Nasdaq

Discover Financial Services Announces Transition of USD LIBOR-based Securities to Term SOFR and SOFR Spread-adjusted Swap Rates

RIVERWOODS, Ill.--(BUSINESS WIRE)-- Discover Financial Services (NYSE: DFS) and Discover Bank (collectively “Discover”) have certain outstanding preferred stock and debt securities, listed in this ...
Seeking Alpha

M&T Bank Corporation Announces Plan to Transition Outstanding U.S. Dollar LIBOR-linked Securities to CME Term SOFR As Replacement Reference Rate

BUFFALO, N.Y., June 14, 2023 /PRNewswire/ -- M&T Bank Corporation (MTB) (NYSE: MTB, M&T) announced today that CME Term SOFR will be the replacement reference rate for certain outstanding floating rate ...
AOL

What was the LIBOR rate, and what happened to it?

LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...
Seeking Alpha

First Horizon Announces CME Term SOFR as Benchmark Replacement Rate for Certain Outstanding USD LIBOR Securities After June 30, 2023

MEMPHIS, Tenn., April 25, 2023 /PRNewswire/ -- First Horizon Corporation (FHN) (NYSE: FHN or "First Horizon") today announced that, after June 30, 2023, US dollar LIBOR will be replaced with CME Term ...
American Banker

Can New York state ease benchmark switch for legacy Libor contracts?

Two years after the U.K. Financial Conduct Authority announced an end date for the London interbank offered rate, there has been an alarming lack of progress in preparing for a conversion to a new ...
JD Supra

USD LIBOR panel has ceased…what now?

June 30 th has passed and one-, three- and six-month USD LIBOR settings have ceased to be published. As confirmed by the FCA on 3 April 2023, the ICE Benchmark Administration (IBA) has begun ...
Euromoney

Libor transition: Between a rock and a hard place

As if they didn’t have enough to deal with, banks are faced with a succession of serious challenges over the next two years as they face up to the reality of the end of Libor. Firstly, they must ...
Nasdaq

ICE Benchmark Administration Announces Intention to Launch SOFR Spread-Adjusted ICE Swap Rate® as a Benchmark

LONDON--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration ...
Euromoney

Libor: Banks must jump before they are pushed

On Thursday, the risk-free rate working group at the Bank of England published its priorities for the transition away from Libor to Sterling’s risk-free replacement interest rate, Sonia. Making a firm ...
International Financing Review

End of the line for Libor: authorities finally kill off US$220trn benchmark

A jumbo countdown timer has been sitting on Tom Wipf’s desk in Morgan Stanley’s New York office for the past four years, ticking down the seconds until midnight on June 30. That is the moment when the ...
JD Supra

The End of LIBOR: Hotel California Edition [Part III]

During the London InterBank Offered Rate (LIBOR) transition, and post LIBOR’s end date of June 30, 2023, the goal for all should be that (1) the effective interest rates be generally economically ...