Negotiating Interest Rate Provisions As Libor Demise Looms

Law360, New York (November 15, 2017, 1:14 PM EST) -- On July 27, 2017, the Loan Syndications and Trading Association issued a statement that Andrew Bailey, chief executive of the U.K.’s Financial Conduct Authority, announced the FCA would not compel banks to submit to Libor after 2021, foretelling the demise of Libor. The ICE Benchmark Administration, currently responsible for administering and publishing Libor, may publish daily Libor rates after that date, although the submitting banks could be fewer, impacting the use of the rate. As a potential alternative to U.K. Libor, in April of 2018 the Bank...
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