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IBOR Transition FAQs


Last Update: May 2021

These FAQs are provided for customers of First Abu Dhabi Bank PJSC and each of its affiliates (collectively, 'FAB') who may have a conventional or an Islamic product or agreement which uses or references the London Interbank Offered Rate ('LIBOR') or another inter-bank offered rate (together with LIBOR, the 'IBORs') as a benchmark rate.

Information relating to IBOR discontinuation may change at any time, and by providing you with these FAQs, FAB does not imply that the information contained herein is correct at any time subsequent to the date set out above, or that any other information provided to you in relation to IBOR discontinuation is correct at any time subsequent to the date of the relevant communication containing such information.

The IBOR transition is an ongoing process. FAB is constantly monitoring the market developments associated with the transition away from LIBOR and other IBORs to Risk-Free Rates (RFRs). FAB is assessing impacts and designing risk mitigating strategies to support its customers through the transition.

FAB does not accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to benchmark rates such as IBORs or any alternative rate including, without limitation, whether the composition or characteristics of any alternative rate will be similar to, or produce the same value or economic equivalence as, the original benchmark rates (including IBORs) or whether any alternative rate will have the same volume or liquidity as the original benchmark rate prior to its discontinuance or unavailability.

Except where we otherwise agree with you in writing, FAB does not provide advice, or recommendations on the suitability of your product choice or financing solution. You should consider whether you need to obtain professional independent advice (legal, financial or otherwise), prior to entering into any agreement or investing in a product which references a benchmark rate such as an IBOR. FAB does not owe you any duties or have any liability to you in relation to its management of the transition from IBOR benchmark rates to alternative rates. FAB is not under an obligation to update the information in this document.

1. Background

1.1 What is Benchmark Reform about?

In 2013, the G20 commissioned the Financial Stability Board (FSB) to review systemically important interest rate benchmarks.

The resulting FSB report, published in July 2014 recommended:

  • Strengthening the IBORs, in particular, by anchoring them to a greater number of transactions, where possible, and improving the processes and controls around submissions;
  • Identifying Risk-Free Rates (RFRs) and where suitable, encouraging derivative market participants to transition new contracts to an appropriate RFR.

This is often referred to as a ‘multi-rate approach’ – where a new RFR is developed alongside maintaining an IBOR. Since 2014, the work has been coordinated at an international level by the FSB’s Official Sector Steering Group (OSSG).

In July 2016, the OSSG formally launched a third major initiative, to improve contract robustness to address the risks of discontinuing widely used interest rate benchmarks. The OSSG invited ISDA to lead this work as it pertained to derivative contracts, which are the largest source of exposure to the IBORs. Although all of the major IBORs have been strengthened since the OSSG was formed, FSB member authorities in certain jurisdictions have moved away from their original view that a ‘multi-rate’ approach, in which each IBOR could be made sustainable and potentially coexist with the nearly Risk-Free Rates (RFRs) was possible.

(Source: Financial Stability Board report on ‘Reforming major interest rate benchmarks, 2019’; Bank of England, 2017)

1.2 How is LIBOR defined?

LIBOR is a benchmark rate produced for five currencies, each with seven maturities, which include overnight/spot, 1-week, 1-month, 2-month, 3-month, 6-month and 12-month, producing 35 rates per London business day. It is a wholesale funding rate that is anchored in the LIBOR panel banks’ unsecured wholesale transactions. LIBOR’s administrator, the Intercontinental Exchange maintains a reference panel of between 11 and 16 contributor banks for each currency calculated – GBP, USD, EUR, CHF and JPY.

1.3 Why were Risk-Free Rates (RFRs) developed?

The major interest reference rates (such as LIBOR, EURIBOR and TIBOR), have been widely used in the global financial system as benchmarks for a large volume and broad range of financial products and contracts.

The cases of attempted market manipulation and false reporting of global reference rates, together with the post-crisis decline of liquidity in the interbank unsecured funding markets, have undermined confidence in the reliability and robustness of existing interbank benchmark interest rates. Uncertainty surrounding the integrity of these reference rates represents a potentially serious source of vulnerability and systemic risk.

