LIBOR Transition

The London Interbank Offered Rate (LIBOR) is a benchmark interest rate that represents borrowing costs between banks. In July 2017, the UK's Financial Conduct Authority (FCA) has announced that they will no longer compel LIBOR panel member banks to contribute to the benchmark after the end of 2021. Regulators have indicated a desire to move away from LIBOR to alternative reference rates. As a result, LIBOR will be discontinued before the end of 2021. The discontinuance of LIBOR may affect products and services that you have previously purchased or entered into and it is not yet clear how alternative reference rates will apply to any such products and services. You should consult with your own financial legal advisors on the possible effects of LIBOR reform.

CIBC will continue to communicate updates taking place during the transition away from LIBOR. The link below contains some helpful information regarding LIBOR discontinuance. If you have any questions, please contact us at mailbox.ibor@cibc.com

LIBOR Transition