Market ##ers have yet to make progress adopting RFRs , not even referencing them as fallbacks in practice . Some legacy bond documentation includes loose ##ning to an undetermined point when LIBOR may not be available , but only with temporary , not permanent cessation of the reference rate . Banks and investors say there is still too much uncertainty , with some of the opinion that it is n’t going anywhere fast .
Market participants have yet to make progress adopting RFRs, not even referencing them as fallbacks in contracts. Some legacy bond documentation includes loose references to an undetermined point when LIBOR may not be available, but deal with temporary, not permanent cessation of the reference rate. Banks and issuers claim there is still too much uncertainty, with some of the opinion that LIBOR isn’t going anywhere fast.