Welcome to the latest issue of Mayer Brown's IBOR Transition Digest—a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates. As attention to IBORtransition accelerates and becomes more focused, it is critical to have access to comprehensive and timely resources about the market.
For additional resources and an introduction to our global cross-practice IBOR Transition Task Force, please visit Mayer Brown's IBOR Transition portal.
Thought Leadership | News and Developments | Events
Almost Time for
Term SOFR
Eye on IBOR Transition blog, 21 July 2021
On 21 July 2021, the U.S. Alternative Reference Rates
Committee announced the publication of conventions and use cases
for employing Term SOFR in transitioning loan products away from
LIBOR, and held the fourth of its SOFR Symposium sessions, which
focused on the "SOFR First" initiative and the need for a
deep and liquid SOFR derivatives market to support Term SOFR.
Alabama Passes
LIBOR Bill Substantially Identical to New York
Bill
Eye on IBOR Transition blog, 19 July 2021
In April 2021, Alabama followed New York's lead and
passed the LIBOR Discontinuance and Replacement Act of 2021, a bill
aimed at addressing LIBOR cessation with respect to USD LIBOR
contracts governed by Alabama law that include either insufficient,
or no, LIBOR fallbacks.
HKMA directs all
AIs to distribute LIBOR leaflet to corporate customers by 31 July
2021
Eye on IBOR Transition blog, 9 July 2021
The Hong Kong Monetary Authority sent a letter to its
authorised institutions on 8 July 2021 requesting that they send an
enclosed leaflet and revised set of Q&As to their customers
with LIBOR-linked contracts to promote better awareness of the
implications for them of LIBOR transition.
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