LIBOR Transition
32 episodes - English - Latest episode: over 2 years ago -As of January 1, 2022 the Financial Conduct Authority will no longer compel banks to quote LIBOR (and its variations) as a benchmark lending rate. The required transition is shaping up to be one of the most fundamental changes to the financial services industry in recent times.
It is estimated that there are over $300 trillion of LIBOR-referencing mortgages, commercial loans, bonds and derivatives. The problem is global, complex and isn’t going away. Affected banks, insurers, and other financial market participants need to act quickly, and effectively, to resolve it.
Adding to the complexity is confusion in the market due to challenges from the COVID19 pandemic. While regulators are standing firm on the deadline, this is no reason organizations should expect to find themselves in the dark on what to do.
Mayer Brown's new LIBOR Transition series of webinars and podcasts will provide information on the key issues and considerations you need to know about.
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Episodes
The Last 100 Days of LIBOR: Episode 6 - The Syndicated Loan Market and CLOs
December 02, 2021 15:10 - 41 minutes - 37.9 MBThe latest episode of our IBOR Transition podcast mini series, “The last 100 days of LIBOR” is now live. David Duffee and Sagi Tamir provide an overview of pricing developments in the syndicated loan market and how those developments may affect CLOs, including addressing the following: Dealing with multiple reference rates Managing spread adjustments in SOFR deals and deals transitioning to SOFR Synthetic LIBOR
The Last 100 Days of LIBOR: Episode 5 - The Derivatives Market
November 15, 2021 17:29 - 21 minutes - 20.1 MBThe latest episode of our IBOR Transition podcast mini series, “The last 100 days of LIBOR” is now live. Edmund (Ed) Parker provides an overview of developments in the UK derivatives market, including addressing the following: Tackling “tough legacy contracts” Recent, and imminent regulatory and legislative developments An analysis of the scope of the ISDA protocol and supplements The impending cessation of EONIA and its replacement with ESTR
The Last 100 Days of LIBOR: Episode 4 - The US Derivatives Market
November 11, 2021 10:50 - 18 minutes - 17.3 MBThe latest episode of our IBOR Transition podcast mini series, “The last 100 days of LIBOR” is now live. Anna Pinedo provides an overview of developments in the US derivatives market, including addressing the following: New York State legislation regarding the discontinuance of LIBOR Managing the differences arising from the ARRC recommended use of SOFR and the direction of the derivatives market Mismatches between loans and the related hedges The CFTC’s SOFR-First Transition Initiati...
The last 100 days of LIBOR: Episode 3 - Anti Trust
November 04, 2021 15:27 - 16.8 MBIn this episode, Britt Miller and Thomas Panoff discuss antitrust conduct risk related to the transition process, including topics such as: An overview of key pending litigation potentially impacting the transition Guidance from antitrust regulators to trade associations and the financial services industry Pending federal and state legislation, and Guidance in navigating common antitrust concerns as part of the transition.
The Last 100 Days of LIBOR: Episode 3 - Anti Trust
November 04, 2021 15:27 - 18 minutes - 16.8 MBIn this episode, Britt Miller and Thomas Panoff discuss antitrust conduct risk related to the transition process, including topics such as: An overview of key pending litigation potentially impacting the transition Guidance from antitrust regulators to trade associations and the financial services industry Pending federal and state legislation, and Guidance in navigating common antitrust concerns as part of the transition.
The Last 100 Days of LIBOR: Episode 2 - Requirements of Regulators around the World
October 25, 2021 16:00 - 29 minutes - 26.7 MBThis second episode is designed to support your ongoing efforts toward an orderly transition away from LIBOR by year end-2021. We discuss perspectives from the following regions: The United Kingdom: UK definition of “conduct risk”; UK regulators and legislative solutions; Europe: a comparison between EU member states; possible EU solutions and next steps; Hong Kong and APAC: IBOR transition in HK; a comparison between HK and other regions; a view from Japan and Singapore; US: Statements by b...
