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ARTICLE · 24 MAY 2021

Updating MTN Program Disclosures For The 2021 ISDA Definitions

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On June 4, 2021, drafts of the new 2021 ISDA Interest Rate Derivatives Definitions and related documentation are scheduled to become public.

United StatesFinance and Banking
Bradley Berman
Bradley Berman
Anna T. Pinedo
Anna T. Pinedo
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On June 4, 2021, drafts of the new 2021 ISDA Interest Rate Derivatives Definitions and related documentation are scheduled to become public.1 The 2021 ISDA Definitions are scheduled to go into effect on October 4, 2021. What effect will this have on current US dollar rates disclosures in medium-term note program prospectus supplements?

Up to now, draftspersons have turned to the descriptions of the various interest rates in the 2006 ISDA Definitions and generally closely conformed rates disclosures to those descriptions. Those days are over – we are now living in the "Matrix." To be specific, when drafting rates disclosure, one must first turn to the "2021 ISDA Interest Rate Derivatives Floating Rate Matrix" to determine which provisions, particularly related to fallbacks, to include in the description of the relevant rate.

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