LEGAL DEVELOPMENTS

LIBOR Transition

Ashurst has designed this portal to keep you up to date on the latest developments on LIBOR transition and how they affect existing and new transactions.

On 5 March 2021, the UK Financial Conduct Authority (FCA) announced the future cessation or loss of representativeness of the 35 LIBOR settings, as described below:

CURRENCY AND TENOR

CESSATION DATE

Sterling - Overnight, one-week, two-month, twelve-month

31 December 2021

Japanese Yen - Spot next, one-week, two-month, twelve-month

31 December 2021

Euro - All

31 December 2021

Swiss Franc - All

31 December 2021

US Dollar - One-week, two-month

31 December 2021

US Dollar - Overnight, twelve-month

30 June 2023

Loss of representativeness and publication of synthetic rates

Sterling LIBOR

One-month and six-month Sterling LIBOR ceased to be representative on 31 December 2021 and were published on a synthetic basis until 31 March 2023, after which they were discontinued.

Three-month Sterling LIBOR ceased to be representative on 31 December 2021 and will be published on a synthetic basis until 31 March 2024, after which it will be discontinued.

US Dollar LIBOR

One-month, three-month and six-month US Dollar LIBOR ceased to be representative on 30 June 2023 and will continue to be published on a synthetic basis until 30 September 2024, after which they will be discontinued.

Japanese Yen LIBOR

One-month, three-month and six-month Japanese Yen LIBOR ceased to be representative on 31 December 2021 and were published on a synthetic basis until 31 December 2022. All Japanese Yen LIBOR rates have now been discontinued.

CURRENCY AND TENOR

PUBLISHED ON A SYNTHETIC BASIS UNTIL

Japanese Yen - One-month, three-month, six-month

31 December 2022

Sterling - One-month, six-month

31 March 2023

Sterling - Three-month

31 March 2024

US Dollar - One-month, three-month, six-month

30 September 2024

The perfect partner

We understand the impact IBOR transition has on our clients' business and products in the loans, bonds and derivatives spaces and are able to identify and mitigate key IBOR issues, risks and challenges. To support our clients, we have fully integrated our Ashurst Advance team with our legal specialists to form our IBOR team. Together, our team of subject matter and project management experts provides the most efficient delivery of legal services through the dynamic combination of resource, process and technology. As a result, we can ensure a much higher degree of control and consistency of approach in delivery, smarter utilisation of specialist lawyer input precisely when needed and a much clearer focus on efficiency and service delivery.

LIBOR transition resources

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Briefings

View our full range of publications and briefings on this topic

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.