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Nick O'Grady

Nick is a partner in the banking and finance team of Baker McKenzie. Nick is based in London and his experience includes a secondment to the Blackstone Group and to the Hong Kong office of his previous firm.

On 5 March 2021, the UK Financial Conduct Authority (FCA) formally announced the dates of the future cessation or loss of representativeness of all 35 LIBOR settings currently published by ICE Benchmark Administration Limited (IBA).
This announcement:
constitutes an index cessation event under the International Swaps and Derivatives Association (ISDA) IBOR fallbacks supplement and the ISDA 2020 IBOR fallbacks protocol for all LIBOR settings
may trigger contractual requirements in certain LIBOR fallback provisions
fixes the spread adjustments in the ISDA Fallbacks Supplement and ISDA 2020 IBOR Fallbacks Protocol

In a set of coordinated statements, LIBOR’s administrator, LIBOR’s principal regulator and the principal US banking regulators announced plans that would extend the period during which panel USD LIBOR quotations would be made available until the end of June 2023.  This would effectively provide a period for legacy USD LIBOR transactions to use LIBOR quotations for certain tenors after 2 January 2022 (when LIBOR is expected to cease for other currencies).

In the second part of this two-part series, Baker McKenzie’s leveraged finance teams in London and New York consider available remedies under both English and New York law if commitments are not met. In the first part of this series we set out the importance of funding certainty and examined…

On 27 May 2020, the European Commission put forward its proposal for a European Recovery Plan (ERP)1 with a new EUR 750 billion funding via its financial recovery instrument, called the “Next Generation EU” which would be funded by borrowing on the financial markets2. If approved by the Member States,…