'Zombie’ LIBOR for USD Contracts: Navigating the Critical Issues
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OVERVIEW:
The scheduled phase-out of the London Interbank Offered Rate (LIBOR) by the end of 2021 is currently posing significant transition challenges for banks and all concerned individuals. Furthermore, ICE Benchmark Administration Limited (IBA) announced last December 2020 the extension of U.S. dollar (USD) LIBOR through June 2023, creating a change in the LIBOR transition process and opening more ambiguities in managing USD contracts.
With these and other critical issues incessantly emerging in the backdrop, it is necessary for financial institutions to keep themselves abreast of the latest developments and develop a strategic plan to ensure that risks and pitfalls are well-mitigated.
In this LIVE CLE Webcast, business transaction experts Les Jacobowitz (Arent Fox) and Paul Noring (Berkeley Research Group) will provide the audience with an in-depth analysis of the critical issues surrounding LIBOR. Speakers will also offer the best practices that are essentially needed in this evolving area of law.
Some of the major topics that will be covered in this course are:
- Overview of USD LIBOR
- Recent Trends and Developments
- LIBOR Indices Set to Transition by Year-End 2021
- U.S. Regulator on No New LIBOR Contracts After 2021
- Ramifications of ISDA Protocol’s Immediate Implementation
- New USD LIBOR Transition Timeline
- Red Flags
- Practical Tips and Best Practices
- What Lies Ahead
Over the last three years, Mr. Noring has been deeply involved in LIBOR transition efforts. He is a member of the Mortgage Bankers Association (MBA) LIBOR Transition working group. He has given speeches, webinars, townhalls and training on the topics to various financial institutions. He has also written thought leadership pieces and spent considerable time evaluating non-SOFR alternatives such as Ameribor. He has worked with both mid-size banks and large institutions around their transition efforts. Most of the initial emphasis has been on governance, mobilization, project planning and program management. He is also actively involved in addressing system considerations associated with moving from simple interest calculations to compound interest.
Mr. Noring has deep prior experience with loan accounting, derivative operations, hedge accounting and asset / liability management. He has worked with all types and sizes of financial institutions from community banks to almost all of the world’s largest global institutions. He has also spent significant time interfacing with Boards of Directors and bank regulators.
