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ARTICLE · 14 APRIL 2023

FCA Confirms Synthetic USD LIBOR

Norton Rose Fulbright
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With less than 3 months to go before the cessation of USD LIBOR, as anticipated in the November 2022 consultation (CP22/21: Consultation on ‘synthetic' US dollar LIBOR and feedback...

United KingdomFinance and Banking
Davide Barzilai
Davide Barzilai

With less than 3 months to go before the cessation of USD LIBOR, as anticipated in the November 2022 consultation (CP22/21: Consultation on 'synthetic' US dollar LIBOR and feedback to CP22/11 (fca.org.uk)) issued by the UK's Financial Conduct Authority (FCA), we now have confirmation on the continued publication of the 1-, 3- and 6-month US dollar LIBOR settings post June 2023 through to 30 September 2024.

As expected the synthetic USD LIBOR will be unrepresentative and will be based on CME Term SOFR rates plus the ISDA fixed credit adjustment spreads issued by Bloomberg.

No surprises in the announcement - no new use of LIBOR is permitted and general use of the synthetic rates for legacy transactions is permitted other than in relation to cleared derivatives.

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