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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.
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An Update on Rate Caps and Derivatives with Chatham Financial
30:50
30:50
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30:50
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, Deche…
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A Conversation with Adam Schneider from Oliver Wyman
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27:15
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27:15
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 contra…
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Demystifying the Trust Instruction Proceeding with Wells Fargo’s Mike Johnson
26:20
26:20
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26:20
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 la…
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LIBOR and the Loan Markets with LMA’s Kam Mahil
40:50
40:50
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40:50
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 S…
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Freddie Mac on Market Leadership During LIBOR Transition
26:03
26:03
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26:03
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 securitizin…
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"One Rate to Rule Them All:” KKR’s Tal Reback on LIBOR Transition
30:25
30:25
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30:25
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.…
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ISDA’s Scott O’Malia on Transition State of Play
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29:46
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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.By Dechert LLP
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New Year’s Resolutions for LIBOR with Oliver Wyman
30:41
30:41
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30:41
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 engageme…
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Goldman Sachs MD Jason Granet on LIBOR Extension News
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30:40
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 t…
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LIBOR Transition Through a Buy-Side Lens with AIMA’s Adam Jacobs-Dean
31:28
31:28
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31:28
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…
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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…
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LIBOR Transition: The Rating Agency Perspective
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28:32
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28:32
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…
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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…
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Interest Rate Caps, Derivatives and Value Transfer with Chatham Financial
33:03
33:03
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33:03
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…
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CREFC and the Trade Organization Perspective
28:18
28:18
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28:18
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…
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Lender Preparedness with Mortgage Bankers Association’s Mike Flood
24:34
24:34
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24:34
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 epis…
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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, 2020By Dechert LLP
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LSTA Addresses LIBOR Transition Impact on Loans and CLOs
25:25
25:25
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25:25
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 d…
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Timing, Alternative Rates and Tough Legacy Issues with the Federal Reserve Board
34:30
34:30
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34:30
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 instrument…
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