What To Expect When You're Expecting The End Of Libor
Law360 (June 14, 2019, 3:11 PM EDT) -- Libor, the "world's most important number," is being phased out. Created almost 50 years ago on Aug. 15, 1969 — opening day of the Woodstock music festival — Libor began as a floating, market-determined interest rate for syndicated loans, but over time has become the benchmark interest rate for an estimated $350 trillion in outstanding financial arrangements around the world.
These contracts include public and private loans and bonds, consumer financial products such as credit cards, mortgages and student loans, and some $200 trillion in interest rate derivatives.
Due in large part to concern that the determination of Libor — formally known...
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