Transition from Legacy US Dollar LIBOR in the Bond Market with four leading law firms: July 2023


This ICMA podcast with four Leading Law Firms is about the transition from legacy US dollar LIBOR to SOFR in the bond market.

The background is that panel bank US dollar LIBOR ceased publication on 30 June, as planned. The FCA as global regulator of LIBOR has provided for synthetic US dollar LIBOR to be published for legacy transactions, including bonds, until 30 September 2024. Synthetic US dollar LIBOR provides a temporary bridge for legacy bonds to be transitioned from LIBOR to SOFR, the US dollar risk-free rate.

Following an introduction from Paul Richards, Head of Market Practice & Regulatory Policy at ICMA, the podcast consists of the following contributions from experts in four leading law firms:

  • Catherine Wade of Linklaters on fallbacks in floating rate notes under English law

  • Julia Machin of Clifford Chance on consent solicitations under English law

  • Marcus Mackenzie of Freshfields on securitisations, including negative consents, under English law

  • Amanda Thomas and Patrizia Pasqualini of Allen & Overy on the relationship between transition under English law, the US LIBOR Act and other foreign laws

  • And Neil Pallender of Linklaters on operational issues during the transition


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