The Transition From LIBOR and the Syndicated Loan Market’s Initial Reaction
As has been widely communicated, on July 27, 2017, Andrew Bailey, the Chief Executive Officer of the United Kingdom’s Financial Conduct Authority (“FCA”), made an announcement that sent a shock wave through the financial markets: the London Interbank Offered Rate (“LIBOR”), the primary reference rate that underpins at least $350 trillion in global financial transactions according to the ICE Benchmark Administration, will be phased out by 2021.
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