By Citi Private Bank,
February 17, 2020Posted InInvestments
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There have been industry discussions and developments to cease the use of Interbank Offered Rates ("IBORs"), including the most commonly known, the London Interbank Offered Rates ("LIBOR").
IBORs are widely used interest rate benchmarks and are reference rates for a vast number of financial instruments and products, including certain cash and derivative products offered by Citi.
Various regulatory authorities have announced their support for a reduced reliance on IBORs with the London Interbank Offered Rate (LIBOR) expected to be phased out as early as the end of 2021. Regulators, industry bodies, trade associations and individual market participants, including Citi, are all involved in the efforts to consider potential replacement rates for IBORs and ways of effecting the transition away from IBORs. We encourage clients to keep up to date with the latest industry developments in relation to benchmark transitioning and if appropriate, their impact by consulting independent professional advisors (legal, financial or other).
As industry discussions on replacement benchmarks rates progress, Citi will continue to keep our clients updated on our plans and how these market-wide changes may affect their day-to-day relationship with Citi and services they may have with us.
Citi has recently developed a Frequently Asked Questions (FAQ) reference guide that may be helpful to our clients who are seeking guidance on the LIBOR transition.
Click here to access Citi's Frequently Asked Questions and review any of the questions as applicable to your product and services with Citi or other institutions.