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© 2022 LIBORcast
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More than US$350 trillion in derivatives and financial products are tied to LIBOR. Its impending replacement as a benchmark interest rate will have a significant impact on the world’s lending, borrowing and investing businesses as well as consumer mortgages, student loans and credit card interest rates. Hosted by members of Dechert’s Global Finance practice, LIBORcasts feature in-depth conversations with industry leaders and regulators as they navigate the LIBOR transition.
19 Episodes
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While the ARRC’s December 2021 deadline for no new LIBOR has come and gone, several market participants are still making new LIBOR contracts. The market is also adjusting to the expectation of rising interest rates in the near future. How is this all of this impacting interest rate caps and swaps, and what is the way forward? In this episode, Dechert's Christopher Desmond and Jonathan Gaynor welcome back Chatham Financial's Rob Mangrelli and Matt Hoffman to discuss these developments, including the status of SOFR interest rate caps.
Where does the LIBOR transition currently stand and what can we expect in 2022? In this 18th episode, Dechert’s Christopher Desmond and Jonathan Gaynor pose these questions to Oliver Wyman’s Adam Schneider. Our speakers also discuss the use and viability of alternative rates to LIBOR available today, proposed legislative solutions for legacy contracts and more.
What should securitization trustees be concerned about regarding the LIBOR transition? In this episode, Dechert’s Matthew Hays and Wells Fargo Senior Company Counsel Mike Johnson discuss how issuers, investors and servicers can prepare for the transition as well as whether trust instruction proceedings (TIPs) may be used in connection with LIBOR language or whether legislative solutions will address discretion and ambiguity in documents.
Loan market products are widely viewed as presenting some of the more complex issues to be addressed in order to achieve a successful transition away from LIBOR. In this 16th episode, Kam Mahil of the Loan Market Association (LMA) discusses aspects of LIBOR transition relevant to the international loan markets with Dechert's Sarah Smith and Karen Stretch. The session offers a wide-ranging discussion of the LMA’s work in the area and much more, including insights into the hot topics of term rates and credit sensitive rates, as well as a look at the road ahead.
Will borrowers accept SOFR? In the 15th episode of our LIBORcast series, Dechert’s Matthew Hays and guests from multifamily market leader Freddie Mac discuss the latest on SOFR and the broader LIBOR transition from a legal, origination, servicing and investing perspective, including Freddie Mac’s background in originating SOFR loans and securitizing them with SOFR-based bonds. Other topics include operational and outreach challenges, market preparedness, credit-sensitive rates, the availability of LIBOR caps and more.
What impact have the March 2021 ICE Benchmark Administration (IBA) announcements had on LIBOR transition efforts? In this episode, Dechert’s Matthew Hays and KKR’s Tal Reback discuss where preparations for the transition stand today as well as the impact of a multi-rate environment, whether the market should wait for term SOFR and more.
Do recent developments mean "pens down" on LIBOR transition plans? And how do those developments affect ISDA’s work on benchmark reform? In this 13th episode of the Dechert LIBORcast, Matt Hays and Karen Stretch pose these questions and more to ISDA CEO Scott O’Malia.
Will 2021 bring us closer to a replacement for LIBOR? In the 12th episode of our LIBORcast series, Dechert’s Matt Hays and Adam Schneider, an Oliver Wyman partner and LIBOR lead, discuss where the transition stands at year-end, including the economic impact of the LIBOR extension, the future and timing of Term SOFR, market preparedness and engagement, ISDA protocol adherence and legislative solutions.
The IBA’s announcement that it is consulting on plans to extend LIBOR until June 2023 is welcome news to many market participants, but will it pave the way for a smoother transition? In this episode, Dechert’s Matt Hays and Goldman Sachs managing director Jason Granet discuss the latest news on the extension and how industry participants can make the most of the extra time to better prepare for LIBOR’s eventual replacement.
Is LIBOR transition a sell-side issue only, as some have suggested? In this episode, Dechert's Sarah Smith and Karen Stretch discuss what the transition means for the buy-side with Adam Jacobs-Dean of the Alternative Investment Management Association (AIMA), as well as what AIMA members are saying about the impact of LIBOR transition on derivatives, cash products and formulae for the calculation of performance fees.
Could LIBOR be unavailable before 2022? Dechert and David Bowman of the Federal Reserve’s Board of Governors discuss the likelihood that regulators further specify the timeline for discontinuance as well as whether market participants should wait for Term SOFR before moving away from LIBOR and what they should do about their tough legacy instruments. Original episode date: October 27, 2020
Could Daily Simple SOFR be the best replacement rate for the loan market? Dechert and LSTA’s Meredith Coffey discuss why that may be the case, as well as which parts of the market are most prepared for the LIBOR transition and what CLO and loan market participants should be thinking about when they’re looking at their portfolios. Original episode date: October 23, 2020
Could the LIBOR transition be delayed if it proves too chaotic? Dechert’s Matt Hays and Kristi Leo of the Structured Finance Association discuss the possibility, as well as concerns over market fragmentation if participants elect to use different benchmark rates. Episode date: October 5, 2020
Are all lenders ready for the LIBOR transition, regardless of size? In this episode, Dechert and Mike Flood of the Mortgage Bankers Association (MBA) discuss whether the transition is likely to be smooth sailing or chaos, when we may see the first conventional lending based on SOFR, and what the MBA is doing to help the market adjust. Original episode date: September 17, 2020
How have trade organizations been addressing the impending LIBOR transition? In this episode, guests from the Commercial Real Estate Finance Council (CREFC) share what their bank and non-bank members have been saying about LIBOR, as well as what they are hearing from the CMBS servicer community. Original episode date: August 20, 2020
What is the current state of the derivatives market, and could the LIBOR transition lead to market fragmentation? In this episode, Dechert and guests from Chatham Financial discuss the latest on SOFR interest rate caps, the price of SOFR-based products, value transfer in the LIBOR transition and more. Original episode date: August 14, 2020
How should the asset management industry prepare for the LIBOR transition? In this episode, guests from the UK’s Financial Conduct Authority discuss the regulator’s approach to the transition, including highlights from the likely roadmap between now and December 2021 as well as actions market participants can take to be ready. Original episode date: July 27, 2020
How will the payment of interest be affected by the transition from LIBOR to another reference rate? Dechert and guests from Fitch Ratings discuss what to expect, as well as the credit rating agency’s perspective on operational, legal, reputational and basis risks. Original episode date: July 21, 2020
What role does the International Swaps and Derivatives Association (ISDA) have in the LIBOR transition? In this episode, Dechert and ISDA’s Ann Battle take a whistle-stop tour through benchmark reform, including what the buy-side can expect, considerations for late-adopters, the scope of ISDA’s impact on other trades and more. Original episode date: May 19, 2020
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