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  • Private debt roundtable part 1: LIBOR changes and transition
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    June 08, 2022

    Authors

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      Peter Brown
      Head of Luxembourg
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      Richard Phillips
      Director, Global Client Relationship Lead

    Private debt roundtable part 1: LIBOR changes and transition

    In part one of our roundtable podcast episode focused on private debt, we explore recent changes to LIBOR and the wider impact of these changes on the private debt markets.

    LIBOR (and equivalents) was a benchmark interest rate, set by a panel of banks to represent the cost of funding between banks and financial institutions, and was used to price the vast majority of global loans and derivatives. Following a series of scandals involving manipulation of LIBOR rates, a decision was made to alter the basis of calculation to repair trust in the markets, and has involved a significant amount of transition work for financial institutions over the last two years.

    With the new GBP SONIA rates starting to be used in January 2022, we are getting an early view on their impact on the debt markets. There is also work still to be done to land on a common approach for new USD rates starting in June 2023, with two different standards being considered.

    Roundtable participants:

    • Host: Peter Brown, Group Head of Private Debt – Aztec Group
    • Mat James – RBS International
    • Jamie Macpherson – Macfarlanes
    • Robin Kennedy – Ernst and Young
    • Richard Phillips – Aztec Group

    Listen to the Alternative Insight podcast episode

    Podcast disclaimer:
    This recording has been prepared by the Aztec Group and is made available by Spreaker for and on behalf of the Aztec Group for private or non-commercial use. By accessing this podcast you acknowledge that the entire content and design of the podcast are the property of the Aztec Group and are protected under applicable laws and should only be used for private or other non-commercial use. You further acknowledge that neither Spreaker nor the Aztec Group provide any warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in the podcast. Information and opinions are provided for general information purposes only and do not constitute legal or other professional advice. Any reliance you place on such information is strictly at your own risk. For full details please click here.

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    Peter Brown

    Head of Luxembourg

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