Five Tips for Leaving Legacy LIBOR Behind in 2021
When the end of LIBOR was announced three years ago, the changeover to a new benchmark seemed a long way off. Many finance and legal professionals considered the task of updating legacy contracts with a new lending rate framework as a distant hurdle, somewhere over the horizon, far down the road.
But now we’re in the home stretch. With barely 12 months to go before LIBOR’s expiration, millions of legacy contracts valued at US$38 trillion still need to be updated, and many of those affected are feeling overwhelmed by the volume and complexity of work still to be done. If you are one of those who is “lost in transition,” here’s a roadmap to get you back on track.
Financial institutions are under enormous pressure to identify contracts still referencing LIBOR, determine how they are impacted and remediate agreements according to new standards. There’s a lot at stake: contracts that lack a fallback provision or have not been renegotiated will be left without a benchmark rate and risk cancellation. Plus, failure to comply by the deadline could trigger heavy regulatory fines, litigation and reputational damage.
Our new white paper, Five Tips for Leaving Legacy LIBOR Behind in 2021, provides a planning framework to help you quickly, easily and methodically:
- Identify contracts that reference the LIBOR benchmark
- Use AI-enabled tools to analyze documents and identify changes needed
- Leverage innovative digital tracking tools to streamline workflows
- Create detailed audit trails and compliance reports
- Simplify stakeholder communications for fast adoption and approvals
Time is of the essence. Download this critical white paper today.