This week in review Tess Virmani explains why the ARRC published Abridged Hardwired Fallback Language... and why it makes your life so much easier, Meredith Coffey reports that the ARRC has privately (and now publicly) tamped down Term SOFR hopes - and explains what it means for loans and CLOs and Tess Virmani hails the...
On June 30th the ARRC published an updated recommendation for fallback language for syndicated loans (“the 2020 recommendation”), which can be found below. Document reposted on July 23, 2020...
On June 30th the ARRC published an updated recommendation for fallback language for syndicated loans (“the 2020 recommendation”). For member convenience we have also prepared a word version of the refreshed fallback language which is available down below. Document reposted on July 23, 2020....
This week in the LSTA Newsletter... Lee Shaiman announces the LSTA's new 2020 "Tuesday Talks" Virtual Conference Webinar Series. Meredith Coffey analyzes the ARRC's 2020 Best Practice Recommendations and what they (very tangibly) mean for loans. Elliot Ganz reviews last week's momentous decision that loans are not securities...
LIBOR, “the world’s most important number”, is likely to cease after 2021. This presents significant—but hopefully surmountable—challenges. We discuss the LIBOR problem, timeline and potential shorter- and longer-term solutions. We know whereof we speak; the LSTA is a member of the overall Alternative References Rates Committee (“ARRC”), the body tasked with replacing U.S. dollar LIBOR....
No one can be surprised that LIBOR may be going away – and everyone should be making preparations because LIBOR cessation could disrupt $200 trillion of U.S. dollar LIBOR contracts, including more than $4 trillion of syndicated loans and $600 billion of CLOs. Presented by Meredith Coffey, EVP - Research and Public Policy, LSTA, Jeffrey...
The LSTA is a member of the Alternative Reference Rates Committee (“ARRC”), the U.S. body charged with the transition from LIBOR to a successor rate. The LSTA also co-chairs the ARRC’s Business Loans Working Group (“BLWG”), which developed LIBOR Fallback Language for Syndicated Loans, and the BLWG’s Operations Sub-Group. Attached is the FAQ on the...
Alternative Reference Rates Committee (“ARRC”) released its recommended LIBOR fallback language for U.S. dollar business loans and FRNs. The LSTA, as co-chair of the ARRC Business Loans Working Group, shepherded the process along with Cadwalader and the ABA....
366 Madison Avenue, 15th Floor, New York, NY 10017 Tel: 212.880.3000 Fax. 212.880.3040 www.lsta.org. LIBOR: FALLBACK (CONSULTATIONS) ARE HERE On September 24, 2018, the Alternative Reference Rates Committee (ARRC) released two LIBOR fallback consultations – one for syndicated business loans and one for Floating Rate Notes (FRNs). The fallback consultation is the first step toward...
1 ALTERNATIVE REFERENCE RATES COMMITTEE GUIDING PRINCIPLES ARRC Guiding Principles for More Robust LIBOR Fallback Contract Language in Cash Products The goal of the ARRC is to publish one or more sets of suggested fallback language and it has developed these principles to guide the development of U.S. dollar LIBOR fallback language within its working...
