Welcome to the latest issue of Mayer Brown's IBOR Transition Digest—a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates. As attention to IBORtransition accelerates and becomes more focused, it is critical to have access to comprehensive and timely resources about the market.

For additional resources and an introduction to our global cross-practice IBOR Transition Task Force, please visit Mayer Brown's IBOR Transition portal.

Thought Leadership |  News and Developments |  Events

THOUGHT LEADERSHIP

Almost Time for Term SOFR
Eye on IBOR Transition blog, 21 July 2021
On 21 July 2021, the U.S. Alternative Reference Rates Committee announced the publication of conventions and use cases for employing Term SOFR in transitioning loan products away from LIBOR, and held the fourth of its SOFR Symposium sessions, which focused on the "SOFR First" initiative and the need for a deep and liquid SOFR derivatives market to support Term SOFR.

Alabama Passes LIBOR Bill Substantially Identical to New York Bill
Eye on IBOR Transition blog, 19 July 2021
In April 2021, Alabama followed New York's lead and passed the LIBOR Discontinuance and Replacement Act of 2021, a bill aimed at addressing LIBOR cessation with respect to USD LIBOR contracts governed by Alabama law that include either insufficient, or no, LIBOR fallbacks.

HKMA directs all AIs to distribute LIBOR leaflet to corporate customers by 31 July 2021
Eye on IBOR Transition blog, 9 July 2021
The Hong Kong Monetary Authority sent a letter to its authorised institutions on 8 July 2021 requesting that they send an enclosed leaflet and revised set of Q&As to their customers with LIBOR-linked contracts to promote better awareness of the implications for them of LIBOR transition.

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