IBOR Transition

New reference interest rates on Capital Markets: Our experts support you comprehensively

IBOR Transition

In the course of the last years, the international reference interest rate landscape has been undergoing fundamental changes. With the cessation of the USD LIBOR as of June 30, 2023, this transition has been broadly completed. The following reference interest rates (benchmarks) were affected by these changes to date:

EONIA / LIBOR (CHF, GBP, JPY, EUR): Since the end of 2021, these rates are no longer published; transactions and contracts relating to these rates have been adjusted. Solely in case of JPY- and GBP-LIBOR, there are so-called synthetic rates, which are only to be used for ‘Tough Legacy‘ cases designated by competent supervisory authorities.

USD-LIBOR: Publication ceased as of June 30, 2023. Transactions and contracts with reference to these rates mostly have been transitioned. Also, a “synthetic USD LIBOR” is being published until September 30, 2023.

EURIBOR: This rate has been reformed and can continue to be used without
restrictions.

Working groups have been formed in the various jurisdictions, which have developed almost risk-free reference interest rates (RFR) as alternatives to the previous reference rates. The new risk-free reference rates have already replaced the previous reference rates in contracts and trades to a large extend. However, this process is broadly completed by now.

In addition, specific fallback provisions are agreed upon in many contracts to cover the possible future elimination of reference interest rates. Only in individual markets and countries, e.g. Canada (with respect to the conversion of the CDOR reference interest rate to the so-called CORRA) the transformation process is still continuing.

Against this background, DZ BANK has decided to discontinue this website as of December 31, 2023. We thank you for your trust and hope that the information presented here have been helpful. DZ BANK remains a reliable partner for its customers. Please contact us in case of any questions.

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