Originally held on Tuesday, March 19, 2019 | 9:00 a.m. – 12:00 p.m.
Program Chair: |
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Gary E. Kalbaugh Deputy General Counsel and Director ING Financial Holdings Corp. |
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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.
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Moderator: Christian A. Johnson
Dean and Professor of Law
Widener University Commonwealth Law SchoolPanel: Chris Killian
Managing Director
Securitization and Credit Markets
SIFMARobert McLaughlin
Fried, Frank, Harris, Shriver & Jacobson LLPAlexis A. Pederson
Senior Company Counsel
Wells Fargo Legal Department
Moderator: Lauren Pederson
Managing Attorney
Wagner Pederson LLCPanel: Thomas V. D’Ambrosio
Morgan, Lewis & Bockius LLPRyne V. Miller
Sullivan & Cromwell LLPSubadra Rajappa
Head of U.S. Rates Strategy
Société GénéraleIan Walker
Analyst
Covenant Review
Moderator: Vanessa Conway
Director, Legal Counsel
Mizuho Securities Americas LLCPanel: Ann Battle
Assistant General Counsel
International Swaps and Derivatives AssociationIlene K. Froom
Reed Smith LLPTess 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
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CLE Credit
New York: 3.0 Professional Practice
New Jersey: 3.2 General
California: 2.5 General
Pennsylvania: 2.5 General -
Sponsoring Association Committees:
Futures & Derivatives Regulation | Gary E. Kalbaugh, ChairSponsorship Opportunities are Available! Please Contact:
Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org______________________________________________________________