Iberdrola and Clarion ditch Libor from deals on day one of signing
Iberdrola, the Spanish utility, and Clarion Housing, the UK housing association, became the latest companies to sign loans using risk-free rates instead of Libor, as more deals are signing that ditch the scandal-ridden benchmark from day one.
Iberdrola has signed a €2.5bn sustainability-linked loan, becoming the first Spanish company to use risk-free rates as a benchmark instead of Libor.
The five year facility comes with two one year extension options. It can be drawn in multiple currencies.While euros will continue to use Euribor as a benchmark, ...