The LIBOR transition plods onward.  Last Wednesday, the Alternative Reference Rates Committee (ARRC) announced its recommended spread adjustment methodology for cash products referencing LIBOR.  Regulators around the world have been clear: interim LIBOR replacement deadlines might slip, but LIBOR’s days are still numbered.  At the end of March, which feels like ten thousand years ago, the Financial Conduct Authority said that “[t]he central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed and end-2021 should remain the target date for all firms to meet.”  Amid the constant upheaval as a result of the coronavirus pandemic, isn’t it nice to know that some things aren’t changing?
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