Careening Away from LIBOR: Why, When, and How LIBOR will be Replaced

Originally held on Tuesday, March 19, 2019 | 9:00 a.m. – 12:00 p.m.


Program Chair:
Gary E. Kalbaugh
Deputy General Counsel and Director
ING Financial Holdings Corp.

  • LIBOR has been referred to as the world’s most important number.  Short for London Inter-bank Offered Rate, LIBOR is a benchmark rate that is calculated from reported interest rates that select banks pay to borrow from each other on an unsecured basis.  LIBOR is embedded as a reference rate in over $260 trillion of loans and derivatives, including student loans, variable-rate mortgages, corporate loans, futures contracts and interest-rate swaps.

    After a LIBOR manipulation scandal riled regulators, LIBOR lost its global prominence and is being phased out. The transition away from LIBOR as a new, alternative benchmark rate is underway.  This program will provide a basic overview of LIBOR and an update on important developments as to why, how and when LIBOR will be replaced.

    OnDemand: $179 for Members | $279 for Nonmembers

    Members who are Recent Law Graduates (not yet admitted), Newly Admitted Lawyers, In-House/Corporate Counsel, Judges (and their staff), or attorneys that practice within the Government, Academic or Not-for-Profit sectors attend this program for free.

  • Moderator:
    Christian A. Johnson
    Dean and Professor of Law
    Widener University Commonwealth Law School
    Chris Killian
    Managing Director
    Securitization and Credit Markets
    Robert McLaughlin
    Fried, Frank, Harris, Shriver & Jacobson LLP
    Alexis A. Pederson
    Senior Company Counsel
    Wells Fargo Legal Department

    Lauren Pederson
    Managing Attorney
    Wagner Pederson LLC
    Thomas V. D’Ambrosio
    Morgan, Lewis & Bockius LLP
    Ryne V. Miller
    Sullivan & Cromwell LLP
    Subadra Rajappa
    Head of U.S. Rates Strategy
    Société Générale
    Ian Walker
    Covenant Review

    Vanessa Conway
    Director, Legal Counsel
    Mizuho Securities Americas LLC
    Ann Battle
    Assistant General Counsel
    International Swaps and Derivatives Association
    Ilene K. Froom
    Reed Smith LLP
    Tess C. Virmani
    SVP and General Counsel
    Loan Syndication & Trading Association

  • 9:00 a.m. – 9:05 a.m. Introduction

    Gary E. Kalbaugh

    9:05 a.m. – 10:00 a.m. The Transition to Alternative Rates and How We Got Here

    Moderator – Christian A. Johnson

    Panel – Chris Killian, Robert McLaughlin, Alexis Pederson

    • Why is LIBOR being phased out?
    • Where is LIBOR used now?
    • The Roles and Responsibilities of ARRC.
    • How SOFR (Secured Overnight Financing Rate) is calculated
    • Other global initiatives to develop alternative rates advised and/or admonished against
    10:00 a.m. – 10:10 a.m. Break
    10:10 a.m. – 11:00 a.m. Market Readiness for the Transition and Expected Timelines for Implementing Alternative Rates

    Moderator – Lauren Pederson

    Panel – Thomas V. D’Ambrosio, Ryne V. Miller, Subadra Rajappa, Ian Walker

    • Transition Timing – the ARRC’s transition timeline
    • Legal repercussion of not having a fallback to a discontinued reference rate
    • Transition concerns and readiness for banks
    • Transition concerns and readiness for buyside
    11:00 a.m. – 11:05 a.m. Break
    11:05 a.m. – 12:00 p.m. Preparing For the Transition to Alternative Rates in OTC Derivatives and Loan Documentation

    Moderator – Vanessa Conway

    Panel – Ann Battle, Ilene K. Froom, Tess C. Virmani

    • Types of OTC Derivatives Contracts that Reference LIBOR.
    • Common Contractual Adjustments to OTC Derivatives Contracts that Reference LIBOR
    • How is derivatives documentation changing to address the expected transition?
    • Spread Adjustments
      • Key Trigger Events and Adjustments
      • Potential loan amendments
      • The ARRC Consultation for Syndicated Business Loans

  • CLE Credit
    New York:
    3.0 Professional Practice
    New Jersey:
     3.2 General
    2.5 General
     2.5 General

  • Sponsoring Association Committees:
    Futures & Derivatives Regulation | Gary E. Kalbaugh, Chair

    Sponsorship Opportunities are Available! Please Contact:
    Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 |