On Monday 26 April 2021, ESMA published a press release confirming that it is in the final stages of the process of assessing applications received from prospective Securitisation Repositories under the Securitisation Regulation (Regulation EU 2017/2402). Within 40 working days ESMA is obliged to finalise its assessment of the applications made by a prospective Securitisation
Working Group’s recommendations on conventions for referencing compounded in arrears SONIA
On 1 September 2020, the Working Group on Sterling Risk-Free Reference Rates published a statement outlining recommendations on conventions to support the use of Sterling Overnight Index Average (SONIA) in loan markets for Sterling Bilateral and Syndicated Facilities, including Multicurrency Syndicated Facilities where there is a sterling currency option.
The recommendations are intended
Supporting Risk-Free Rate transition through the provision of compounded SONIA
On 26 February 2020, the Bank of England (BoE) published a discussion paper ‘Supporting Risk-Free Rate transition through the provisions of compounded SONIA’. In this discussion paper the BoE requested views from sterling market participants in relation to:
- the BoE’s intention to publish a daily SONIA Compounded Index; and
- the usefulness of the BoE publishing
ISDA issues report regarding LIBOR fallback
The International Swaps and Derivatives Association (ISDA) has published a report summarising the final responses to its consultation process regarding including LIBOR pre-cessation fallbacks in derivatives that reference LIBOR.
The results of the consultation indicate that a significant majority of respondents support including pre-cessation and permanent cessation fallbacks without optionality or flexibility in the amended
LIBOR Transition – Bank of England announces intention to publish a daily SONIA Compounded Index
Introduction
On 26 February 2020, the Bank of England published a discussion paper Supporting Risk-Free Rate transition through the provisions of compounded SONIA, February 2020 (the Discussion Paper) which requested views from sterling market participants in relation to:
- the Bank of England’s intention to publish a daily SONIA Compounded Index; and
- the usefulness of
Working Group on Sterling Risk-Free Reference Rates: progress on the transition of LIBOR – referencing legacy bonds to SONIA by way of consent solicitation
On 16 January 2020, the Working Group on Sterling Risk-Free Reference Rates (RFRWG) published a statement entitled “Progress on the transition of LIBOR – referencing legacy bonds to SONIA by way of consent solicitation“. In the statement, the RFRWG welcomes the consent solicitations that have already taken place or are underway
Progress on the transition of LIBOR – referencing legacy bonds to SONIA by way of consent solicitation
On 16 January 2020, the Working Group on Sterling Risk-Free Reference Rates (RFRWG) published a statement entitled Progress on the transition of LIBOR – referencing legacy bonds to SONIA by way of consent solicitation. The statement is intended to encourage participants in the sterling bond market (including sterling floating rate notes, covered bonds and