Episodit
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The latest episode of our IBOR Transition podcast mini series, “The last 100 days of LIBOR” is now live. David Duffee and Sagi Tamir provide an overview of pricing developments in the syndicated loan market and how those developments may affect CLOs, including addressing the following:
Dealing with multiple reference rates Managing spread adjustments in SOFR deals and deals transitioning to SOFR Synthetic LIBOR -
The latest episode of our IBOR Transition podcast mini series, “The last 100 days of LIBOR” is now live. Edmund (Ed) Parker provides an overview of developments in the UK derivatives market, including addressing the following:
Tackling “tough legacy contracts” Recent, and imminent regulatory and legislative developments An analysis of the scope of the ISDA protocol and supplements The impending cessation of EONIA and its replacement with ESTR -
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The latest episode of our IBOR Transition podcast mini series, “The last 100 days of LIBOR” is now live. Anna Pinedo provides an overview of developments in the US derivatives market, including addressing the following:
New York State legislation regarding the discontinuance of LIBOR Managing the differences arising from the ARRC recommended use of SOFR and the direction of the derivatives market Mismatches between loans and the related hedges The CFTC’s SOFR-First Transition Initiative Using credit sensitive rates -
In this episode, Britt Miller and Thomas Panoff discuss antitrust conduct risk related to the transition process, including topics such as:
An overview of key pending litigation potentially impacting the transition Guidance from antitrust regulators to trade associations and the financial services industry Pending federal and state legislation, and Guidance in navigating common antitrust concerns as part of the transition. -
This second episode is designed to support your ongoing efforts toward an orderly transition away from LIBOR by year end-2021. We discuss perspectives from the following regions: The United Kingdom: UK definition of “conduct risk”; UK regulators and legislative solutions; Europe: a comparison between EU member states; possible EU solutions and next steps; Hong Kong and APAC: IBOR transition in HK; a comparison between HK and other regions; a view from Japan and Singapore; US: Statements by banking regulators on stopping LIBOR issuances this year; NY State LIBOR legislation; Federal LIBOR legislation status; ARRC adoption of CME forward-looking Term SOFR and related statements
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In this first episode of our IBOR Transition series, we introduce the following topics: Overview of Conduct Risk, and its importance during Q4 2021 to ensure orderly transition; Discuss a framework to assist with risk mitigation
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In this latest webinar in our IBOR Transition series, we will discuss the recent New York LIBOR legislation and analyze some of the key litigation risks that the cessation of LIBOR presents in spite of such legislation. Mark Hanchet, Jenn Rosa, Chris Houpt and Anjanique Watt will cover topics such as: The scope and impact of the April 6 New York legislation; Potential constitutional challenges to the New York legislation; Gaps that remain, and the litigation risks they pose; An update on progress of potential federal legislation.
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In this latest in our LIBOR Transition series, Mayer Brown Partner Ash McDermott and UK Finance LIBOR Transition Director Daniel Cichocki will focus primarily on the impact of recent announcements and development on market participants, including:What Banks and borrowers should be planning to do for the remainder of 2021; The impact of recent announcements on market participants who may not be regulated in the UK (eg. funds, international banks); and Further predicted developments in 2021.
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In this latest webinar in our IBOR Transition series, we will reflect on the impact of recent developments for derivative based products. Edmund Parker and Patrick Scholl will look at: How successful has the ISDA Protocol been? What does the FCA Announcement on the future cessation or loss of representativeness of all 35 LIBOR benchmarks mean in the context of the Protocol? What impact will the US “ Legislative solution" which became law this week have on US tough legacy contracts? How do you prepare for non-standard remediation? What do I need to know about the German Banking Association’s “Supplementary Agreement for IBOR succession”.
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In this latest webinar in our IBOR Transition series, David Duffee, Adam Wolk and Mary Jo Miller reflect on the recent IBA and FCA announcements on the cessation of LIBOR and introduce the following topics: What is “synthetic LIBOR” and why won’t it work in the United States (but will work in Europe)? Fallbacks in 2021 – are US regulators mandating the use of the hard-wired approach, or not? What decisions must lenders make to document SOFR loans in 2021.
