Andrew Bailey, the Chief Executive of the UK's Financial Conduct Authority (FCA), recently reiterated the FCA's expectation that LIBOR will cease to be published beyond 2021. There has been significant progress in the move away from LIBOR in the last 18 months, and Andrew Bailey's speech of 15 July 2019 (available from the FCA website) corroborates that view and provides a number of facts and figures to support it. Further to our 29 March 2019 update entitled "Breakage and Yield Protection in a post-LIBOR World", this note includes a high-level update on the progress of transitioning away from LIBOR across different financial markets, with a particular focus on the syndicated loan market.

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