The last 100 days of LIBOR: Episode 2 - Requirements of Regulators around the World
October 25, 2021 16:00 - 26.7 MBThis second episode is designed to support your ongoing efforts toward an orderly transition away from LIBOR by year end-2021. We discuss perspectives from the following regions: The United Kingdom: UK definition of “conduct risk”; UK regulators and legislative solutions; Europe: a comparison between EU member states; possible EU solutions and next steps; Hong Kong and APAC: IBOR transition in HK; a comparison between HK and other regions; a view from Japan and Singapore; US: Statements by b...
The last 100 days of LIBOR: Episode 1 - Conduct Risk Issues
October 25, 2021 12:00 - 19.4 MBIn this first episode of our IBOR Transition series, we introduce the following topics: Overview of Conduct Risk, and its importance during Q4 2021 to ensure orderly transition; Discuss a framework to assist with risk mitigation
The Last 100 Days of LIBOR: Episode 1 - Conduct Risk Issues
October 25, 2021 12:00 - 21 minutes - 19.4 MBIn this first episode of our IBOR Transition series, we introduce the following topics: Overview of Conduct Risk, and its importance during Q4 2021 to ensure orderly transition; Discuss a framework to assist with risk mitigation
Assessing the post IBOR cessation US litigation risk landscape
April 30, 2021 18:00In this latest webinar in our IBOR Transition series, we will discuss the recent New York LIBOR legislation and analyze some of the key litigation risks that the cessation of LIBOR presents in spite of such legislation. Mark Hanchet, Jenn Rosa, Chris Houpt and Anjanique Watt will cover topics such as: The scope and impact of the April 6 New York legislation; Potential constitutional challenges to the New York legislation; Gaps that remain, and the litigation risks they pose; An update on pro...
Assessing the Post IBOR Cessation US Litigation Risk Landscape
April 30, 2021 16:00 - 38 minutes - 35.1 MBIn this latest webinar in our IBOR Transition series, we will discuss the recent New York LIBOR legislation and analyze some of the key litigation risks that the cessation of LIBOR presents in spite of such legislation. Mark Hanchet, Jenn Rosa, Chris Houpt and Anjanique Watt will cover topics such as: The scope and impact of the April 6 New York legislation; Potential constitutional challenges to the New York legislation; Gaps that remain, and the litigation risks they pose; An update on pro...
The IBOR Transition End Game: The State of Play in Sterling Loan Markets
April 29, 2021 12:00 - 37 minutes - 34.8 MBIn this latest in our LIBOR Transition series, Mayer Brown Partner Ash McDermott and UK Finance LIBOR Transition Director Daniel Cichocki will focus primarily on the impact of recent announcements and development on market participants, including:What Banks and borrowers should be planning to do for the remainder of 2021; The impact of recent announcements on market participants who may not be regulated in the UK (eg. funds, international banks); and Further predicted developments in 2021.
The IBOR Transition end game: the state of play in sterling loan markets
April 29, 2021 12:00 - 34.8 MBIn this latest in our LIBOR Transition series, Mayer Brown Partner Ash McDermott and UK Finance LIBOR Transition Director Daniel Cichocki will focus primarily on the impact of recent announcements and development on market participants, including:What Banks and borrowers should be planning to do for the remainder of 2021; The impact of recent announcements on market participants who may not be regulated in the UK (eg. funds, international banks); and Further predicted developments in 2021.
An update for Derivatives
April 15, 2021 18:00 - 41.4 MBIn this latest webinar in our IBOR Transition series, we will reflect on the impact of recent developments for derivative based products. Edmund Parker and Patrick Scholl will look at: How successful has the ISDA Protocol been? What does the FCA Announcement on the future cessation or loss of representativeness of all 35 LIBOR benchmarks mean in the context of the Protocol? What impact will the US “ Legislative solution" which became law this week have on US tough legacy contracts? How do you...
An Update for Derivatives
April 15, 2021 18:00 - 45 minutes - 41.4 MBIn this latest webinar in our IBOR Transition series, we will reflect on the impact of recent developments for derivative based products. Edmund Parker and Patrick Scholl will look at: How successful has the ISDA Protocol been? What does the FCA Announcement on the future cessation or loss of representativeness of all 35 LIBOR benchmarks mean in the context of the Protocol? What impact will the US “ Legislative solution" which became law this week have on US tough legacy contracts? How do yo...
