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LIBOR: Time to Act on Consent Solicitation

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LIBOR: Time to Act on Consent Solicitation

July 15, 2021

The countdown to the end of LIBOR has begun. The Financial Conduct Authority has now confirmed that the vast majority of settings will no longer be provided by an administrator or be representative from December 31, 2021.

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Issuers with outstanding debt referencing these benchmarks need to prepare to transition bonds to a new Alternative Reference Rate. While some – mostly financial institutions – have already done so, many issuers have yet to begin the process.

 

The transition and consent solicitation process can be lengthy and complex: the ICMSA calculates a typical consent solicitation timetable takes around eight weeks.

 

Given the approaching deadline, issuers need to act now. To help, we have developed a short paper that explains what issuers must do and includes a consent solicitation timetable.

 

Contact our team in EMEA to discuss how we can help with your consent solicitation needs.

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