Blog Post
The phase out of LIBOR
Jun 21, 2021
(PNC Bank) -- LIBOR has been the most prevalent benchmark rate in the financial industry for three decades. On March 5, 2021, the administrator of LIBOR issued statements that certain settings will either cease to be provided or will no longer be representative after December 31, 2021 and all remaining settings will either cease to be provided or will no longer be representative after June 30, 2023. Further, regulators have directed banks to stop issuing new LIBOR contracts by year-end 2021.
In its Tuesday, June 29 webinar, PNC executives discuss the timing of the LIBOR phase out and recommended rate alternatives.
PNC speakers leading the discussion are:
- Jim Bernier, Executive Vice President, Head of Derivative Products Group
- Connie Cesario, Executive Vice President, Head of Loan Syndications – Originations
- Rebecca Feinberg, Managing Senior Counsel Corporate Banking & Commercial Banking
- Jill Gateman, Executive Vice President, Co-Head of Corporate Banking
- Randy King, Executive Vice President, Treasurer
- Alex Spiro, Deputy General Counsel Lead Lawyer for Enterprise LIBOR Cessation Project
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