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ARTICLE · 14 DECEMBER 2018

ARRC Publishes Consultations On LIBOR Fallbacks For Securitizations And Bilateral Loans

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The Alternative Reference Rates Committee ("ARRC") published two consultations on U.S. dollar (USD) LIBOR fallback contract language for bilateral business loans and securitizations.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The Alternative Reference Rates Committee ("ARRC") published two consultations on U.S. dollar (USD) LIBOR fallback contract language for bilateral business loans and securitizations.

The ARRC proposed two different approaches to develop stronger fallback language for bilateral loans, including (i) an amendment approach, which would provide a streamlined amendment mechanism for negotiating a replacement benchmark in the future and (ii) a hardwired approach, which would help clarify how a replacement rate should be identified and implemented. The consultation on securitizations proposed a hardwired approach, focusing on the use of clear triggers and fallback rates to replace LIBOR with a more economically appropriate replacement rate and spread adjustment.

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