IBA proposes dates on the LIBOR cessation timeline
The IBA announced the proposed dates when all 35 LIBOR settings would either cease to be provided or will no longer be representative:
After Dec. 31, 2021:
One-week and two-month USD LIBOR tenors, as well as all sterling, euro, Swiss franc, and Japanese yen LIBOR rates, ceased to be available or became unrepresentative. Certain tenors of sterling and Japanese yen LIBOR rates are still being published on a synthetic, unrepresentative basis for certain contracts.
After June 30, 2023:
All other USD LIBOR tenors will no longer be available.
The announcement by the IBA was subject to consultation with market participants that was scheduled to be completed during 1Q 2021.
U.S. regulators jointly announce guidance on new LIBOR loans
On Nov. 30, 2020, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation jointly encouraged supervised institutions to cease entering new U.S. dollar (USD) LIBOR contracts no later than Dec. 31, 2021, except for in a few limited circumstances.