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LMA €STR fallbacks to EURIBOR: use in corporate lending transactions
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In December 2023, the Working Group on Euro Risk-Free Rates (Euro WG)11 issued their final, closing statement122 having agreed that their current mandate had been completed. 2Does this mean that work in relation to the use of risk-free reference rates based on 2€2STR 2in the context of euro has ended? The short answer is “not necessarily”: whilst the tools2 to implement use of such rates exist, some elements of the financial markets, such as the corporate lending market, have been slow to change practice. In this article we take stock 2of the potential use of such 2€2STR-related tools in the corporate lending markets.2
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