LIBOR Contracts CessationGlobal issuance of new LIBOR contracts cessation on 31 December 2021.
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LIBOR Contracts Cessation
by 31 December 2021
- Global issuance of new LIBOR contracts will cease by 31 December 2021.
- Similarly, Bank Negara Malaysia requires banks to cease issuance of LIBOR contracts by 31 December 2021 and to reference new products against alternative rates.
- As a bank customer, you are advised to:
- Ensure capacity and system readiness to transact new products in the alternative rates before 31 December 2021
- Incorporate fallback provisions for affected LIBOR contracts to avoid any potential legal implications; and
- Contract your banks as soon as possible to avoid delay in transitioning to alternative rates.
More information about LIBOR transition in Malaysia is available in Box Article - Developments of the Benchmark Rate Reform in Malaysia.