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The Alternative Reference Rates Committee (ARRC) has selected Secured Overnight Financing Rate (SOFR) as the replacement for LIBOR in the US. However, a group of US banks — primarily non-money centers have expressed concerns about the use of SOFR as the replacement benchmark for LIBOR. They argue that during times of economic stress, SOFR would decrease as their cost of funds increase, eroding the return on SOFR-linked loans. These banks have championed a more credit sensitive approach or a credit sensitive supplement to SOFR. In response, the New York Fed created a Credit Sensitivity Group and have convened four meetings of the group to date in 2020 to (i) understand of the challenges that banks of all sizes, and their borrowers, may face in transitioning loan products from LIBOR to SOFR and (ii) explore methodologies that consider a credit sensitive rate/spread that could be added to SOFR. Join Mayer Brown Partner Paul Forrester and Heidi Rudolph, Managing Director at Morae Global, as we discuss topics including: Why is there a need for credit sensitive rate? What are the “credit sensitive” alternatives to SOFR? How can banks use modelling techniques to identify, quantify and mitigate credit (?) exposures (and preserve their profit margins?) across their portfolios? How can banks ensure that these modelling techniques are transparent so that borrowers can anticipate and manage their borrowing cost?
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In this second part, Mayer Brown partners Ed Parker, Chris Arnold and Curtis Doty will focus on an analysis of the protocol and answer questions such as: “What are the key implications for loan markets? and “Who are the likely adherents to the protocol?”
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Mayer Brown partners Ed Parker, Chris Arnold and Curtis Doty will discuss the key features of the protocol and its underlying document template as well as issues such as adherence to the protocol and key timing milestones. In the second part of the edition, we will focus on an analysis of the protocol and answer questions such as: “What are the key implications for loan markets? and “Who are the likely adherents to the protocol?”
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Mayer Brown Partners David Duffee, Jennie Kratchovil, Adam Wolk and Paul Forrester discuss 8 key things that both borrowers and lenders need to focus on when documenting SOFR loans in the face of the Alternative Reference Rates Committee (ARRC) hardwired approach on SOFR.
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Join Mayer Brown partners Anna Pinedo and Paul Forrester for the second of our two part edition focusing on the key LIBOR related issues impacting Floating Rate Notes (FRNs), Preferred Stock, Depositary Shares, and Capital Securities. In this part, we will focus specifically addressing LIBOR based Preferred Stock, Depositary Shares, and Capital Securities. Amongst other things, Anna and Paul will discuss LIBOR cessation and understanding the terms of legacy LIBOR-based instruments; understanding the provisions of fixed-to-floating or floating rate preferred or depositary shares; evaluating the alternatives for amending the terms of these securities based on the governing documents, state law requirements, and other considerations and, Pooled TruPS and possible “tranche wars”.
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In the latest in our LIBOR Transition Webinar Series, join Mayer Brown partners Anna Pinedo and Jerry Marlatt and Counsel Bradley Berman for the first in this two part edition focussing on the key LIBOR related issues impacting Floating Rate Notes (FRNs), Preferred Stock, Depositary Shares, and Capital Securities. In this part, we will focus specifically on FRNs and understanding your legacy LIBOR FRN exposure, ARCC waterfall provisions for new FRNs and solutions for legacy FRNs.
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Welcome to Part 2 of the latest instalment where Mayer Brown partner Oral Pottinger and Morae managing director Christopher Cahn, continue to discuss the 10 steps you should take within the next 100 days to ensure that you have a solid foundation for successful execution of your IBOR transition strategy.
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In the latest instalment of our LIBOR Transition series of webinars and podcasts, Mayer Brown partner Oral Pottinger and Christopher Cahn, Managing Director from Morae discuss the 10 things that you need to do in the next 100 days to ensure that you have a solid foundation for successful execution of your IBOR transition strategy.
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As the deadline for the transition away from IBORs fast approaches, our global focus on the loans market and derivatives continues to help participants in the loans and derivatives markets ready themselves for the changes to alternative risk-free rates. Mayer Brown partners Ed Parker, Trevor Borthwick, Ash McDermott and David Duffee, and senior associate Emma Khoo cover the syndicated loans market, export credit agencies, emerging markets, project finance, trade finance peculiarities, Hedging and ISDA documentation, recent transition-related events in the US loan market, and conduct risk in the UK
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Mayer Brown’s Marlon Paz and Leslie Cruz and Morae’s Heidi Rudolph discuss their views on the focus of the OCIE announcement, specific and practical actions that affected organisations need to take to achieve “preparedness” and how organisations can start to build a programmatic approach to responding to the OCIE’s announcement.
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