This resulted in suggesting the development of RFRs that are more closely related to certain financial transactions (such as derivative contracts).

(Source: Financial Stability Board report on ‘Reforming major interest rate benchmarks, 2014’)

1.4 Are RFRs meant to co-exist with LIBOR, or are they meant to replace LIBOR?

The approach taken by the relevant Central Bank-led RFR working groups is to encourage the voluntary adoption of RFRs, rather than to mandate a transition away from LIBOR. RFRs will therefore co-exist with the LIBOR as long as the LIBOR is published, offering market participants the option of using an RFR for new transactions.

To encourage the adoption of RFRs, various RFR Working Groups across the world have published recommendations for interim milestones prior to the cessation of LIBORs. Please refer to question 2.3 for more information on the key regulatory guidance.

Although the adoption of an RFR is voluntary, the heightened risk of discontinuation of LIBOR after the end of 2021 makes it essential that market participants consider moving to RFRs or to another alternative rate (for example, a central bank rate) and that they have the appropriate fallback language in existing contracts referencing LIBOR.

At present, we envisage that all existing contracts should be switched to RFRs or other alternative rates before LIBOR ceases to exist.

(Source: ARRC)

1.5 Are all jurisdictions adopting a ‘multiple rate approach’?

No, the outcomes of benchmark reform will vary by jurisdiction. While some jurisdictions have been able to continue with a multi-rate approach (i.e. developing a new RFR alongside maintaining an IBOR), in others, a multi-rate approach is not possible because the wholesale unsecured funding markets that underpin certain IBORs have become too thin to support robust IBOR reference rates. In particular, in the case of LIBOR, where the lack of applicable wholesale unsecured funding markets is a fundamental problem and continues to exist, there is no likelihood of a change, and other measures which purport to measure bank credit risk in this way will suffer from the same problems. The continued reliance of global financial markets on LIBOR was therefore posing a risk to financial stability.

Authorities have warned that market participants should expect LIBOR to cease to be published once the support of competent authorities for the benchmarks ends at the end of 2021, and that there is a risk that LIBOR could be found no longer to be representative of the underlying market it purports to measure, due to a lack of underlying transactions.

The UK Financial Conduct Authority (the 'FCA') indicated that it would make an announcement in 2021 on the future cessation and loss of representativeness of LIBOR, and on 05 March 2021, the FCA published the expected announcement. Further details on this are contained below.

(Source: Financial Stability Board report on ‘Reforming major interest rate benchmarks, 2019’)

1.6 Where can I find more information on RFRs?

Each of the Central Bank-led RFR working groups that were set up at the recommendation of the Financial Stability Board (FSB) have established specific websites to provide market participants with information regarding key transition topics and steps, meeting minutes, feedback on consultations, and other relevant data.

Working Groups Links
GBP www.bankofengland.co.uk
EUR www.ecb.europa.eu
USD www.newyorkfed.org
JPY www.boj.or.jp
CHF www.snb.ch
SGD www.abs.org.sg
HKD www.hkma.gov.hk
THB www.bot.or.th

In addition, industry bodies representing key stakeholders affected by the LIBOR transition have also produced considerable material which is available on their respective websites.

Industry Body
Industry Body Links
International Swaps and Derivatives Association
International Capital Market Association
Loan Market Association
Loan Syndications and Trading Association
Asia Pacific Loan Market Association
Association of Corporate Treasurers

1.7 What is the effect of the IBOR Transition on EIBOR?

FAB is not currently aware of any forthcoming changes to the Emirates Interbank Offered Rate administered by the Central Bank of the United Arab Emirates, which is also an IBOR and more commonly referred to as "EBOR" or "EIBOR". The Central Bank of the United Arab Emirates may, in the future, mandate reforms to this benchmark rate, and advance notice of the timing or nature of such changes may not be available to market participants.

