On 16 January 2020, the Working Group on Sterling Risk-Free Reference Rates (RFRWG) published a paper on The use cases of benchmark rates: compounded in arrears, term rate and further alternatives.
The paper is addressed to financial firms and non-financial end users, such as corporates, small to medium size enterprises, retail consumers
On 16 January 2020, the Bank of England (BoE), Financial Conduct Authority (FCA) and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) published the following documents outlining priorities and milestones for 2020 on LIBOR transition:
The Working Group on Sterling Risk-Free Reference Rates has published a market consultation on credit adjustment spread methodologies for fallbacks in cash products referencing GBP LIBOR to assist cash markets, including the syndicated lending market, consider methodologies for credit adjustment spreads for fallbacks from LIBOR to a SONIA-derived rate that operate from a trigger date
The Loan Market Association has over the last few weeks published exposure drafts of forms of loan agreement referencing risk free rates for new transactions, and a form of agreement with lenders as a first step to agreeing to amend legacy LIBOR loan agreements for alternative reference rates.
On the 25th October 2019 the
On 27 September 2019 we will be holding a breakfast briefing that will provide insight to the progression of benchmark rate reform, and provide attendees with the opportunity to ask questions and engage in discussion regarding the key issues facing anyone involved in the financial markets.
Further information can be found here.
At a LIBOR seminar held at the Bank of England this morning (5 June 2019), David Ramsden, a Deputy Governor of the Bank of England, has called time on LIBOR saying that “firms need to be focussed on what they need to do to be able to transact SONIA based products” and “stop adding to
A recent Hong Kong case ruled that minority lenders are not entitled to take independent enforcement action (including winding-up proceedings) under APLMA or LMA standard loan documents.
In the case of Charmway Hong Kong Investment Ltd & Ors v Fortunesea (Cayman) Ltd & Ors [2015] HKCU 1717, the Hong Kong Court of First Instances had
A recent Hong Kong case reminded us of the importance of getting things right when executing documents in virtual closings, particularly in relation to deeds.
In the case of Penta Investment Advisers Ltd v Allied Weli Development Ltd (formerly known as Hennabun Capital Group Ltd) – [2014] HKCU 2365, the Hong Kong Court of First