LIBOR-SONIA Transition Update May 2021

Following our update in March 2021 the LIBOR-SONIA Transition process is gathering pace. This update focuses on timescales and our experience of the process to date. The Risk Free Reference Working Group (“RFRWG”) announced the following on 5th March 2021: LIBOR rates will no longer be published beyond 31st December 2021. The Fallback Spread Adjustment…

LIBOR-SONIA NEWSFLASH 9th March 2021

Risk Free Reference Working Group (“RFRWG”) announces cessation of published LIBOR rates On 5th March 2021 the RFRWG announced that ICE Benchmark Administration (“IBA”), which administers and publishes LIBOR settings for all currencies, will cease to publish such rates beyond 31st December 2021. The Financial Conduct Authority (“FCA”) has confirmed that it will not compel…

Sustainability Linked Loans

Background The 2016 UN Paris Climate Agreement signed by 195 countries (and ratified by 190 as of January 2021) sets out a primary objective to maintain the rise in global temperature below 2 degrees Celsius and on a best-efforts basis to limit the increase to 1.5 degrees Celsius. Many large organisations are now committed to…