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ARTICLE · 22 AUGUST 2023

A New Beginning … And An Ending

Mayer Brown
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The era of risk-free rates has begun and the era of interbank offered rates (and this blog) is ending.

United StatesFinance and Banking
Mary Jo N. Miller
Mary Jo N. Miller
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The era of risk-free rates has begun and the era of interbank offered rates (and this blog) is ending.

The key LIBOR rates, other than USD LIBOR, are long retired. USD LIBOR continues to exist only as a synthetic rate to aid the transition of tough legacy contracts, and that too will end in a little more than a year. Even the lagging sector of US loans is close to completing its transition from LIBOR to risk-free rates (largely the Secured Overnight Financing Rate, or SOFR). The Loan Syndications & Trading Association reported in late June that, based on data from JPMorgan, it estimated that approximately 65% of outstanding loans had transitioned away from LIBOR. Between now and the end of 2023, as interest periods set prior to 30 June 2023 roll over, that number will continue to increase. The years-long transition of key LIBORs was completed "with little fanfare," in the words of the LSTA.

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