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LIBOR: Why You Should Care…And Shouldn’t Panic

Since the LIBOR speech by Andrew Bailey, Chief Executive of the FCA on July  27th, markets have been buzzing about whether LIBOR is ending, when it might end, and what loans and CLOs would do. On August 17th, the LSTA hosted a webcast walking through i) why LIBOR might end, ii) what the replacement might be, and iii) ways to approach loans and CLOs.  We recap these issues below and encourage you to visit our LIBOR webcast page for slides and a replay.

LIBOR Redux

In the LSTA Newsletter last week, we recapped the efforts taking place to (potentially) replace LIBOR. This week, a speech by Andrew Bailey, Chief Executive of the U.K.’s Financial Conduct Authority (FCA), in which he said the FCA would not compel banks to submit to LIBOR after 2021, has the market buzzing about the impending demise of LIBOR.  Bloomberg reported that LIBOR was headed for the trash heap of history, the FT reported that LIBOR was no longer fit for purpose and the WSJ offered a “Eulogy for the World’s Most Important Number”.

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Primary Delayed Compensation Protocol

The Protocol applies to a “Primary Allocation” which is an allocation of new money by a syndicate desk in connection with either (i) a new issue syndication or (ii) an amendment of an existing Credit Agreement. In addition, the Protocol affects when-issued secondary trades by (i) changing what constitutes an Early Day Trade and (ii) […]