Agenda10:00 - 10:25EST
Spotlight Discussion with Meredith Coffey, LSTA10:25 - 10:55EST
Libor details to deal with for financial institutions and the lending market
Credit implications for financial institutions and the loan market from the Libor transition appear likely to be generally limited, but the process of moving away from the benchmark rates is taking meaningful effort and comes with risks. We will assess the status of transition initiatives and questions about credit, including:
10:55 - 11:30EST
- Are financial institutions’ transition plans progressing as planned? What are the key challenges expected in coming weeks?
- How much will the new benchmarks matter for borrowers’ interest costs?
- Libor and loans have a long history: How prepared are loan documents for a world without the benchmark?
Reviewing the impacts for securitization credit quality, from basis risk to swap exposures
With Libor use ending for new US transactions, and only “synthetic” options remaining for sterling and Yen Libor rates, 2022 will bring into clearer focus the credit impacts from the changes and other upcoming milestones. We will discuss lessons learned from the transition stages passed or being tackled now in European and Asian markets, as well as what’s ahead for transactions globally, including topics such as:
- The credit implications for new deals as the ongoing transition away from Libor creates basis risk between some securitizations’ tranches and underlying assets
- Which asset classes and deal types are most exposed to potentially material negative credit effects, and which Libor-exposed segments are more insulated from a credit perspective
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