IBOR Transition Digest (August 02, 2021) – Finance and Banking

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United States: IBOR Transition Digest (August 2, 2021)

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Welcome to the latest issue of Mayer Brown’s IBOR Transition Digest, a periodic compendium of global regulatory and market developments and information on the complex issues facing financial market participants as they plan to switch from LIBOR. and its variants at alternative benchmark interest rates. As attention to the IBOR transition accelerates and becomes more focused, having access to comprehensive and timely resources in the marketplace is critical.

THINK LEADERSHIP

Vote with or drag your feet (depending on your perspective): US loan markets continue to be interested in credit-sensitive alternatives to SOFR
Eye on IBOR Transition blog, July 29, 2021
We continue to see credit arrangements in the US loan markets that use a credit sensitive alternative rate (CSR) to SOFR. In fact, a recent public documents check found that eight credit agreements used a CSR, specifically the Bloomberg Short-Term Bank Yield (BSBY) Index.

It’s here! The ARRC formally recommends the SOFR forward rate of the CME group
Eye on IBOR Transition blog, July 29, 2021
On July 29, 2021, the Alternative Reference Rates Committee formally recommended the SOFR forward forward rates published by CME Group for use in corporate loans, as well as the associated hedges and securitizations (in particular for CLOs).

Download – IBOR Transition Digest (August 02, 2021)

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This article by Mayer Brown provides information and commentary on legal issues and developments of interest. The foregoing does not constitute a complete treatment of the matter at hand and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action on the matters discussed in this document.

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