Ambiguity and Confusion Surround the End of LIBOR
April 07, 2021 18:00 - 37 minutes - 34.6 MBIn this latest webinar in our IBOR Transition series, David Duffee, Adam Wolk and Mary Jo Miller reflect on the recent IBA and FCA announcements on the cessation of LIBOR and introduce the following topics: What is “synthetic LIBOR” and why won’t it work in the United States (but will work in Europe)? Fallbacks in 2021 – are US regulators mandating the use of the hard-wired approach, or not? What decisions must lenders make to document SOFR loans in 2021.
Exploring credit sensitive alternatives to SOFR
November 10, 2020 18:00 - 16.7 MBThe Alternative Reference Rates Committee (ARRC) has selected Secured Overnight Financing Rate (SOFR) as the replacement for LIBOR in the US. However, a group of US banks — primarily non-money centers have expressed concerns about the use of SOFR as the replacement benchmark for LIBOR. They argue that during times of economic stress, SOFR would decrease as their cost of funds increase, eroding the return on SOFR-linked loans. These banks have championed a more credit sensitive approach or a c...
Exploring Credit Sensitive Alternatives to SOFR
November 10, 2020 18:00 - 18 minutes - 16.7 MBThe Alternative Reference Rates Committee (ARRC) has selected Secured Overnight Financing Rate (SOFR) as the replacement for LIBOR in the US. However, a group of US banks — primarily non-money centers have expressed concerns about the use of SOFR as the replacement benchmark for LIBOR. They argue that during times of economic stress, SOFR would decrease as their cost of funds increase, eroding the return on SOFR-linked loans. These banks have championed a more credit sensitive approach or a ...
The ISDA Fallback Protocol: Part 2
October 23, 2020 18:00 - 20 minutes - 18.4 MBIn this second part, Mayer Brown partners Ed Parker, Chris Arnold and Curtis Doty will focus on an analysis of the protocol and answer questions such as: “What are the key implications for loan markets? and “Who are the likely adherents to the protocol?”
The ISDA Fallback Protocol: Part 1
October 22, 2020 18:00 - 39 minutes - 36 MBMayer Brown partners Ed Parker, Chris Arnold and Curtis Doty will discuss the key features of the protocol and its underlying document template as well as issues such as adherence to the protocol and key timing milestones. In the second part of the edition, we will focus on an analysis of the protocol and answer questions such as: “What are the key implications for loan markets? and “Who are the likely adherents to the protocol?”
SOFR Loan Documentation: 8 things for lenders and borrowers to consider
September 23, 2020 18:00 - 40 minutes - 36.6 MBMayer Brown Partners David Duffee, Jennie Kratchovil, Adam Wolk and Paul Forrester discuss 8 key things that both borrowers and lenders need to focus on when documenting SOFR loans in the face of the Alternative Reference Rates Committee (ARRC) hardwired approach on SOFR.
Issues Impacting Floating Rate Notes, Preferred Stock, Depositary Shares, and Capital Securities: Part 2
September 09, 2020 18:00 - 26 minutes - 23.9 MBJoin Mayer Brown partners Anna Pinedo and Paul Forrester for the second of our two part edition focusing on the key LIBOR related issues impacting Floating Rate Notes (FRNs), Preferred Stock, Depositary Shares, and Capital Securities. In this part, we will focus specifically addressing LIBOR based Preferred Stock, Depositary Shares, and Capital Securities. Amongst other things, Anna and Paul will discuss LIBOR cessation and understanding the terms of legacy LIBOR-based instruments; understan...
Issues impacting Floating Rate Notes, Preferred Stock, Depositary Shares, and Capital Securities: Part 2
September 09, 2020 18:00 - 23.9 MBJoin Mayer Brown partners Anna Pinedo and Paul Forrester for the second of our two part edition focussing on the key LIBOR related issues impacting Floating Rate Notes (FRNs), Preferred Stock, Depositary Shares, and Capital Securities. In this part, we will focus specifically addressing LIBOR based Preferred Stock, Depositary Shares, and Capital Securities. Amongst other things, Anna and Paul will discuss LIBOR cessation and understanding the terms of legacy LIBOR-based instruments; understan...
