THOUGHT LEADERSHIP
View all of our IBOR transition thought leadership under the Perspectives tab of our IBOR Transition portal page. Our Eye on IBOR Transition blog, with three years of our analysis and commentary during the key transition years, has been retired but remains available for future reference.
United States – Syndicated and Bilateral Loans
LIBOR Transition: One
(Two?) Last Hurrah(s)
Loan Syndications & Trading Association, 13 September
2023
Providing loan transition data and encouraging lenders to
detail the values of the various components in the new benchmark
rate.
United States – General
ARRC Releases
Final Reflections and Announces its Conclusion Following a
Successful Transition
Alternative Reference Rates Committee, 30 November
2023
The ARRC notes that while the ARRC will wind down, the New
York Fed plans to launch a new sponsored group in 2024 to focus on
promoting the integrity, efficiency, and resiliency in use of
reference rates across financial markets.
ARRC Closing
Report: Final Reflections on the Transition from
LIBOR
Alternative Reference Rates Committee, 30 November
2023
The ARRC has published a concluding report to provide a historical
summary and emphasize the three areas that it believes firms should
focus on going forward in order to preserve the robust system of
reference rates that has been achieved: (a) active review of any
reference rates that firms may consider using to ensure that they
are sufficiently robust and fit for purpose; (b) the importance of
appropriate fallback language for any contractual use of reference
rates; and (c) maintaining an appropriate balance between use of
SOFR and Term SOFR.
Index
Announcement - Future Cessation of the Bloomberg Short-Term Bank
Yield Index ("BSBY")
Bloomberg Professional Services, 15 November
2023
Following a review of feedback received to its 13 September 2023
consultation on the cessation of publication of the Bloomberg
Short-Term Bank Yield Index (BSBY), Bloomberg Index Services
announced that the publication of all tenors of BSBY will cease
permanently after publication on Friday, 15 November 2024.
ARRC November 8
Meeting Readout
Alternative Reference Rates Committee, 8 November
2023
At this final meeting, the ARRC members reviewed their closing
report and noted that its best practice recommendations regarding
reference rates remain firmly in place going forward to help
preserve the robust system of reference rates that has been
achieved.
ARRC September
26 Meeting Readout
Alternative Reference Rates Committee, 26 September
2023
The Operations/Infrastructure Working Group reported that usage of
the DTCC LIBOR Replacement Index Communication Tool has been
smooth. The Regulatory Issues Working Group reported that it
formally filed a request for Pre-Trade Mid Mark relief with the
CFTC to extend the relief currently afforded to certain swaps
referencing USD LIBOR to the swap market's predominant
reference rate, SOFR OIS. The request is under review.
Consultation
on the Proposed Cessation of the Bloomberg Short-Term Bank Yield
Index ("BSBY")
Bloomberg Professional Services, 13 September
2023
Because BSBY's usage within financial products is limited and
unlikely to see significant growth, resulting in insufficient usage
of the benchmark, Bloomberg Index Services proposes to cease
publication of all tenors of BSBY after publication on 15 November
2024, and seeks market feedback and information regarding
outstanding instruments linked to the rate.
IBOR Transition Digest - January 18, 2024
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