{"id":3300,"date":"2023-06-06T16:24:00","date_gmt":"2023-06-06T15:24:00","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=3300"},"modified":"2024-07-18T21:22:54","modified_gmt":"2024-07-18T20:22:54","slug":"libor-cessation-in-less-than-30-days-sound-the-alarm","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/libor-cessation-in-less-than-30-days-sound-the-alarm\/","title":{"rendered":"LIBOR cessation in less than 30 days: sound the alarm?"},"content":{"rendered":"\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-news has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<p class=\"has-large-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Analysis<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">LIBOR cessation in less than 30 days: sound the alarm?<\/h1>\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-default\" style=\"margin-top:var(--wp--preset--spacing--2-xl);margin-bottom:var(--wp--preset--spacing--m)\" \/>\n\n\n\n<div class=\"wp-block-columns filter-article-meta-container is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-3333c3a8 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-4b827052 wp-block-group-is-layout-flex\">\n<p style=\"margin-top:0;margin-bottom:0\">Jason Mendoza<\/p>\n\n\n\n<p class=\"mt-1 has-constantia-font-family has-xsmall-font-size\" style=\"margin-top:0;margin-bottom:0\">Senior Quant Modeler<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"has-text-align-right wp-block-post-date has-small-font-size\"><time datetime=\"2023-06-06T16:24:00+01:00\">6 June 2023<\/time><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-article-content-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\"><figure style=\"height:250px;\" class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1561\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/People-man-in-boardroom-staring-out-of-window-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"man in boardroom staring out of window\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/People-man-in-boardroom-staring-out-of-window-scaled.jpg 2560w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/People-man-in-boardroom-staring-out-of-window-300x183.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/People-man-in-boardroom-staring-out-of-window-1024x624.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/People-man-in-boardroom-staring-out-of-window-768x468.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/People-man-in-boardroom-staring-out-of-window-1536x937.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/People-man-in-boardroom-staring-out-of-window-2048x1249.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<p><strong>Exploring options and best practices <\/strong><\/p>\n\n\n\n<p>The London Interbank Offered Rate (LIBOR), a controversial cornerstone of the financial system, will be discontinued on June 30,2023. In a previous\u00a0<a href=\"https:\/\/alterdomus.com\/insight\/us-private-debt-markets-remediation-plans-will-aid-the-successful-transition-away-from-libor\/\" target=\"_blank\" rel=\"noreferrer noopener\">article<\/a>\u00a0published in December 2022, we discussed the need to migrate away from LIBOR and the migration status for the U.S private debt market[1].<\/p>\n\n\n\n<p>As LIBOR will be discontinued in less than 30 days, we will provide updates on the current migration status and answer key questions: what happens if no explicit migration plan exists before LIBOR is discontinued and what are the current industry trends regarding credit adjustment spreads[2]?<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>Current Status of migration for U.S. Private Debt Market<\/strong><\/p>\n\n\n\n<p>According to the LSTA, in reference to the JPM index as of April 2023, roughly 40% of private loans are currently on SOFR[3]. With respect to the direct lending space, we turn to publicly available BDC (Business Development Companies) data as a proxy. From a sample of 12 BDC\u2019s registered with the SEC, we observe from the 2023Q1 SEC filings that on average 49% of loans are pegged to SOFR.<\/p>\n\n\n\n<p>For the same sample, 2022Q3 and 2022Q4 SEC filings report SOFR loan percentages of 23% and 35%, respectively, showing an increased effort to transition away from LIBOR as the cessation date approaches. While industry trends suggest a concerted effort to convert loans to SOFR, we would likely to expect these figures to be close to 100% as we have to count days and not months until LIBOR is discontinued.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-1-1024x576.png\" alt=\"\" class=\"wp-image-3311\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-1-1024x576.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-1-300x169.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-1-768x432.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-1-1536x864.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-1.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>However, data from Covenant Review reveals that over 90% of syndicated loans have language in their contracts or amendments that determine the alternative rates at the time of LIBOR cessation[4].<a href=\"https:\/\/06d5b292-58aa-4ece-84d6-2671b9759e5b.website.eu1.quilium.io\/infomedia\/market-news\/detail\/libor-cessation-in-30-days-sound-the-alarm#_ftn1\"><\/a>&nbsp;Moreover, as discussed in the previous paper, industry trends point in the larger private debt space point to a larger effort to add amendments to contracts to trigger immediatley after LIBOR cessation date rather than transition earlier. Therefore, although the numbers are not nearly close to 100% as we would expect, there are already contractual agreements in place for a vast majority of loans to migrate away from LIBOR once it is discontinued.<\/p>\n\n\n\n<p>But what about the contracts that are not in the \u201cvast majority\u201d that do not have an alternative rate in place come June 30,2023? What will those loans be tied to if not LIBOR? The Federal Reserve Board, in December 2022, provided its final set of guidelines for such contracts[5].