Issues impacting Floating Rate Notes, Preferred Stock, Depositary Shares, and Capital Securities: Part 1
August 25, 2020 18:00 - 36 minutes - 33 MBIn the latest in our LIBOR Transition Webinar Series, join Mayer Brown partners Anna Pinedo and Jerry Marlatt and Counsel Bradley Berman for the first in this two part edition focussing on the key LIBOR related issues impacting Floating Rate Notes (FRNs), Preferred Stock, Depositary Shares, and Capital Securities. In this part, we will focus specifically on FRNs and understanding your legacy LIBOR FRN exposure, ARCC waterfall provisions for new FRNs and solutions for legacy FRNs.
It's later than you think! Part 2
August 21, 2020 18:00 - 29 minutes - 26.8 MBWelcome to Part 2 of the latest instalment where Mayer Brown partner Oral Pottinger and Morae managing director Christopher Cahn, continue to discuss the 10 steps you should take within the next 100 days to ensure that you have a solid foundation for successful execution of your IBOR transition strategy.
It's later than you think! Part 1
August 21, 2020 18:00 - 29 minutes - 27 MBIn the latest instalment of our LIBOR Transition series of webinars and podcasts, Mayer Brown partner Oral Pottinger and Christopher Cahn, Managing Director from Morae discuss the 10 things that you need to do in the next 100 days to ensure that you have a solid foundation for successful execution of your IBOR transition strategy.
Key Points for the Loans Market and Linked Derivatives Hedging Arrangements
August 03, 2020 18:00 - 48 minutes - 44.5 MBAs the deadline for the transition away from IBORs fast approaches, our global focus on the loans market and derivatives continues to help participants in the loans and derivatives markets ready themselves for the changes to alternative risk-free rates. Mayer Brown partners Ed Parker, Trevor Borthwick, Ash McDermott and David Duffee, and senior associate Emma Khoo cover the syndicated loans market, export credit agencies, emerging markets, project finance, trade finance peculiarities, Hedging...
The SEC OCIE Examination: A Practical Guide to Achieving "LIBOR Transition Preparedness"
July 27, 2020 18:00 - 31 minutes - 29.1 MBMayer Brown’s Marlon Paz and Leslie Cruz and Morae’s Heidi Rudolph discuss their views on the focus of the OCIE announcement, specific and practical actions that affected organisations need to take to achieve “preparedness” and how organisations can start to build a programmatic approach to responding to the OCIE’s announcement.
Are you Prepared for the LIBOR Sunset?
July 22, 2020 18:00 - 19 minutes - 17.9 MBMayer Brown partner Paul Forrester and Joy Saphla, President, Strategic Solutions from Morae discuss the broader landscape as well as sharing insight into the collaboration between Morae Global and Mayer Brown.
Key Points for Derivatives, Structured Finance and Loan Hedging
May 19, 2020 18:00 - 39 minutes - 9.08 MBMayer Brown partners Ed Parker and Patrick Scholl, counsel Nanak Keswani and Bradley Berman, and senior associate Emma Khoo for a discussion that will cover the latest market updates on IBOR replacement, transition from EONIA under ISDA and DRV, issues and considerations for other structured products in the United States, including CMS rate-linked products, key issues when a loan or structured finance arrangement has an embedded swap, and fallback considerations for legacy transactions.
Proposed US Federal Tax Regulations
February 06, 2020 14:00 - 38 minutes - 8.83 MBOn October 8, 2019, the US Internal Revenue Service released proposed regulations addressing the US federal tax consequences of replacing an interbank offered rate (IBOR) with a successor rate. The proposed regulations generally provide the circumstances in which the replacement of an IBOR with a fallback rate, or an addition of a fallback mechanic to an existing instrument, will not result in a deemed exchange of the instrument under Section 1001 of the Internal Revenue Code of 1986, as amen...
Market Update and Litigation Risks
September 26, 2019 14:00 - 33 minutes - 4.73 MBThe expected phase-out of LIBOR will affect trillions of dollars in investments across a wide range of financial products. The market has been working to adapt new transactions to a post-LIBOR world, but legacy transactions will also be affected. Whether and how those contracts can be modified to account for the unavailability of LIBOR - and how courts will respond to the changed facts - are open questions. Mayer Brown partners Matthew Ingber, Chris Houpt and Sagi Tamir discuss the current ef...