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ARTICLE · 08 DECEMBER 2020

Recent Developments Impacting LIBOR Transition

Paul Weiss Rifkind Wharton & Garrison
Explore more from Paul Weiss Rifkind Wharton & Garrison

On November 30, 2020, Intercontinental Exchange, Inc. announced that ICE Benchmark Administration ("IBA"), which administrates LIBOR, expects in early December 2020 to solicit market...

United StatesFinance and Banking
Susanna M. Buergel
Susanna M. Buergel
Jessica S. Carey
Jessica S. Carey
Manuel S. Frey
Manuel S. Frey
Brad S. Karp
Brad S. Karp
Jane B. O'Brien
Jane B. O'Brien
Amy L. Barton
Amy L. Barton
Rajdeep S. Dhaliwal
Rajdeep S. Dhaliwal
Anand Sithian
Anand Sithian

On November 30, 2020, Intercontinental Exchange, Inc. announced that ICE Benchmark Administration ("IBA"), which administrates LIBOR, expects in early December 2020 to solicit market feedback regarding its intention to cease the publication of:

  • the one-week and two-month USD LIBOR settings after December 31, 2021; and
  • the overnight and one, three, six and 12 month USD LIBOR settings after June 30, 2023.1

As a result, market participants should expect that the most commonly used USD LIBOR settings will likely be published well past the previously expected deadline of December 31, 2021. IBA expects to close its solicitation for feedback by the end of January 2021.2 IBA noted that panel bank submissions after December 31, 2021 will need to comply with applicable regulations, including as to representativeness.3 This statement is presumably intended to avoid what commentators have described as a "zombie LIBOR" scenario, where LIBOR continues to be published

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