Insights
Solutions
About Us
Careers
LIBOR: Time to Act on Consent Solicitation
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.
Are you an explainable AI company that we should know about?
Learn More [link to accelerator program page]
Interested in learning more about emerging technologies for the financial services industry?
Sign-up for The Quarterly Update
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.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally. The content contained in this material which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such; you should obtain your own independent professional advice (including financial, tax and legal advice). No representations or warranties are made. These materials have been prepared solely for private circulation, and may not be reproduced or disseminated in any form without the express permission of BNY Mellon. For more disclosures, see https://www.bnymellon.com/us/en/disclaimers/business-disclaimers.html#corporatetrust.
©2021 The Bank of New York Mellon Corporation. All rights reserved.