Beyond LIBOR

The world of interest rate benchmarks has changed. Here is what you need to know.

LIBOR cessation

LIBOR ceased on 31 December 2021 for all Swiss franc, euro, British pound and Japanese yen settings as well as for the 1-week and 2-month US dollar settings. For certain British pound and Japanese Yen settings, synthetic LIBOR is being published for a limited time for use in all legacy contracts except cleared derivatives.

UBS has replaced its LIBOR-referencing product offering with products based on alternative reference rates or other appropriate solutions. Questions on how the transition affects your portfolio? Contact your client advisor or sales specialist.

New use of US dollar LIBOR prohibited

The overnight, 1-, 3-, 6- and 12- month US dollar LIBOR settings are being published until June 2023 to facilitate the transition of legacy positions. In line with regulatory guidance, UBS no longer offers new US dollar LIBOR-based contracts (except in very limited use cases).

UBS remains fully engaged in the market transition with focus on the ongoing US dollar LIBOR wind-down. Continue to look out for communications from us on any changes to your LIBOR positions as well as available options.

The LIBOR transition

Why did it happen? What are the alternative reference rates? If you want to take a look back, here are some of the key developments leading up to LIBOR’s cessation on 31 December 2021.

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Additional information

More information on the US dollar LIBOR transition is available though the websites of the following business divisions:

Information provided through the above links is intended for existing clients with existing LIBOR-referencing transactions, trades or products with the relevant UBS business division only.