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The LMA’s guidance on fallbacks to interbank term rates: a call to arms
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Whilst the lack of incident when the last LIBOR lights were turned off at the end of September was a relief to many, the Loan Market Association’s (LMA’s) recently released Guidance on fallbacks to interbank term rates and LMA documentation (LMA Guidance) is a crucial reminder of the importance of fallbacks to other interbank term rates and an indication that there remains ground to cover.1 Whilst the key points are discussed below, the LMA Guidance will reward careful reading by all those involved in loan transactions.
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