<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-fallback-options-for-contacts-without-alternative-rate-transition-plans-prior-to-june-30-2023\" style=\"margin-top:var(--wp--preset--spacing--l)\">Fallback options for contacts without alternative rate transition plans prior to June 30, 2023<\/h3>\n\n\n\n<p><strong>Final rule regarding the implementation of LIBOR ACT <\/strong><\/p>\n\n\n\n<p>Widely expected, the Federal Reserve Board in December 2022 published its final guidance to implement the LIBOR act[6]. This guidance is to explicitly provide a benchmark replacement for contracts governed by U.S law that refer to either the overnight, 1-month,3-month, 6-month and 12-month LIBOR tenors and do not have a clearly defined benchmark to transition to after June 30,2023.&nbsp;<\/p>\n\n\n\n<p>In general, the guidance determines if there is a \u201cdetermining person\u201d in the contract. If so, that person should determine the replacement contract by the LIBOR cessation date. If the person does not, or if there is no \u201cdetermining person\u201d in the contract, the contract&nbsp;<em>must<\/em>&nbsp;transition to the corresponding Term SOFR plus the prescribed credit adjustment spread based on ISDA\/AARC fallback protocols[7][8].<\/p>\n\n\n\n<p>As Term SOFR is typically lower than LIBOR (as it does not involve credit risk), the credit adjustment spread is added to the current spread\/margin to reflect a number closer to LIBOR. For clarity, if a loan has locked in a 6-month LIBOR rate on June 15, 2023, it will still be valid until the contract ends on December 15, 2023. After the contract ends on December 15, however, the loan must be tied to an alternative rate. The table below summarizes the final guidance for the current published LIBOR tenors:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-2-1024x576.png\" alt=\"\" class=\"wp-image-3312\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-2-1024x576.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-2-300x169.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-2-768x432.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-2-1536x864.png 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/11\/LIBOR-cessation-in-less-than-30-days-sound-the-alarm-Image-2.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>In short, if there is no transition plan, the guidance will provide one.&nbsp;<a href=\"https:\/\/06d5b292-58aa-4ece-84d6-2671b9759e5b.website.eu1.quilium.io\/infomedia\/market-news\/detail\/libor-cessation-in-30-days-sound-the-alarm#_msocom_1\"><\/a>The guidance provides a particular credit adjustment spread depending on the tenor (1-Month, 2-Month, etc.), but how were those spreads determined and how are market participants adapting to them?<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>Credit Adjustment Spreads: ISDA\/AARC&nbsp;Recommendations and Trends<\/strong><\/p>\n\n\n\n<p>Because private debt loan amounts generally range between 10s or 100s of millions of dollars, it is no surprise that both borrower and lenders are highly sensitive to change in spreads and thus haggle to achieve a mutual agreed upon credit adjustment spread[9]<a href=\"https:\/\/06d5b292-58aa-4ece-84d6-2671b9759e5b.website.eu1.quilium.io\/infomedia\/market-news\/detail\/libor-cessation-in-30-days-sound-the-alarm#_ftn1\"><\/a>. For example, in a loan of $100,000,000, an increase in 20 basis points to the spread results in an increase of roughly $50,000 in interest payments every&nbsp;<em>quarter<\/em>. Given a tense negotiating environment, are borrowers and lenders trying to negotiate their own credit adjustment spreads or adopt the ISDA\/AARC recommendations? Recent evidence points to the latter.<\/p>\n\n\n\n<p>According to the LSTA, 65% of tracked amendment fallbacks used the recommended credit adjustment spreads in April 2023, up from roughly 57% in March 2023[10]<a href=\"https:\/\/06d5b292-58aa-4ece-84d6-2671b9759e5b.website.eu1.quilium.io\/infomedia\/market-news\/detail\/libor-cessation-in-30-days-sound-the-alarm#_ftn2\"><\/a>. Although there is no clear trend when looking at January and February, it is likely that the strong percentage will persist in May as the transition deadline approaches and the room for negotiation narrows.<\/p>\n\n\n\n<p>Because the recommended spreads are 5-year median differences (March 2016-March 2021), the values should in theory be stable and subject to less litigation in the near future[11]<a href=\"https:\/\/06d5b292-58aa-4ece-84d6-2671b9759e5b.website.eu1.quilium.io\/infomedia\/market-news\/detail\/libor-cessation-in-30-days-sound-the-alarm#_ftn1\"><\/a>.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>Conclusion<\/strong><\/p>\n\n\n\n<p>As the LIBOR cessation date nears, loan migration away from LIBOR picked up considerably in 2023. Thanks to the final guidelines published by the Federal Reserve Board in December 2022, there is clear guidance to ensure a (relatively) smooth transition away from LIBOR. <\/p>\n\n\n\n<p>It is up to market participants to act proactively to ensure the proposed credit adjustment spreads are economically viable and confirm the final transition plans for each contract. As LIBOR is currently pegged to trillions of dollars, it is paramount for market participants to adequately forecast the financial impacts resulting from LIBOR migration.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background\" \/>\n\n\n\n<p><strong>Footnotes:<\/strong><\/p>\n\n\n\n<p>[1]For purposes of this paper, \u2018private debt\u2019 refers to broadly syndicated loans and private direct lending markets. See existing Alter Domus&nbsp;<a href=\"https:\/\/www.alterdomus.com\/infomedia\/market-news\/detail\/private-debt-broadly-syndicated-loans-and-investor-considerations\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a> for further details.<br>[2]The credit adjustment spread added to the current spread\/margin on a loan to compensate the lender for switching to an alternative rate, which is typically lower than LIBOR.