Financial Intelligence

LIBOR Transition: Fourth Quarter or Overtime?

Presented by Rei Shinozuka, Vice President and Director of Capital Markets Research,
and Thomas Settino, Vice President and Director of Member Relations, FHLBNY

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The transition away from LIBOR has been years in the making.

This year was to be the Fourth Quarter with the end of LIBOR targeted to be December 31, 2021. Recently, the Official Sector confirmed mid-2023 as the new USD LIBOR end date, putting LIBOR Transition into Overtime. At the same time, U.S. supervisory banking regulators are encouraging banks to cease entering into new LIBOR contracts by the end of 2021, and have established new LIBOR Transition Examiner Guidance for 2021. So, what does that mean for our members, and how does that impact their game plans?

In this session, Rei Shinozuka, the FHLBNY’s Director of Capital Markets Research, explores new developments and milestones surrounding the transition away from LIBOR and how to proceed with a strong plan of attack to get the “ball into the end zone” and achieve success. Tom Settino, Director of Member Relations, also provides an overview of how to utilize the FHLBNY product suite to help address funding and hedging related to using SOFR as a new benchmark index.

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