Understand of how LIBOR met its timely end and how market participants should prepare for the decommission of the prominent benchmark.
In accordance with statements from the UK Financial Conduct Authority dating back to July of 2017, the London Interbank Offered Rate (LIBOR) will no longer be published, beginning at the end of 2021 for certain tenors, and by June of 2023 for the most popular tenors of USD-LIBOR. As a result, trillions of dollars of contracts that reference LIBOR (including loan agreements and derivatives contracts), will need to be amended and new contracts will need to account for a LIBOR replacement rate. Loan and derivatives market participants will also need to determine which replacement rate they will rely on in lieu of LIBOR (including the Secured Overnight Financing Rate (SOFR)). This presentation will help participants understand why LIBOR is going away, which terms need to be added to existing and new loan and derivatives contracts, what is "SOFR" and how does it differ from USD-LIBOR, and what an efficient LIBOR transition process looks like.
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Agenda
Understanding LIBOR
- How Is LIBOR Currently Calculated?
- Why Is LIBOR Going Away?
- Which Contracts Are Impacted by the LIBOR Transition?
SOFR: The USD - LIBOR Replacement
- What Is SOFR and How Does It Compare to LIBOR?
- Conventions and Other Practical Considerations
- SOFR Alternatives
- Federal Reserve Guidance and New York Legislation Re: SOFR
Impact on Derivatives Transactions
- The ISDA Solution : IBOR Fallbacks Protocol and 2006 Definitions
- LIBOR Transition Mechanics in Derivatives Transactions
- Considerations for Hedged Loans
Impact on Lending Transactions
- The ARRC Solution (Hardwired vs. Amendment vs. Hedged Loan Approach)
- Alternatives to the ARRC Solution
- Considerations for Legacy and New Contracts
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 27, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Cheryl L. Isaac
Michael Best Friedrich LLP
- Senior counsel in the Washington, DC office of Michael Best Friedrich LLP
- Represents clients in a variety of complex financial transactions, including interest rate swaps and other derivatives products, venture debt finance, commercial lending, cryptocurrencies, and digital asset offerings; advises on the impact of the LIBOR transition on each of these types of financing transactions
- Drafts and negotiates ISDA documentation (including the ISDA Master Agreement, Schedule, Credit Support Annex, and related documents) for interest rate, foreign exchange, and commodities derivatives, and advises clients on compliance with Title VII of the Dodd-Frank Act and related rules and guidance issued by the Commodity Futures Trading Commission (CFTC) and other federal regulators
- Represents both borrowers and lenders in various lending transactions, focusing on traditional bank loans as well as customized debt finance solutions for start-up and early growth companies
- Author of several publications related to the areas of derivatives, the LIBOR transition, and cryptocurrencies
- Member of the New York, Connecticut, and Washington, D.C. bars
- LL.M. degree, Georgetown University Law Center; J.D. degree, Boston College Law School; B.A. degree, University of Pennsylvania
- Can be contacted at [email protected] or 202-595-7934
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