Welcome to the latest issue of Mayer Brown's IBOR Transition Digest—a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates. As attention to IBOR transition accelerates and becomes more focused, it is critical to have access to comprehensive and timely resources about the market.
For additional resources and an introduction to our global cross-practice IBOR Transition Task Force, please visit Mayer Brown's IBOR Transition portal.
NEWS AND DEVELOPMENTS
United States – Securitization
All Participant Memorandum 20-12:
Ineligibility of LIBOR Products for Single-Class MBS
Government National Mortgage Association (Ginnie Mae), 21 September
2020
Announcing that, effective 1 January 2020, (i) all
single-family forward ARM loans that rely on LIBOR, including
LIBOR-based ARM-to-ARM loan modifications and re-performing
LIBOR-based ARMs, will become ineligible for pooling into any
Ginnie Mae I or Ginnie Mae II security, and (ii) LIBOR-based
adjustable rate home equity conversion mortgage loans that are not
securitized as of January 1, 2021, will be ineligible for pooling
without regard to their date of origination or the date in which
the corresponding FHA case number was assigned.
United Kingdom – Loans
Discontinuation of LIBOR: Guide for
Business Customers
UK Finance/Confederation of British Industry, 16
September 2020)
Providing background on both LIBOR and SONIA, as well as a
description of different SONIA rates, an explanation of SONIA
conventions, and an analysis of market issues such as credit
spreads, multi-currency facilities, and the treatment of legacy
contracts.
UPCOMING EVENTS
SOFR Loan Documentation: 8 things for
lenders and borrowers to consider
IBOR Transition Webinar Series, 23 September
2020
United States 11:00 a.m. to 11:30 a.m.
EDT / Europe: 4:00 p.m. to 4:30 p.m GMT
In the latest episode of our LIBOR Transition Webinar Series,
please join Mayer Brown Partners David Duffee, Jennie Kratchovil,
Adam Wolk and Paul Forrester as we 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.
Replays of all of our IBOR Transition Webinar Series presentations are available via iTunes podcasts, Google play or Spotify, as well as on the IBOR Transition Webinar Series page of our dedicated IBOR Transition portal.
SIFMA Compliance and Legal Virtual
Forum
Securities Industry and Financial Markets
Association, 23-24 September 2020
As part of this two-day conference, Mayer Brown partner
Marlon Paz will lead an on-demand session for participants on
Broker-Dealer Issues & Considerations Relating to LIBOR
Cessation
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© Copyright 2020. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
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Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the "Mayer Brown Practices"). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC ("PKWN") is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.
© Copyright 2026. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
