Fitch warns on challenge of investor consent in Libor transition
As Libor’s end date approaches, Fitch Ratings warns this week that investor consent for the switch to a replacement rate represents a significant challenge for legacy RMBS deals.
Citing a roundtable of trustees gathered by the rating agency earlier this month, Fitch said that bondholder communication would be a key challenge as Libor’s 2021 phase out nears. Approximately $1.2tr of adjustable rate mortgages float over Libor, with around $178bn of that backing US RMBS deals.
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