2. The Transition from (L)IBOR

2.1 What rates will replace (L)IBOR?

Working Groups in each jurisdiction have recommended robust RFRs to transition away from existing IBORs. The RFRs benchmarks are overnight, whereas the current use of IBORs is largely in term rates.

Existing Rate
Alternative Rate
Transaction Type
(Sterling Overnight Index Average)
Unsecured Live
(Euro Short-Term Rate)
Unsecured Live
(Secured Overnight Financing Rate)
Secured Live
(Tokyo Overnight Average Rate)
Unsecured Live
(Swiss Average Rate Overnight)
Secured Live
(Singapore Overnight Rate Average)
Unsecured Live
(Hong Kong Inter-Bank Offered Rate / Hong Kong Overnight Index Average)
Unsecured Live
(Thai Overnight Repurchase Rate / Bangkok Interbank Offered Rate )
Interbank private repurchase Live

However, as mentioned above, use of RFRs as an alternative rate is not mandatory and there may be cases where it is more appropriate to replace (L)IBOR with a different rate (for example, a central bank rate).

2.2 How will the liquidity in the RFR market accelerate?

The adoption of liquidity in RFRs is gathering steam and will ultimately be driven by the increased usage of the rate by end-users. It is anticipated that the adoption of RFRs will be accelerated by the adoption of SOFR and ESTR discounting by clearing houses.

In addition, ISDA published a supplement amending the 2006 ISDA definitions to incorporate new benchmark ‘fallbacks’ along with the ISDA 2020 IBOR Fallbacks Protocol (the 'ISDA Fallbacks Protocol'). FAB has adhered to the ISDA Fallbacks Protocol. More information on the ISDA Fallbacks Protocol can be found here. Benchmark fallbacks are replacement rates that would apply to derivative trades referencing a benchmark. These would take effect if the relevant benchmark becomes unavailable while market participants continue to have exposure to that rate. In the case of LIBOR, the fallbacks will be adjusted versions of the RFRs.

2.3 What are some key milestones (timelines) as defined by different RFR working groups?

The FCA, on 05 March 2021, announced LIBOR cessation and non-representativeness dates1. Please refer to the table below for details. The link to the above-mentioned FCA’s announcement is here. Please read the brief information provided in the table below, in conjunction with the details provided in FCA’s announcement.

LIBOR Cessation or Non-Representativeness Date
Cessation Tenors
Non-Representativeness Tenors
GBP 31-Dec-2021 Overnight, 1W, 2M, 12M 1M, 3M, 6M
USD 31-Dec-2021 1W, 2M -
30-Jun-2023 Overnight, 12M 1M, 3M, 6M
JPY 31-Dec-2021 Spot next, 1W, 2M, 12M 1M, 3M, 6M
EUR 31-Dec-2021 All 7 LIBOR settings -
CHF 31-Dec-2021 All 7 LBOR settings -

“LIBOR cessation” refers to the permanent cessation of publication of the respective LIBOR rates. “Non- Representativeness” refers to FCA announcing that the respective LIBOR is no longer representative of the underlying market that it is intended to measure, and that representativeness will not be restored.

Please note, the LIBOR settings published beyond the “Non-Representativeness” dates are only to be used in “tough legacy” contracts. The use of these LIBOR settings for new transactions is prohibited for UK regulated firms.

The FCA announcement will have activated certain contractual triggers for the application of fallbacks. ISDA has confirmed that it constitutes an "Index Cessation Event" for the purposes of the ISDA IBOR Fallbacks Supplement and the ISDA 2020 IBOR Fallbacks Protocol for all 35 LIBOR settings on the basis that all LIBOR settings will either permanently cease to be published or become non-representative from the dates specified in the FCA's announcement.

Please see the cessation timelines of other IBORs in the table below.

