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LIBOR and risk free rates: Frequently asked questions
Global | Publication | March 2021
The cessation of LIBOR has significant implications for the loan market and borrowers need to prepare.
We are advising a wide range of institutions on IBOR transition, including corporates, globally systemically important banks, asset managers, and boutique investment firms. We have used our experience to compile a list of common questions to help our clients to understand the key issues.
Common client questions include:
- When will LIBOR cease to be published?
- What benchmark will replace LIBOR?
- How do risk free rates differ from LIBOR?
- When will borrowers know the amount of interest payable?
- How will interest be calculated when using risk free rates as a benchmark?
- What is an observation shift and why does it matter?
- What are market conventions used to calculate the rate?
- How can a borrower check the calculation?
- What is a credit adjustment spread and why is it needed?
- How is the credit adjustment spread calculated?
- What other documentary points does the borrower need to consider in loan agreements referencing risk free rates?
- Do I need to be concerned about related financial products transition to risk free rates?
- What is ISDA’s approach to LIBOR transition?
- What happens if the borrower does not agree to change to a new benchmark?
- Who pays for amendments relating to LIBOR transition?
- What should borrowers do now?
Download the PDF for the answers.
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