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ARTICLE · 25 JANUARY 2022

Interest Rates Watch Series: Reminder - OSFI Expects No New USD LIBOR Transactions

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Welcome back to our Interest Rates Watch series, developed to provide timely updates and practical advice on developments related to interest rates and benchmarks on a regular basis.

CanadaFinance and Banking
Jennifer Wasylyk
Jennifer Wasylyk
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Welcome back to our Interest Rates Watch series, developed to provide timely updates and practical advice on developments related to interest rates and benchmarks on a regular basis. As always, we are here to help.

December 31, 2021 has come and gone and, for the most part, the cessation of 1-week and 2-month USD LIBOR tenors (which were last published on December 31, 2021), and the impact on existing contracts tied to USD LIBOR, has been uneventful.

Although market participants may not have been significantly impacted by the December 31, 2021 LIBOR transition milestone, and notwithstanding that certain tenors of USD LIBOR will continue to be published until June 30, 2023,1 as a reminder the Office of the Superintendent of Financial Institutions (OSFI) provided notice in June 2021 that OSFI expects federally regulated financial institutions (FRFI) to stop using USD LIBOR as a reference rate in new transactions after December 31, 2021.2 OSFI's guidance for

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