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ARTICLE · 31 AUGUST 2021

The End Of LIBOR

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LIBOR publication will cease on 31 December 2021 – possibly sooner, if major banks cease to supply rates. No new LIBOR debt should have been issued after Q1

United KingdomFinance and Banking
Lucy Grimwood
Lucy Grimwood

LIBOR publication will cease on 31 December 2021 - possibly sooner, if major banks cease to supply rates. No new LIBOR debt should have been issued after Q1, and the Bank of England's Sterling Working Group has reiterated that all legacy LIBOR loans should be transitioned to a risk-free-rate (probably SONIA) by the end of September.

There is work to be done - commercially, operationally and legally - to ensure a smooth transition:

  • Commercially: parties should be discussing transition parameters, in particular the credit adjustment spread for any existing LIBOR debt;
  • Operationally: systems, and treasury teams, must be ready to calculate and apply backward-looking SONIA-based interest rates; and

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