LIBOR Transition
Important sources of further information on LIBOR transition are set out below.
Financial Stability Board
- Reforming Financial Benchmarks
- Interest rate benchmark reform – overnight risk-free rates and term rates
- Reforming major interest rate benchmarks: Progress report – November 2018
- Reforming major interest rate benchmarks: Progress report – December 2019
- Reforming Major Interest Rate Benchmarks 2020 Progress report – November 2020
Bank of England
- Transition to sterling risk-free rates from Libor
- Letter to The Working Group on Sterling Risk-Free Reference Rates: Regulatory capital impediments to transition – December 2019
- FCA and Bank of England joint statement on switch from LIBOR to SONIA for sterling interest rate swaps – January 2020
- PRA and FCA letter to Senior Managers – Next steps on LIBOR transition – January 2020
- The Bank's risk management approach to collateral referencing LIBOR for use in the Sterling Monetary Framework - Market Notice – February 2020
- Discussion Paper: Supporting Risk Free Rate-transition through the provision of compounded SONIA – February 2020
- Summary and response to market feedback: Supporting Risk-Free Rate transition through the provision of compounded SONIA - June 2020
- Speech from the Governor of the Bank of England - July 2020
Financial Conduct Authority
- Transition from LIBOR
- Q&As on conduct risk during LIBOR transition – November 2019
- Letter to ISDA concerning period during which non-representative LIBOR might be published – January 2020
- Statement on how the FCA would announce LIBOR contractual triggers
- Tough Legacy Contracts: FCA statement on planned amendments to the Benchmarks Regulation - June 2020
- FCA announcement on future cessation and loss of representativeness of the LIBOR benchmarks – March 2021
- Statement of Policy on the designation of benchmarks under Article 23A BMR – March 2021
- Statement of Policy on the exercise of the FCA’s powers under Article 23D BMR – March 2021
The Working Group on Sterling Risk-Free Reference Rates
- SONIA as the RFR and approaches to adoption – June 2017
- Consultation on term SONIA reference rates – July 2018
- New issuance of sterling bonds referencing LIBOR – July 2018
- Considerations around credit spread adjustment options in ISDA consultation on fallback rates – August 2018
- Syndicated loan replacement of screen rate clause – October 2018
- Preparing for 2022: What you need to know about LIBOR transition – November 2018
- Discussion Paper: Conventions for referencing SONIA in new contracts – March 2019
- Summary of Responses to Discussion Paper: Conventions for referencing SONIA in new contracts – 7 August 2019
- Letter to the Prudential Regulation Authority: Regulatory capital impediments to transition – October 2019
- Consultation on credit adjustment spread methodologies for fallbacks in cash products referencing GBP LIBOR – December 2019
- Working Group on Sterling Risk-Free Reference Rates 2020 Top Level Priorities – January 2020
- Use Cases of Benchmark Rates: Compounded in Arrears, Term Rate and Further Alternatives – January 2020
- Progress on the Transition of LIBOR-Referencing Legacy Bonds to SONIA By Way Of Consent Solicitation – January 2020
- Factsheet - Calling time on LIBOR: Why you need to act now – January 2020
- Statement on bond market conventions: Use of the SONIA Index and weighting approaches for observation periods – March 2020
- Statement from the RFRWG on the impact of Coronavirus on the timeline for firms’ LIBOR transition plans – April 2020
- Paper on the Identification of Tough Legacy Issues – May 2020
- Recommendations for SONIA Loan Market Conventions - September 2020
- Recommendation of Credit Adjustment Spread Methodology for fallbacks in cash market products referencing GBP LIBOR - September 2020
- Active transition of GBP LIBOR referencing bonds – September 2020
- Active transition of GBP LIBOR referencing loans – September 2020
- Consultation on successor rate to GBP LIBOR in legacy bonds referencing GBP LIBOR – February 2021
- Transition from LIBOR in Sterling Structured Products - April 2021
- Recommendation of Successor Rate for fallbacks in bond documentation referencing GBP LIBOR - May 2021
Her Majesty's Revenue and Customs (HMRC)
The Alternative Reference Rates Committee (ARRC)
- Website
- Second Report – March 2018
- Guiding Principles for More Robust LIBOR Fallback Contract Language in Cash Products – July 2018
- Frequently asked questions – September 2018
