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With December 31st, 2021 in sight and a likely
cessation of many IBOR benchmarks, the industry is entering
a critical phase of the IBOR transition. Building
liquidity in risk free rates such as ESTR, SONIA, SOFR and other
alternative benchmarks is not an easy task and firms need to take
into consideration many intertwined variables to implement an
informed and efficient strategy.
S&P Global is bringing together some of the leading industry
experts and key market players for a three-part series of webinars
to discuss the challenges faced by every firm entering the final
steps of the IBOR transition.
We will discuss how firms can operationalize the transition,
from adhering to the ISDA protocols to proactively migrating
exposure away from IBOR. We will cover legal implications
of IBOR transition, including repapering and tough legacy
contracts. We will also shed light on trading the new
RFRs and fair value considerations.
In the first webinar of the series, we will discuss how firms
can operationalize the transition, from adhering to the ISDA
protocols to proactively migrating exposure away from IBORs. Tune
in to hear about the key drivers that will influence the decision
making in the next year to the pitfalls that should be avoided at
all cost.
Speakers:
Chris Palmer, Head of LIBOR Transition
Program, JP Morgan
10:00 AMLegal Implications of IBOR Transition - Repapering and Tough Legacy Contracts
The ubiquity of IBOR in the financial markets presents a
daunting challenge to industry participants as the cessation of
many underlying rates approaches. Compounding this is the
idiosyncratic nature of various asset classes that defies efforts
to devise a single approach to cessation. Where some asset classes
have standardized amendment language such as syndicated loans,
others like asset backed securities have not.
In this webinar we will discuss:
Grappling with tough legacy contracts in loans and lack of
fallback language
Collaborative efforts at producing fallback language
Impact to banks, buysides and borrowers
Extension of USD tenors to avoid cliff risk
Whether it is a simple adherence to the ISDA IBOR Protocol or a
more expansive approach to outreach and negotiation via a managed
service, find out how institutions are tackling the problem across
multiple jurisdictions, currencies and asset classes.
Speakers:
Chris Kontaridis,Principal, US Deals, Strategy
& Operations Leader for Tax Reporting & Strategy, PwC
Michael Lines, Chief Executive Officer,
LIKEZERO
Lansing Gatrell, Executive Director, Global
Lead IBOR Transition, S&P Global
Erik Woodling, Vice President, Product
Analysis & Design, S&P Global
10:00 AMTrading the new RFRs, Fair Value Considerations
With the announcement from ICE Benchmark Administration on
November 30, 2020 that it intends to publish USD LIBOR for an
additional 18-month and the effectiveness of the ISDA Fallback
Protocols on January 25, 2021, the IBOR transition space has made
the news recently.
In this third and final webinar of our IBOR Transition series,
we will discuss how 2021 could become a very challenging
year for the industry, especially when it comes to
fair value considerations. With liquidity shifting
from LIBOR to RFRs, fallbacks being incorporated into contracts,
and collateral agreements being renegotiated, the task of pricing
and reporting the fair value of financial instruments has become
harder than ever.
We are pleased to be joined by a panel of industry experts from
leading global financial institutions to cover the key elements
that will come into play in the final stages of the transition and
that every firm should consider to accurately report fair
value.
Speakers:
Justin Keane, Principal,
PricewaterhouseCoopers
Andrew Lyon, Managing Director, Global Head of
Valuation Methodology and xVA, Citi
Ben Ryan, Managing Director, Head of Global
Valuation Group, Bank of America
Allan Cowan, Managing Director, Global Head,
Data Analytics, Financial Risk Analytics, S&P Global
Julien Rey, Executive Director, Global Lead
IBOR Transition, S&P Global
