October 26, 2021

Volume XI, Number 299

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October 26, 2021

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October 25, 2021

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ARRC Publishes Additional LIBOR Replacement Materials

On June 30, the Alternate Reference Rate Committee (ARRC) that works under the auspices of the Federal Reserve Bank of New York published another document to assist capital markets participants in their transition away from use of LIBOR as a transactional interest rate.

The document is entitled “AARC Recommendations Regarding More Robust Fallback Language for New Originations of LIBOR Syndicated Loans.” These recommendations update a set of ARRC–recommended rate fallbacks for syndicated loans that was published in 2019. One key change is that ARRC is now suggesting that all syndicated loans should use the so-called “hardwired” approach for fallbacks because of the practical difficulty in using the alternate “amendment” approach.

The document is available here.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 192
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About this Author

Guy Dempsey Jr., Bank Regulations Legal Specialist, Katten Muchin
Partner

Guy C. Dempsey Jr. concentrates his practice on derivatives and structured products and on bank regulation. He advises clients on derivatives transactions of all types across all asset classes, as well as on the corporate governance, regulatory, collateral, compliance, insolvency and litigation issues associated with such products.

Much of Guy’s work involves helping bank and non-bank clients analyze the details and impact of the Dodd-Frank Act. He maintains deep knowledge of the banking laws and regulations relating to capital markets activities....

212-940-8593
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