This article considers the background and current market developments relating to the discontinuation of LIBOR. It examines the potential litigation likely to arise for legacy contracts and the alternative contractual fall-back provisions that are being proposed. Finally, it analyses the four markets most affected by the discontinuation of LIBOR—the loan, derivatives, bonds and securitisation markets.
This article was first published by Thomson Reuters, trading as Sweet & Maxwell, 5 Canada Square, Canary Wharf, London, E14 5AQ, in the Journal of International Banking Law and Regulation as "LIBOR Is Being Overtaken: Will It Be a Car Crash?" JIBLR 2019, 34(2), 58-71 and is reproduced by agreement with the publishers
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© Herbert Smith Freehills 2020