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ARTICLE · 31 OCTOBER 2023

LMA Publishes EURIBOR Fallback Wording

Norton Rose Fulbright
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It has taken quite some time to put together, but on 26 October 2023, LMA published an exposure draft of the Term €STR fallback for EURIBOR drafting, including full rate switch language.

European UnionFinance and Banking
Davide Barzilai
Davide Barzilai

It has taken quite some time to put together, but on 26 October 2023, LMA published an exposure draft of the Term €STR fallback for EURIBOR drafting, including full rate switch language. It is complicated, but commentary and guides have been provided.

It is complex because the working group on euro risk-free rates (the "working group") published recommendations for corporate lending products in 2021, followed by guidelines in May 2023, which are not quick and easy to implement. They had said that market participants should consider either a compounded €STR in arrears fallback or a two-level waterfall solution consisting of a forward-looking methodology (i.e. a term €STR, now provided by EMMI and Refinitiv/FTSE) followed by a compounded €STR in arrears fallback.

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