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LIBOR Transition

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.

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In the UK, the Working Group on Sterling Risk-Free Reference Rates was established in 2015 by the Bank of England to recommend a Sterling RFR and promote its adoption as an alternative to Sterling LIBOR. In April 2017, it recommended the SONIA (Sterling Overnight Index Average) benchmark as its preferred RFR and since then it has been focused on implementing the transition to using SONIA across cash and derivatives markets.

Over the same period corresponding working groups, such as the Alternative Reference Rates Committee (ARRC) in the United States and the working group on euro risk-free rates in the euro-zone, have been performing similar functions in relation to other major currencies.

On 5 March 2021, the UK Financial Conduct Authority (FCA) announced the future cessation or loss of representativeness of the 35 LIBOR settings. The cessation dates are:

Sterling - Overnight, one-week, two-month, twelve-month 
31 December 2021
US Dollar - One-week, two-month 
31 December 2021
US Dollar - Overnight, twelve-month 
30 June 2023
Japanese Yen - Spot next, one-week, two-month, twelve-month 
31 December 2021
Euro - All 
31 December 2021
Swiss Franc - All 
31 December 2021

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 will be published on a synthetic basis until 31 March 2023, after which they will be 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.


One-month, three-month and six-month US Dollar LIBOR will cease to be representative on 30 June 2023. The FCA has proposed that these rates continue to be published on a synthetic basis until 30 September 2024. A decision on this is expected in the first half of 2023.

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.

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 (proposed)
Japanese Yen - One-month, three-month, six-month 
31 December 2022

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.

Key Contacts

We bring together lawyers of the highest calibre with the technical knowledge, industry experience and regional know-how to provide the incisive advice our clients need.

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.

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