Treasurers brace for rocky road, pending transition to overnight rates
Although sections of the market seek an extension to the date for phasing out Libor, treasury officials, bankers and lawyers say they are working under the assumption there won’t be any delays.
Preparing the business for the impending retirement of Libor (London Interbank Offered Rates), slated for end-2021, was top of mind for corporate treasurers until the COVID-19 storm hit them in early 2020. In the face of large-scale disruptions, they were forced to focus their efforts on ensuring business continuity, profit-and-loss management, and transitioning to a remote working environment with minimal disruption. Libor planning took a backseat.
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