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ARTICLE · 06 JUNE 2019

ISDA Publishes Consultation On USD Libor Fallbacks For Derivatives

Holland & Knight
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The International Swaps and Derivatives Association Inc. (ISDA) is soliciting market feedback on methodology for determining fallback to the Secured Overnight Financing Rate (SOFR)

United StatesFinance and Banking
Douglas Youngman
Douglas Youngman
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Douglas I. Youngman is a Partner in Holland & Knight's New York office.

  • The International Swaps and Derivatives Association Inc. (ISDA) is soliciting market feedback on methodology for determining fallback to the Secured Overnight Financing Rate (SOFR) upon U.S. Dollar Libor (USD Libor) discontinuation. USD Libor is anticipated to be discontinued at the end of 2021.
  • Derivatives contracts will require all parties to agree on amendments to address USD Libor discontinuation. Fallback calculations and timing for derivatives may differ from those proposed in the cash market, resulting in potential basis risk for hedged loans.

The International Swaps and Derivatives Association Inc. (ISDA) has taken a major step toward the modification of global derivatives documentation to address the anticipated discontinuation of Libor (the London Interbank Offered Rate) at the end of 2021. On May 16, 2019, ISDA published its "Supplemental Consultation on Spread and Term

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