LIBOR on Life Support?

On July 27, 2017, Andrew Bailey, the CEO of the Financial Conduct Authority (the “FCA”), stated that the FCA would no longer sustain LIBOR as a benchmark beyond 2021. As LIBOR is the primary reference rate used in floating rate commercial mortgage lending (and many other financial transactions), this announcement has generated uncertainty in affected markets about existing transactions and the structuring of future floating rate transactions.

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