ARRC releases recommended Libor fallbacks for loans and bonds
The Alternative Reference Rates Committee (ARRC) issued recommendations for Libor replacement at the end of April, indicating that it believes the market should effectively self-regulate when it comes to picking a new benchmark for floating rate debt contracts.
After the UK’s Financial Conduct Authority announced in 2017 that banks would no longer be compelled to report Libor rates after 2021, Libor replacement provisions in both loans and floating notes have tended to give borrowers some measure of discretion in choosing a new rate.The ARRC’s recommendations ...
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