LIBOR

NABL sends detailed letter requesting guidance on interbank offered rates ruling

The omnibus bill drops a controversial measure to claw back unspent state COVID funds and includes long sought-after language to ease the transition away from LIBOR.

As the MTA works toward a post-pandemic future, Kevin Willens, formerly co-head of public finance at Goldman Sachs, becomes its chief financial officer.

The transition away from Libor presents challenges for small issuers with fewer resources to evaluate legacy contracts.

The Internal Revenue Service and Department of the Treasury have released final guidance on the transition away from Libor, designating SOFR as an alternative rate.

Recommending Libor-linked securities triggers important disclosure and fiduciary obligations.

The Federal Reserve told a judge not to scrap Libor as requested by consumers in a lawsuit because it would pose a risk to financial stability and undermine years of global planning for a transition to a new benchmark for borrowing rates.

A new GFOA advisory said the International Swaps and Derivatives Association has developed “more robust fallback language to specify the rate to be used upon a Libor cessation.”

The group specifically revised six of its model disclosure documents for risk disclosure including floating rate notes, fixed-rate bonds, interest rate swaps, forward delivery bonds, tender offer bonds and variable rate demand obligations.

The SEC's Office of Municipal Securities is moving ahead on the Libor transition and issued a detailed advisory Friday to the municipal securities market.