One-quarter of Libor FRNs to mature after benchmark’s death
There are $382 billion of outstanding floating rate notes (FRNs) linked to Libor that will mature after end-2021, the point at which the discredited benchmark will be scrapped, data published by the Financial Stability Board (FSB) shows. These products will be thrown into limbo after Libor’s death unless arrangements are made ahead of time to transition them to another rate.
Of the total amount, 48% is slated to mature in 2022 and 31% in 2023, with $79.2 billion maturing in 2024 and beyond.
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