<br>[3]<a href=\"https:\/\/www.lsta.org\/news-resources\/libor-transition-45-days\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.lsta.org\/news-resources\/libor-transition-45-days\/<\/a><br>[4]<a href=\"https:\/\/www.lsta.org\/news-resources\/usd-synthetic-libor-exactly-as-expected\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.lsta.org\/news-resources\/usd-synthetic-libor-exactly-as-expected\/<\/a><br>[5]<a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/files\/bcreg20221216a1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.federalreserve.gov&#8230;<\/a><br>[6]<a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/4616\/text\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.congress.gov\/bill\/&#8230;<\/a><br>[7]<a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2023-01-26\/pdf\/2023-00213.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.govinfo.gov\/conten&#8230;<\/a><br>[8]The credit adjustment spread added to the current spread\/margin on a loan to compensate the lender for switching to an alternative rate, which is typically lower than LIBOR.<br>[9]<a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/debt-investors-losing-millions-on-libor-switch-start-to-fight-back\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.bloomberg.com\/prof&#8230;<\/a><br>[10]<a href=\"https:\/\/www.lsta.org\/news-resources\/libor-transition-45-days\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.lsta.org\/news-reso&#8230;<\/a><br>[11]<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/Microsites\/arrc\/files\/2021\/spread-adjustments-narrative-oct-6-2021\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.newyorkfed.org\/med..<\/a><\/p>\n\n\n\n<div class=\"wp-block-group filter-social-sharing-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-outermost-social-sharing has-normal-icon-size has-icon-color is-style-logos-only is-content-justification-center is-layout-flex wp-container-outermost-social-sharing-is-layout-598f35b6 wp-block-social-sharing-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--3-xl)\"><li style=\"color: #073540; \" class=\"outermost-social-sharing-link outermost-social-sharing-link-linkedin has-filter-primary-color wp-block-outermost-social-sharing-link\">\n\t<a 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has-huge-font-size\" id=\"h-key-contacts\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Key contacts<\/h2>\n\n\n\n<div class=\"wp-block-columns filter-contacts-row is-layout-flex wp-container-core-columns-is-layout-398b3aa3 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n            \n\n<div class=\"filter-contact-container\">\n    <div class=\"filter-contact-item\">\n        <div class=\"filter-contact-item-image\">\n            <img loading=\"lazy\" decoding=\"async\" width=\"441\" height=\"438\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Jason-Mendoza.png\" class=\"attachment-large size-large\" alt=\"Jason Mendoza\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Jason-Mendoza.png 441w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Jason-Mendoza-300x298.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Jason-Mendoza-150x150.png 150w\" sizes=\"(max-width: 441px) 100vw, 441px\" \/>        <\/div>\n\n        <div class=\"filter-contact-item-content\">\n            <h4 class=\"filter-contact-name\">Jason Mendoza<\/h4>\n            <p class=\"filter-contact-region\">United States <\/p>\n            <p class=\"filter-contact-job-title\">Senior Quant Modeler<\/p>\n\n            <div class=\"filter-contact-contact-details\">\n                <div class=\"filter-contact-details-icons\">\n                                            <span class=\"filter-contact-contact-item contact-email\">\n                            <a href=\"mailto:Jason.Mendoza@alterdomus.com\" target=\"_blank\">\n                                <img decoding=\"async\" alt=\"Contact by email\" src=\"https:\/\/alterdomus.com\/wp-content\/themes\/alter-domus-twentyfive-v2.1.0\/assets\/images\/mail2.svg\">\n                            <\/a>\n                        <\/span>\n                    \n                    \n                                    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class=\"filter-latest-insights-list-inner order-news-event-news\">\n\n        <article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"652\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg\" class=\"attachment-large size-large\" alt=\"technology man holding iPad showing data scaled\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-300x191.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-768x489.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1536x979.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-2048x1305.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 26, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Operational equity, powered by technology<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" aria-label=\"Click to read Operational equity, powered by technology\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-300x180.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-768x461.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3.png 1386w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 24, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" aria-label=\"Click to read Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-2048x1366.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 6, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" aria-label=\"Click to read Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need\"><\/a> <\/div>\n<\/article>\n            <\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1539,"template":"","cat-insight-type":[142],"cat-sectors":[],"cat-services":[],"class_list":["post-3300","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-analysis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LIBOR cessation in less than 30 days: sound the alarm? - Alter Domus<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alterdomus.com\/insight\/libor-cessation-in-less-than-30-days-sound-the-alarm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LIBOR 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