Cuomo Signs ARRC-Backed Libor Transition Legislation
New York Gov. Andrew Cuomo yesterday signed a bill developed by the Alternative Reference Rates Committee that will facilitate the transition away from the London Interbank Offered Rate.
Browsing: Reference rates
Ironing Out the Wrinkles in the Post-Libor Landscape
U.S. dollar Libor will officially come to an end starting this year. With just months to go in the transition effort, banks face a variety of challenges.
ARRC Outlines Approach for Using SOFR in New Issuances of Securitized Products
With the publication of all tenors of London Interbank Offered Rate set to cease after June 30, 2023, the Alternative Reference Rates Committee today outlined a model for using the Secured Overnight Financing Rate—the ARRC’s preferred Libor alternative—in asset-backed securities products, including non-collateralized loan obligation asset-backed securities, mortgage-backed securities and commercial mortgage-backed securities products.
ARRC Supplements Its Recommended Libor Fallback Language for Business Loans
As part of its ongoing effort to support the transition away from the London Interbank Offered Rate, the Alternative Reference Rates Committee today supplemented its recommended hardwired fallback language for syndicated and bilateral business loans that reference U.S. dollar Libor.
ARRC: No Guarantee on Forward-Looking SOFR Term Rate in 2021
The Alternative Reference Rates Committee today said it “will not be in a position” to recommend a forward-looking term rate using the Secured Overnight Financing Rate by mid-2021.
ARRC: USD Libor Exposure Grows as Cessation Deadline Nears
The volume of financial instruments that reference USD Libor has grown to $223 trillion, up from $199 trillion in 2016, according to the Alternative Reference Rates Committee.
ICE Finalizes Plans to Cease Publishing U.S. Dollar Libor
Intercontinental Exchange, which administers the London Interbank Offered Rate, today finalized plans to cease publishing U.S. dollar Libor after the end of 2021.
OCC Releases Libor Transition Self-Assessment Tool
As banks prepare for the eventual cessation of the London Interbank Offered Rate, the OCC today released a self-assessment tool for banks to evaluate their preparedness for transitioning away from Libor to an alternate reference rate, such as the Secured Overnight Financing Rate.
ARRC Releases Conventions for SOFR-Based Intercompany Loans
The Alternative Reference Rates Committee today issued recommendations for intercompany loans based on the Secured Overnight Financing Rate, the ARRC’s preferred replacement for the London Interbank Offered Rate.
Replacing Libor: Still a Priority Job for 2021
A portfolio of benchmarks is emerging to meet bankers’ diverse rate needs as Libor recedes in history’s rearview mirror.