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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    19 Documents
    TitleIssuer/Entity
    09 OCT 2019|Sector Comment|MOODY'S INVESTORS SERVICE
    First conversion of a covered bond series to Sonia is credit positive for Libor-linked covered bond and structured finance notes.
    20 SEP 2019|Research Announcement|MOODY'S INVESTORS SERVICE
    Sectors most vulnerable to potential risks stemming from the transition away from Libor include US student loan ABS, UK RMBS and US CLOs.
    19 SEP 2019|Sector In-Depth|MOODY'S INVESTORS SERVICE
    Sectors most vulnerable to potential risks stemming from the transition away from Libor include US student loan ABS, UK RMBS and US CLOs.
    17 SEP 2019|Sector In-Depth|MOODY'S INVESTORS SERVICE
    Most US public finance issuers do not have exposure to Libor. We expect issuers that do to articulate plans to address transition risk by early 2021.
    17 JUL 2019|Issuer Comment|MOODY'S INVESTORS SERVICE
    Changes to asset swaps are credit positive for Nationwide Building Society's covered bonds because they eliminate a Libor-Sonia basis mismatch and advance the transition away from Libor.
    07 JUN 2019|Sector In-Depth|MOODY'S INVESTORS SERVICE
    Swaps that continue referencing Libor after 2021 will face legal and economic risks that could have credit negative implications for legacy structured finance transactions.
    04 JUN 2019|Sector Comment|MOODY'S INVESTORS SERVICE
    Language from the Fed-sponsored Alternative Reference Rates Committee provides a standardized approach for securitizations to follow and for participants in other markets to consider.
    16 MAY 2019|Sector In-Depth|MOODY'S INVESTORS SERVICE
    Financial institutions surveyed by Moody's expect material risk from transitioning to new benchmarks. Banks expect greater challenges than non-banks but also appear better prepared.
    09 MAY 2019|Sector In-Depth|MOODY'S INVESTORS SERVICE
    Structured finance market participants are making progress in addressing Libor transition risks in new transactions. However, even new contract language often leaves risks.
    09 MAY 2019|Research Announcement|MOODY'S INVESTORS SERVICE
    Structured finance market participants are making progress in addressing Libor transition risks in new transactions. However, even new contract language often leaves risks.