Libor: Banks Step Up Corporate Engagement
February 16, 2021, Practice Insight from IFLR
This will be the year of corporate engagement and concrete action in the loan market, source have said. With many of the building blocks now in place, market participants can really get on with active transitioning.
“We are now moving into the exciting part of the transaction, where we start to engage with customers,” said Ian Fox, group IBOR [interbank offered rate] transition director at Lloyds during a recent City & Financial event. “Taking ourselves back to the first [COVID-19] lockdown last year, the six-month delay on ceasing the issuance of cash products really helped the market to prepare. Now things are truly beginning to move, particularly in the legacy loans space, and we have an exciting few months ahead.”
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