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Libor and Euribor reform: what does the future hold?
Libor and Euribor are central to the global financial system, acting as the benchmark rates for trillions of dollars in financial products. Adapting to any reform or replacement of these benchmarks will involve numerous challenges and risks.
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  • REPORTS
    • VIDEO
    VIDEO
    Video: LIBOR’S Long Goodbye Poses Structured Finance Risks
    18 Dec 2020|Moody's Investors Service
    With Libor’s end date now in sight, the challenge for global structured finance markets is coming into sharp focus. Particularly for ‘tough legacy’ transactions.
     
    PODCAST
    Podcast: Banks’ battle with low rates goes global; financial institutions prepare to leave Libor
    07 Oct 2020|Moody's Investors Service
    As policy rates continue to decline globally, Banking team member Laurie Mayers examines the effect on UK banks, while Shunsaku Sato does so for Japanese banks and Farooq Khan for Brazilian banks. Plus, Olivier Panis of the Banking team and Stefan Kahandaliyanage of the Asset Management team update financial institutions’ readiness for the transition away from Libor in 2021.​​
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    PODCAST
    Podcast: Libor transition risks for structured finance markets vary by region
    02 Oct 2020|Moody's Investors Service
    Greg O’Reilly, Soumya Vasudevan and Naomi Fujiwara from the Structured Finance team discuss what the transition will look like for some of our key markets. They also compare the availability of fallback language to set alternative rates to Libor, risks and mitigants for deals and future regulatory developments.
    SECTOR IN-DEPTH
    IBOR’s phaseout in 2021 poses risks for financial institutions
    22 Sep 2020|Moody's Investors Service
    A survey of 85 banks, insurers and asset managers globally shows they have high volumes of contracts linked to Interbank Offered Rates (IBOR) despite their planned termination at the end of 2021. Most respondents say their transition plans are on track, but robust stakeholder communication will be crucial to mitigate operational, conduct and reputational risks.
    SECTOR IN-DEPTH
    Cross-Sector – Global: Slow Libor transition prolongs risks across markets
    30 Jun 2020|Moody's Investors Service
     Despite preparations for the ultimate demise of Libor, its persistence as an index prolongs risks to debt issuers and investors, particularly with regard to structured finance transactions.
    SECTOR COMMENT
    Financial Institutions – United Kingdom: Bank of England publishes new daily Sonia compounded index, helping market participants transition from Libor
    04 Aug 2020|Moody's Investors Service
    Given the importance of Libor as a reference in financial contracts globally, and the risks associated with the transition to new risk-free benchmarks globally, authorities' steps to accelerate and facilitate the adoption of new benchmarks such as Sonia are credit positive.
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    PODCAST
    Podcast: New global reference rates in a post-Libor market
    16 Jan 2020|Moody's Investors Service
    Masako Oshima and Greg O'Reilly from the structured finance team discuss the behaviour of a new set of global reference rates, which are set to replace outgoing equivalent term rates. >> Read the Report