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Tess Virmani

March 26, 2024 - As the first quarter comes to a close so too does the end of Sterling LIBOR. Three-month Sterling LIBOR – the last of the Sterling LIBOR tenor settings – has continued to be published as a synthetic rate since the end of 2021 and will be published for the last time Thursday, March 28th. As we look ahead, members are reminded that the FCA has stated that it intends to compel IBA to continue to publish 1-month, three-month and six-month U.S. dollar LIBOR settings on a synthetic basis until end-September. There has been no change to that position since it was first announced. Practically, we do not expect the end of synthetic rates to me significant for the loan market. However, parties to credit agreements that reference the synthetic U.S. dollar LIBOR settings should ensure such credit agreements are remediated in the next six months.

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