Monday, November 30th saw a flurry of announcements from the Ice Benchmark Association (IBA), the UK Financial Conduct Authority (FCA), the Federal Reserve, the OCC, the FDIC and the ARRC about USD LIBOR cessation. The bottom line: Most USD LIBOR tenors may continue to exist (for legacy products) until June 30, 2023. However, new LIBOR loan origination must end “as soon as practicable” and no later than December 31, 2021. LSTA LIBOR experts will discuss what this ultimately means for the U.S. syndicated loan market. Replay done by Meredith Coffey, LSTA EVP Research & Public Policy, Member of the Alternative Reference Rates Committee (ARRC) and Co-chair of the ARRC Business Loans Working Group and Tess Virmani, LSTA Associate General Counsel & EVP Public Policy, Member of the ARRC Business Loans Working Group.
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