An in-depth discussion of the ARRC hardwired fallback language – what it says, how it works and what it means. Presented by Christian Fundo, Vice President and Assistant General Counsel, J.P. Morgan, Jeffrey Nagle, Partner, Cadwalader, Wickersham & Taft LLP, Tess Virmani, Associate General Counsel & Executive Vice President – Public Policy, LSTA and Ian...
An in-depth discussion of the ARRC hardwired fallback language – what it says, how it works and what it means. Presented by Christian Fundo, Vice President and Assistant General Counsel, J.P. Morgan, Jeffrey Nagle, Partner, Cadwalader, Wickersham & Taft LLP, Tess Virmani, Associate General Counsel & Executive Vice President – Public Policy, LSTA and Ian...
In less than 18 months the world will no longer be able to depend on the benchmark tied to roughly $300 trillion of financial instruments—LIBOR. As described in the article titled “Getting to LIBOR Transition: The Big Picture,” market participants across derivatives and cash products are working through the ARRC1 to pave the way for...
Market Context for Hardwired Fallbacks • 90 has been a typical cut off point between “par” and “stressed” loans in the secondary market • We assumed companies rated B-/B3 or better AND priced 90 or better are more likely to get fallback amendments done • Companies rated below B-/B3 or priced below 90 might be...
