Regulators are becoming increasingly frustrated as banks and issuers argue that there's still too much uncertainty. Some even still believe the controversial benchmark isn't going anywhere fast Get Free Access Already registered? Please sign in to read this article.
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.