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IBOR Transition
Preparing for benchmark interest rate reform.
The London Interbank Offered Rates (LIBORs), administered by the ICE Benchmark Administration, are being replaced with alternative reference rates (ARRs), including nearly Risk-Free Rates (RFRs).
Background of IBOR Transition
LIBORs are currently published in five currencies and seven tenors. A lack of liquidity in the unsecured wholesale lending market following the financial crisis of 2007 – 2008 resulted in fewer transaction-based rates being submitted to support LIBOR. As a result, there was an increased reliance placed on “expert judgement” of banks to determine LIBOR rates instead of rates corresponding to actual transactions, which posed systemic risk.
Regulators and public and private sector working groups in several jurisdictions have been discussing the transition of LIBOR referencing financial products to ARRs. Other Interbank Offered Rates (IBORs) and benchmarks are being reformed or, in some cases, discontinued. For some currencies, the relevant IBOR will continue alongside the ARR. For other currencies, the relevant IBOR will likely cease to be provided and so the principal benchmark rate will be the corresponding ARR.
LIBOR Cessation Timelines
The Financial Conduct Authority announced on 5 March 2021 that the following LIBOR benchmark rates will either cease to be provided or will no longer be representative of the underlying market immediately after the following dates (Cessation Dates):
- 31 December 2021:
- In respect of Sterling, Euro, Swiss Franc and Japanese yen, all LIBOR benchmark rates for all tenors; and
- In respect of United States dollars (USD), for one week (USD LIBOR 1w) and for two months (USD LIBOR 2m); and
- 30 June 2023:
- In the case of USD, all LIBOR benchmark rates for the remaining tenors.
As a valued client of Emirates NBD BANK (P.J.S.C) (ENBD), the transition from LIBOR to ARRs may impact the products and services that you currently use or will use in the future. At Emirates NBD, we strive to keep our customers informed of the relevant changes in IBORs and how such changes may impact you as our client. Accordingly, for this purpose, we will periodically update this page to keep you informed of the key changes and help you assess the impact of this IBOR transition.
Key market developments and Emirates NBD’s response to those developments
ISDA IBOR 2020 Protocol
The International Swaps and Derivatives Association (ISDA) published the ISDA 2020 Interbank Offer Rate Fallbacks Protocol (ISDA Fallbacks Protocol) which enables market participants who and which have adhered to it to automatically incorporate fallbacks in legacy derivative contracts. Emirates NBD has adhered to the ISDA Fallbacks Protocol and you may wish to consider if adherence to it is also appropriate for you.
Sterling RFRWG guideline on ceasing initiation of new GBP LIBOR-linked products
In line with applicable regulatory guidance, from 1 April 2021, Emirates NBD has stopped offering any new Sterling denominated LIBOR referencing financial products (except in limited permitted circumstances) and will instead offer floating rate Sterling denominated products by reference to the RFR, SONIA.
Additional information related to LIBOR Transition
Emirates NBD has published the following additional information for your reference.
LIBOR Alternatives and Transition
As a valued client of Emirates NBD, this guide sets out for you the key differences between LIBORs and RFRs, alongside the implications of transitioning your LIBOR referencing facilities that you hold with Emirates NBD.
IBOR Transition Frequently Asked Questions
The purpose of this document is to provide the customers and counterparties of Emirates NBD with an overview of the discontinuation of LIBORs.
General IBOR Transition Risk Disclosures
This sets out a brief explanation of the changes and associated risks applicable to the discontinuation of LIBOR and other IBORs in connection with any conventional or Islamic products or other financial arrangements you may have with Emirates NBD.
Additional considerations
You should consider the potential impact of any future changes to benchmark rates for financial products and arrangements you have with Emirates NBD.
We suggest that you, as a valued client of Emirates NBD, consider the following:
- Familiarize yourself, and stay up to date, with the key changes pertaining to the interest calculation methodologies, including the various conventions recommended by the relevant regulators.
- Review operational readiness, hedging considerations and any applicable accounting changes.
- Engage with your financial institutions prior to the relevant Cessation Date(s) to agree the terms that will apply to the transition of your existing LIBOR referencing facilities and other financial products.
- Contact your professional advisors on the possible impact of LIBOR reforms on the financial products and services you use or may use in the future.
For any further queries relating to the discontinuation of LIBOR, please contact your Relationship Manager.
Disclaimer
No person may rely on the information or any opinion set out on this website. None of this website, nor any information or opinion set out herein, shall constitute advice in any form, including legal, regulatory, financial, tax or otherwise. None of Emirates NBD nor any of its affiliates, nor any of their respective directors, officers, agents or employees: (i) acts in the capacity of a fiduciary or financial advisor in preparing or publishing this information on this website; (ii) nor accepts any liability for any loss or damage arising out of the use of all or part of this website or any information thereon by any person. Any opinion expressed on this website may change without notice and may differ or be contrary to the opinions expressed by another business division of Emirates NBD and its affiliates.
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