Transforming Interest Rate Benchmarks – While you’ve been dealing with COVID-19, transition from LIBOR continues

With the effects of COVID-19 front and centre over the last few months, some treasurers may have had to park LIBOR transition as a matter for another day. The FCA, Bank of England and Working Group on Sterling Risk-Free Reference Rates are, however, of the view that COVID-19 must not slow down transition efforts and the deadline for completion remains. Market participants must continue to work on the basis that LIBOR will not be published after the end of 2021. In light of this, the various working groups have continued to meet and make progress on the outstanding issues over the last few months.