While there has been some scrambling to amend contracts linked to Libor over the past month, the transition was well telegraphed and no major issues are expected, loan and derivatives market participants and lawyers said in interviews.
The benchmark was formalized in 1986 and has been used as a reference rate for a vast array of financial products, including student loans, credit cards, derivatives, corporate loans and mortgages, withtamper-proof alternatives Friday at 11:55 a.m. British Summer Time marked the last publication for the 1-month, 3-month and 6-month U.S.-dollar Libor interest rates. Other U.S. dollar tenors were largely phased out for new contracts at the end of 2021 along with Libor rates linked to other currencies.
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