Reference Rate
IBOR Cessation Date
Cessation Tenors
SIBOR 31 March 2022 6M
End of 2024 1M, 3M
SOR 30 June 2023 All tenors
Fallback Rate(SOR)2 End of 2024 All tenors
EONIA 03 January 2022 O/N
THBFIX 31 December 2021 1W
30 June 2023 O/N, 1M, 3M, 6M, 12M

1: https://www.fca.org.uk/news/press-releases/announcements-end-libor

2: By way of background, Fallback Rate (SOR) was designed only as an interim fallback solution for contracts that cannot be transitioned to SORA before SOR ceases. The Steering Committee for SOR & SIBOR Transition to SORA has decided to retain the original end-2024 end-date for Fallback Rate (SOR).

Other milestones:

3. Risk-Free Rates

3.1 How will the transition from LIBOR to RFR impact the interest rate calculation methodology?

LIBOR is a set of benchmark rates that are forward-looking and published in 7 tenors. This setup allows the parties to calculate the interest payable for a specific period at the start of that interest rate period itself.

On the other hand, RFRs are backward-looking overnight rates (as of Mar. 2021, none of the Regulators have endorsed any term rates for RFRs). This means that on every RFR Banking Day, a new rate will be published. These daily RFRs are compounded in arrears to arrive at an effective interest rate for a given period. Hence, for RFR-linked facilities, the banks will not be able to determine the interest rates until the end of the interest rate period.

To allow the banks to calculate the payable interest and generate interest payment notices prior to the due date, a lag period will be introduced between the interest rate period and the cashflow period. The expected market convention for this lag is a 5 RFR Banking Day (5 BD) lookback.

3.2 What is a Credit Adjustment Spread (CAS)?

LIBORs and RFRs are economically different. Hence, an interest rate comprising of “LIBOR + Client Margin” is not equal to “Compounded RFR + Client Margin”. For transactions to transition away from term rates such as LIBOR to rates based on RFRs (which are near risk-free), a Credit Adjustment Spread (CAS) will be used as the means of addressing the issue of potential transfer of economic value from one party to another as a result in a change of Reference Rate. (Source: LMA Commentary). An important point to note is that for all transitioning facilities, the client margin remains unchanged.

Therefore, the quotation of the interest rates for transitioning facilities would move from “LIBOR + Margin” to “RFR + CAS + Margin”.

3.3 How will the transition from LIBOR to RFR impact the calculation of spread adjustment?

ISDA conducted a Market Survey on the preferred transition spread adjustment methodologies. The transition spread will determine the tenor-based X, which will be added to the RFR, when transitioning from LIBOR to RFR.

The transition adjustment spread will be based on the difference between LIBOR and the RFR derived rate that is calculated using a median over a five-year lookback period prior to the fallback activation date.

The historical median approach derives a single value for the transition spread (Refer to the yellow line on the graph).

The transition spread will be calculated and published for each LIBOR tenor based on the historical differences between LIBOR for that tenor and the compounded RFR over the relevant tenor. This will differ the credit spreads across different tenors.

Bloomberg Index Services Limited (“Bloomberg”) is responsible for calculating and publishing the spread adjustment. The spread has been calculated using a historical median approach over a five-year lookback period from the date of the FCA's LIBOR announcement (on 5 March 2021). Since July 2020, Bloomberg has been publishing the spreads, compounded RFRs and the all-in fallback rates (compounded RFR + spread). For more information, please visit: Bloomberg Begins Publishing Calculations Related to IBOR Fallbacks). The 5Y median spreads are also publicly available on a delayed basis – click here for more information . The FCA's LIBOR announcement on 5 March 2021 triggered the fixing of the spread adjustments. Consequently, the spread adjustment for all 35 LIBOR settings is now fixed and will not be subject to further change.

While using the 5Y median approach is one of the options available to calculate the credit spread adjustment, different regulators have agreed that this adjustment is a “commercial agreement” and hence, FAB may adopt alternative methodologies / formulae to compute the spread adjustment.

