Investor Presentaiton
LIBOR Transition
We are committed to ensuring a seamless transition for our clients, the marketplace and our firm
LIBOR Transition Timeline
November 30, 2020: LIBOR's administrator announced an extension to
the publication of most USD LIBOR tenors through June 2023, and the
Federal Reserve issued a supervisory notice encouraging markets to
transition away as soon as practicable
March 5, 2021: FCA announced official dates for when 35 IBOR
rates will cease to exist or no longer be representative
March 9, 2021: The Federal Reserve issued another supervisory notice,
highlighting that entrance into new contracts that reference LIBOR after
December 31, 2021 would create safety and soundness risks. The Fed
alerted examiners to issue supervisory findings if a regulated firm is not
ready to stop issuing LIBOR-based contracts by year-end
January 1, 2022: Cessation of GBP, JPY, CHF, EUR, and select USD
LIBOR tenors
June 30, 2023: Discontinuation of the remaining USD LIBOR tenors
Outstanding Benchmark Debt and Preferred
Stock Referencing USD LIBORS ($bn)
As of 1Q21
Total
Preferred
Shares
$7.1
Total
Benchmark
Debt
$33.7
~$11.4bn
of benchmark
debt matures
before
July 2023
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