The capital markets industry continues to work on the LIBOR transition, despite current market upheaval, and the regulatory message remains firm that LIBOR will be on its way out year-end-2021. Covid-19 has been very significant across the global capital markets industry, and naturally, some of the LIBOR oxygen has been absorbed by this crisis as many market players have had to turn their attention to the pandemic.
However, LIBOR becomes a financial challenge for banks and borrowers, as this benchmark embedded in $340 trillion contracts worldwide will cease to exist. The Virtual Investors’ Conference on LIBOR will provide a platform to help educate investors and borrowers on the adoption of the Secured Overnight Financing Rate (SOFR), Sterling Overnight Interbank Average Rate (SONIA) and Euro Short-Term Rate (ESTR) as jurisdictional alternative reference rates. This one-day virtual conference will provide thought-provoking discussions to help manage this disruption across the capital markets industry, as the ABS market prepares to gear up for the move.
With the fallback language for securitizations complete, now is the time to prepare for best practices and work with vendors to ensure the markets will be able to handle the transition from an operational perspective, and avoid contractual reliance on a benchmark that will no longer represent a future market.
Program and registration details will be announced soon.