3.4 How volatile is SOFR as a benchmark rate?

Contracts referencing SOFR are usually based on the average/compounding of daily interest rates over a given period of time. SOFR compounded/averaged rates are quite smooth and can be easily referenced in financial contracts, as demonstrated by the growing use of SOFR in futures, swaps and floating-rate notes (FRN). SOFR futures and OIS, and the many SOFR floating-rate notes that have been issued, all use either a compound or linear average of SOFR over a fixed period of time as the floating-rate paid under the terms of the contract, not a single day’s realization of SOFR. (Source: ARRC FAQs)

3.5 Are term rates for RFRs available for use?

In January 2020, the Bank of England Working Group on Sterling Risk-Free Rates (UK RFR WG) set up a Term Rate Use Case Task Force (the “Task Force”) to provide guidance on the need for the potential usage of Term SONIA Reference Rates. Post their analysis, the Task Force concluded that the use for SONIA compounded in arrears was operationally achievable for 90% by value of the Sterling Libor loan market sampled and that the remaining 10% by total loan value would likely require alternative rates.

These alternative rates could be fixed rates, the Bank of England Base Rate or a SONIA term rate (if and when available). To assess the necessity of the usage of SONIA term rates, the Task Force laid out the following criteria:

  • Structure and characteristics of the product; and
  • Operational capability and the sophistication of the borrower or end-user.

The findings of the Task Force acknowledged the need for term rates or equivalents for 3 product classes:

(1) Trade & Working Capital Products (including discounting/letters of credit, supply chain finance, etc.);

(2) Export Finance & Lending in Emerging Markets; and (3) Islamic Finance. Please see the conclusion of the findings of the Task Force in the table below (Source: BoE Use Cases of Benchmark Rates: Compounded in Arrears, Term Rate and Further Alternatives)

Products Client Breakdown Details Definition Balance % Recommended Rate (By UK RFR WG)
Bonds / Loans / Trade Large Corporate / Leverage Sponsor / Leverage / Large Corporate Corporate deals / Sponsor lead acquisitions / recapitalizations with a deal size £25m 50% Compounded in Arrears
Loans / Trade Mid to Large Corporate / Specialist Finance Financial Institutions Banks, insurance providers, asset managers, funds, hedge funds and broker dealers 40%
Mid to Large Corporates Annualized revenue >£25m and deal size £10m - £25m
Social Housing Lending to Social Housing firms
Education / Local Authority Lending to schools / Higher Education / Local Authorities
Project Finance Financing a major independent capital investment
Real Estate Commercial Real Estate firms
Export Finance / Emerging Market Export Finance Funding to outsized capital expenditure with export finance guarantee 10% Term / Alternative Rate
Emerging Market Lending to emerging markets
Mid Corporate / Private Banking & Retail Mid Corp Annualized revenue >£6.5m and <£25m. excludes="" specialized="">
Small, Micro Size Enterprise Annualized revenue <>
Retail Mortgages Retail clients
Wealth / Private Bank Offers Banking and affluent clients, families and fiduciaries based in the UK, offshore or emerging markets
Product Exception Trade & Working Capital Trade & Working Capital All Trade & Working Capital products including discounting / Letters of credit, supply chain finance, etc.
Islamic Finance Islamic Finance Islamic facilities forbid interest payments on loans

As of March 2021, regulator-endorsed Term RFRs are not yet available. For SONIA, the administrator for the term rates has not yet been finalised. For SOFR, there is no certainty on the status of the availability at the associated timelines for Term SOFR.

3.6 Is FAB planning to offer alternative rates apart from RFRs?

The FCA, in its Conduct Risk during LIBOR Transition Q&As states that “counterparties less familiar with interest rate markets may have a better understanding of Bank Rate, the Bank of England’s monetary policy rate, than of SONIA” (Source: FCA Conduct Risk During LIBOR Q&As). Hence, FAB may offer Bank of England Base Rate instead of SONIA for some products (including some regulated mortgages offered by its branch in the United Kingdom).

As noted by the FCA, “the relationship between Bank rate and SONIA has been fairly stable over recent years, with movements in SONIA being highly correlated with Bank Rate (which has tended to be a few basis points higher than SONIA)”. Therefore, the credit adjustment spreads used for transactions on a “Base Rate + Spread” setup may not be the same as for those on a “SONIA + Spread” setup.

