ARRC Issues "Guide on the Endgame for USD LIBOR"

The Alternative Reference Rate Committee ("ARRC") issued a "Guide on the Endgame for USD LIBOR" (the "guide").

The guide provides further context in light of recent announcements made by U.S. and UK regulators that, among other things, (1) called for most USD LIBOR tenors to cease publication from June 2023, (2) cautioned that banks should generally not enter into new transactions referencing USD LIBOR from January 1, 2022, and (3) allowed "legacy LIBOR contracts to run off."

In the guide, the ARRC provides information on resources, recommended best practices and fallback language.