A Delay Of LIBOR's Demise?

Publication of U.S. dollar (USD) LIBOR rates used in many financial instruments may continue longer than expected. On November 30, 2020, ICE Benchmark Administration (IBA), the administrator of LIBOR, released a statement implying that it may continue publication of overnight and one-, three-, six-, and twelve-month USD LIBOR through June 30, 2023. If this proposal were adopted, it would serve as an 18-month extension of publication of these USD LIBOR rates past the previously expected December 31, 2021 termination date. However, IBA's statement indicates that it continues to expect to cease publication of one-week and two-month USD LIBOR after December 31, 2021. These dates are not final, as IBA commenced a consultation period to determine the final dates. The November 30 statement comes on the heels of IBA's statement on November 18 that it will commence a similar consultation period with respect to its intention to cease publication of all tenors of sterling,