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伦敦同业拆借利率(LIBOR)过渡

Preparing for the Transition From LIBOR


The London Interbank Offered Rate (LIBOR), one of the world’s most widely used interest rate benchmarks, is in the process of being discontinued.

随着金融服务业从伦敦银行间拆放款利率转向其他参考利率, BOB外围平台提供这些信息是为了帮助您了解这些变化可能如何影响您的金融产品.

Which 金融 products may have exposure to LIBOR?

LIBOR is linked to trillions of U.S. dollars’ worth of 金融 products. It is associated with a wide range of 金融 products, including:

  • Floating-rate notes 和 bonds, including corporate bonds
  • Adjustable-rate mortgage-backed securities (e.g., ARMs, CMOs, CAS, STACR, CRT)
  • 结构性产品
  • 保证金贷款
  • Securities-based lines of credit/SPA loans
  • 银团贷款, 小型企业贷款, commercial real estate loans, 其他银行贷款, or floating-rate loans
  • Adjustable-rate mortgages
  • 衍生品, including interest rate swaps

Other products 和 securities may have exposure to LIBOR as well. Any floating-rate product referencing LIBOR is affected.

What will replace LIBOR?


美联储已经召集了替代参考利率委员会(ARRC)来确定一个合适的替代利率. 而ARRC则推荐抵押隔夜融资利率(SOFR)作为其替代利率, the 金融 services industry is also considering other alternatives. BOB外围平台目前正在评估可供选择的参考利率,以确定BOB外围平台将为每种贷款产品提供哪种利率替代LIBOR.

The following asset classes have published transition plans in place.

Agency-backed securities

政府支持企业房利美(Fannie Mae)和房地美(Freddie Mac)已经发布了一份LIBOR转型剧本, 其中包括开始采购和发行sofr索引产品的时间表, ceasing acquisition 和 issuance of LIBOR-indexed products.

Playbook包含了有关机构发行的可调利率产品的信息, including single-family adjustable-rate mortgages (“ARMs”) 和 securities, i.e., mortgage-backed securities (“MBS”) 和 participation certificates (“PCs”); single-family credit risk transfer (“SF CRT”) transactions; collateralized mortgage obligations (“CMOs”); Fannie Mae multifamily (“MF”) ARMs 和 MBS; Freddie Mac MF floating-rate loans 和 securities; 和 multifamily CRT (“MF CRT”) transactions.

Playbook还描述了关键的转型里程碑,并建议利益相关者在管理即将到来的LIBOR转型时应考虑采取的行动. The Playbook can be accessed here: http://capmrkt.fanniemae.com/resources/file/LIBOR/pdf/playbook.pdf.

衍生品

国际互换和衍生品协会(ISDA)计划过渡到替换率, 并为衍生产品发布了协议,并推荐了合同中的备用语言. SOFR is the recommended replacement rate for U.S. dollar-denominated derivatives. Additional information can be found at: http://www.isda.org/2020/05/11/benchmark-reform-and-transition-from-LIBOR.

What are the risks associated with the transition away from LIBOR?

你可能持有某些以LIBOR为基准的投资、贷款或衍生品. 影响可能因涉及LIBOR的不同类型金融产品而有所不同, even between transactions in the same type of product. 重要的是,您要审查和了解您的金融产品的管理条款.

一些现有的基于libor的金融产品没有提供替代率. 在这种情况下, 这些产品的基础合同可能需要修改,以包括指定替代率的语言.

In addition, the new or replacement rate may not act as intended. 替代参考利率的组成或特征可能与伦敦银行间拆放利率有重大差别, 而且可能不会产生与伦敦银行间拆放款利率在经济上等价的利率. 如果你买卖一种基于libor的金融产品,并用衍生品进行对冲, 各自的利率回调规定可能会有所不同. 如果结果是两种金融产品之间的利率错配, 这可能会让你面临“基差风险”,否则就会削弱衍生品作为对冲工具的有效性. Issuers have no obligation to consider your interests in calculating, 调整, 转换, 修改, 中断, or developing any reference rate, alternative reference rate, 或回退.

You should assess your exposure to LIBOR-linked 金融 products. 这取决于金融产品参考利率或替代参考利率的复杂性和不确定性程度, 脱离LIBOR的转变可能会对金融产品的经济学产生不利影响, 包括它的价格, market valuation 和 liquidity, the usefulness for its intended purpose, the timing or amount of payments or deliveries,, 如果适用的话, the ability to exercise any option rights. You may wish to take steps to reduce your exposures.

How is BOB外围平台 preparing for the transition?

BOB外围平台致力于确保有序和成功地摆脱LIBOR. BOB外围平台与行业组织合作,及时了解关键发展情况,并积极调整BOB外围平台基于libor的产品和合同,以确保为转型做好准备.

We will continue to follow developments, take necessary measures, provide critical information to support a smooth transition for you. 与此同时, BOB外围平台建议您继续进行过渡,并考虑其对您的金融产品的潜在影响.

What additional information is available?

关于LIBOR停止或发生重大变化的准备工作的进一步指导, please consult with your legal, 税, 金融, other professional advisors, review the following resources from key industry participants:

任何问题? 联系您的财务顾问、银行贷款人或销售代表.