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}uC�`���.���~����?���lN���po� ��������v��Z~�K3ey:|�_�p��1�k��J7�s���M7�c���]��p6��G�n��.a�Ma�kӅS����7�`���ӾK�������{��} �3� H�lVM�\7��_���h�R��� a!&�3��C0�k��$�離ճ3�݃=%��.�c���p�#K��%J)���\=��P��B�:)vm�=�2o��e6�0�������{7G�B��e��O�*�qS���PbN����2���6:`����B|@2ؐ\���1� There are a number of differences between LIBOR and RFRs which are important to consider.

145 0 obj <>/Filter/FlateDecode/ID[]/Index[136 17]/Info 135 0 R/Length 68/Prev 989490/Root 137 0 R/Size 153/Type/XRef/W[1 3 1]>>stream endstream endobj 1584 0 obj <. h�b```f``2���" �� endstream endobj 1350 0 obj <>/Metadata 72 0 R/OCProperties<>/OCGs[1374 0 R]>>/Outlines 86 0 R/PageLayout/SinglePage/Pages 1347 0 R/StructTreeRoot 105 0 R/Type/Catalog>> endobj 1351 0 obj <>/Font<>/Properties<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 1352 0 obj <>stream As a result, the timing for the inclusion of hardwired fallbacks, transition of legacy exposures or issuance of new products based on ARRs should not be driven only by a milestone. For my part, that's also the message I would ask you to take away today. h�bbd```b``�����R�"&O�e}A$S�d�)�Ƃ�r0�V#f���Ad�K ɸ����Dj��b* � �:ւ�� ����2012�^� �("�3�=� � �Jc }�A`)D�@� �n G�

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hޤ�mo�6�� %%EOF Table 1: Some key differences between LIBOR and RFRs �, z��b`����b�` 0 As described in our previous paper, 2019 to 2021: LIBOR Transition, the alternative RFRs for each of the five LIBOR currencies have now been identified.

endstream endobj 1355 0 obj <>stream Managing the LIBOR transition Inter Bank Offering Rates (IBORs) have a key role in financial markets and underpin trillions of dollars in financial products. 4. manageable will be the amount of contracts requiring remediation in the latter half of 2021.

1386 0 obj <>stream PwC | LIBOR Transition Among other steps, firms are expected to: - have in place a board-approved transition plan, - include robust fallbacks in new LIBOR transactions, - transition existing LIBOR-based contracts or update fallbacks to ARRs as soon as possible, - have a target date for ceasing the issuance of new LIBOR-based cash products,

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The “LIBOR transition ” references both the anticipated discontinuation of LIBOR (and LIBOR-based indices), as well as the preparations financial institutions, government agencies, and other entities are making to transition businesses from LIBOR-based indices. endstream endobj startxref

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h�bbd``b`��kA�& ��$�D� �\���b́L7@:T�w4��*����R���H%���= �3 First steps on the journey away from LIBOR are depicted in Figure 3. Given the importance of LIBOR, many alternative reference rates have been analysed, and many countries have set up working groups to address the consequences of a possi-ble disappearance of the LIBOR.

The ARRC released a statement on the use of the SOFR index in floating-rate notes (FRNs), including a sample term sheet. H�\��j�@E���^&��GWW� ����`��v�$���? Statements made by regulators have clearly expressed that (i) the discontinuation of LIBOR is a certainty. PwC| LIBOR Transition Market update: October 16- 31, 2020.

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transition away from LIBOR may find this document to be an important aid in planning the steps needed for a smooth transition.

A year after Andrew Bailey's 2017 speech, he reiterated that firms should treat the discontinuation of LIBOR as an event that will happen and that they should be preparing for it. However, regulators globally have clearly signaled that firms should transition away from the London Interbank Offered Rate (LIBOR) to alternative overnight risk-free rates (RFRs) before 2021. s��~�B����_��MЛ�7Ao��� �Ύ�9����������������������������ੜ��������������������Dщr�b��E'�,]�؉�e'�N��(:Qv��Dى�e'�N�&m�����cZ����!6���[b'�N��` +l� @���c��������,`�_ X����&Ψ4���Ât^��yk�:�X]������kieOz�wm��@Ӥ6[�-X�F��VVфsSW.t�9��2j6{+�{rB�וo�����v�� Ա��C��D��+4V�8e>,Z��V�ַ��H虅`֡�ME`�"�(9Ե�䥭f�\Z�d�ìZ�\LJ��ҽ��L�st�0^��|FG[GG���� @BP)��`q �.

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