- A User’s Guide to SOFR – April 2019
- ARRC Recommendations Regarding More Robust Fallback Language for New Issuances of LIBOR Floating Rate Notes – April 2019
- The Secured Overnight Financing Rate (SOFR) Floating Rate Notes (FRNs) Conventions Matrix – August 2019
- Summary of ARRC's LIBOR Fallback Language – November 2019
- Appendix to SOFR Floating Rate Notes Conventions Matrix – November 2019
- Proposed Legislative Solution to Minimize Legal Uncertainty and Adverse Economic Impact Associated with LIBOR Transition
- ARRC Announces Recommendation of a Spread Adjustment Methodology for Cash Products – April 2020
- Statement on the Use of the SOFR Index – May 2020
- An Updated User’s Guide to SOFR - February 2021
- Progress Report: The Transition from U.S. Dollar LIBOR - March 2021
The Working Group on Euro Risk-Free Reference Rates
- Interest rate benchmarks
- Private Sector Working Group on Euro Risk-Free Rates
- Report by the working group on euro risk-free rates on the transition from EONIA to ESTER – December 2018
- Second public consultation by the working group on euro risk-free rates on determining an ESTER-based term structure methodology as a fallback in EURIBOR-linked contracts – December 2018
- Working Group on euro risk-free rates – Guiding principles for fallback provisions in new contracts for euro-denominated cash products – January 2019
- Third public consultation by the working group on euro risk-free rates on the EONIA to €STR Legal Action Plan – May 2019
- Report by the working group on euro risk-free rates on the impact of the transition from EONIA to the €STR on cash and derivatives products – August 2019
- Working Group on €uro Risk-Free Rates: Preparing for the interest rate benchmark reforms and the new risk-free rates – October 2019
- Working Group on €uro Risk-Free Rates: Checklist for navigating the transition from EONIA to €STR – October 2019
- Working Group on €uro Risk-Free Rates: Q&A on benchmark reform in the euro-zone – October 2019
- Working Group on €uro Risk-Free Rates: Report on the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR – November 2019
- Working Group on €uro Risk-Free Rates: Report with high-level recommendations for fallback provisions in contracts for cash products and derivatives transactions referencing EURIBOR – November 2019
- Key messages for the transition from EONIA to €STR – March 2020
- Understanding EURIBOR Fallbacks – March 2020
- Public consultation on the publication by the ECB of compounded term rates using the €STR - July 2020
- Recommendations on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates - May 2021
Bank of Japan
- Study Group on Risk-Free Reference Rates
- Interest Rate Benchmark Reform in Japan: Speech by Deputy Governor at the Kin'yu Konwa Kai – January 2020
Swiss National Bank
International Capital Market Association (ICMA)
- Benchmark reform and transition to risk-free rates
- A quick guide to the transition to risk-free rates in the international bond market – February 2020
The International Swaps and Derivatives Association, Inc. (ISDA)
- Benchmark Reform and Transition from LIBOR
- IBOR Fallbacks Supplement
- IBOR Fallbacks Protocol
- IBOR Fallbacks Protocol FAQs
- IBOR Fallbacks Bilateral Documents
- Outline of Bilateral Documents for IBOR Fallbacks with Descriptions
- Guidance on FCA LIBOR Announcement
- Understanding IBOR Benchmark Fallbacks
- User Guide to IBOR Fallbacks and RFRs
- IBOR Fallback Rate Adjustments FAQs
- Bloomberg Rulebook for IBOR Fallback Methodology
- RFR Conventions and IBOR Fallbacks Product Table
ICE Benchmark Administration Limited
International Capital Market Services Association (ICMSA)
- The discontinuation of LIBOR/IBORS - implications for English-law note trustees
- Bulletin – 200120/47: Benchmark replacement and fallback provisions – Key principles and guidelines for Agents and Trustees – January 2020
- Bulletin 200305/49 – The discontinuation of LIBOR/IBORS – different approaches for transition under English law trust deeds and New York law indentures
(Note: this is pay-walled content available to ICMSA members only)
Loan Market Association (LMA)
- Replacement of Screen Rate clause
- Exposure draft of a compounded SONIA based sterling term and revolving facilities agreement
- Exposure draft of a compounded SOFR based dollar term and revolving facilities agreement
- Commentary of exposure drafts
(Note: this is pay-walled content available to LMA members only)
Key Contacts
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