
In partnership with
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Event overview
This webinar focused on the reasons for the cessation of LIBOR across the main international LIBOR jurisdictions, and the need to transition to risk-free rates (RFRs), including the relevant timelines. The main emphasis was on the bond market, with reference to the loan and derivatives markets.
The differences between the components of LIBOR and the various RFRs was covered, with an update on progress in the international bond markets in adapting to the new RFRs, including a summary of the conventions typically used to accompany them.
The expected outcome for bonds which are scheduled to continue referencing LIBOR after its anticipated cessation date was explained by reference to the fallbacks in typical bond documentation. This included the suitability of available market-led solutions across jurisdictions, such as consent solicitation, and the various proposed legislative interventions which may materialise.
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Katie Kelly is a Senior Director in ICMA’s Market Practice and Regulatory Policy team advising and representing market practitioners on regulatory issues and market practice in the debt capital markets. Recently, she has worked on the transition from LIBOR to risk-free rates and is active in the various associated working groups of the £RFR Working Group, with a particular focus on the adoption of SONIA as the new RFR and the transition of legacy instruments which will continue to reference LIBOR beyond the end of 2021. View presentation slides. |
In partnership with
