With the continuing expansion of local currencies now eligible for securities primarily deposited for settlement within Clearstream Banking, Luxembourg and Euroclear Bank SA/NV, the (“ICSDs”), some uncertainty has arisen with regard to the application of ICSDs’ Payment Business Days. A number of countries, particularly within the Middle Eastern Region, maintain business days which fall on a Saturday/Sunday, which are not operative within the ICSDs, and the new revised bulletin is designed to clarify the ICSDs’ position in this regard. The Bulletin sets out all the recommended Payment Business Day criteria to be utilised within newly constituted security documentation as well as for programme updates. In addition, clarification is provided regarding the question of maintaining fungibility for future tap issues.
LIBOR Trade Association Working Party meeting minutes – 27 January 2021
Minutes of meeting held on 27 January 2021.
AFME “call to action” for active transition of LIBOR linked securitisations
View from AFME – Less than 12 months now remain before the continuation of panel-based LIBOR can no longer be guaranteed. AFME is calling on marketing participants to reduce the stock of “tough legacy” securitisations well in advance of the end of 2021.
ICMSA Bulletin 210118/55: The discontinuation of LIBOR/IBORS – operational and procedural considerations for Consent Solicitations and Written Resolutions
This Bulletin provides some practical guidance on the operational process for launching and completing consent solicitations in the clearing systems and for conducting a written-resolution exercise to change the terms of the securities where that is a realistic option.
ICMSA Bulletin 210118/54: The discontinuation of LIBOR/IBORS – implications for English-law note trustees and agency roles – Update – Legacy Transactions
This Bulletin examines the current state of progress on the active transition of legacy LIBOR transactions and considers some of the challenges that lie ahead for the market. This Bulletin also explains that active transition should be an issuer driven process and that in observing existing contractual arrangements trustees and agents will generally not be in a position to remediate legacy transactions or simplify the procedure for initiating the transition process.
ICMSA Bulletin 201216/53: Virtual Bondholder Meetings
ICMSA Bulletin on Virtual Bondholder Meetings.