Pertaining to question 3.6, FAB is monitoring the market closely for updates on the term rates for RFRs and their usage for the 3 product classes mentioned (trade & working capital products, export finance & lending in emerging markets and Islamic finance).

4. Legacy Contracts and Fallbacks

4.1 What happens to existing contracts when LIBOR disappears?

The UK FCA will not compel the current LIBOR panel banks to contribute submissions for LIBOR calculation beyond 31 December 2021. The FCA has also announced the cessation and loss of representativeness dates for LIBOR (see question 2.3). In a scenario where IBORs cease to exist, interest rates and other parameters related to the specific product may be determined based on the Terms and Conditions (T&Cs) pertaining to the permanent cessation of IBOR noted in the Contract. In the absence of such T&Cs, FAB intends to follow applicable regulatory and industry guidelines and attain mutual agreement when replacing IBORs.

4.2 What is fallback language?

Fallback language refers to the legal provisions in a contract that apply if the underlying reference rate in the product (e.g. LIBOR), is discontinued or is unavailable. The FSB’s Official Sector Steering Group (OSSG) has recommended that market participants both understand their contractual fallback arrangements and ensure that those arrangements are robust enough to prevent potentially serious market disruptions in a LIBOR cessation event. Fallback language typically involves 3 main components: trigger, benchmark replacement and benchmark adjustment spread. The triggers define scenarios that allow the fallback language to come into effect. Benchmark replacement defines the rates that the facility falls back on. Benchmark adjustment spread defines the methodology / formula / terms / fixed credit adjustment spread between the outgoing (L)IBOR and the incoming RFR.

4.3 Will the same ISDA fallback rate apply to all tenors of a particular IBOR?

Yes, the same ISDA fallback rate will apply to all tenors of a particular IBOR, even though the fallback rates are overnight rates and the IBORs have a variety of terms. However, to account for the move from a ‘term’ rate (i.e. the IBOR), to an overnight rate (i.e. the overnight RFR), the fallbacks ISDA implements will apply an adjustment to the relevant overnight RFR so that it is more comparable to the relevant IBOR. The consultation refers to the adjusted rate as the ‘adjusted RFR’ and asks for feedback on the best approach for calculating the adjusted RFR.

(Source: ISDA – IBOR Fallbacks for 2006 ISDA Definitions – FAQs)

4.4 Would the ISDA fallbacks apply to cleared derivative trades?

The CCPs will adopt the ISDA fallbacks in relation to cleared interest rate derivatives, but CCPs do have discretion in the matter.

ISDA has provided the following explanation:

CCPs that clear over the counter (OTC) interest rate derivatives generally incorporate the 2006 ISDA Definitions. Therefore, once the relevant rate options are amended (by ISDA), to include triggers and fallbacks, these triggers and fallbacks would generally apply to OTC derivatives subsequently cleared at such CCPs. However, LCH and CME have confirmed that they may use the discretion they have in their rulebooks to implement the amended rate options (i.e. the rate options with the index cessation event trigger and fallbacks), in existing transactions that they have cleared.

(Source: ISDA – Consultation on pre-cessation issues for LIBOR and certain other IBORs)

4.5 What fallbacks are being developed in the Loan Markets?

The Bank of England recommends the use of a ‘replacement of screen rate clause’ as mentioned by Loan Market Association (LMA). The clause applies where a replacement (or benchmark) rate is contemplated and facilitates amendments to be made so as to incorporate the use of that benchmark rate into the documentation as and when the screen rate replacement event occurs.

LMA has also published exposure drafts with the insertion of “Rate Switch Agreements” to facilitate the transition of current LIBOR referencing facilities to ARRs. However, it is important to note that exposure drafts are open to market review and are prone to being modified. Hence, fallback / contractual language suggested by LMA is constantly developing.

The NY Fed’s ARRC has proposed fallbacks for loans (both bi-lateral and syndicated), securitizations, private student loans, adjustable rate mortgages and floating rate notes. The ARRC’s proposals typically involve a waterfall that includes the use of a term rate, or otherwise a backward-looking compounded/daily rate if a term rate is not available. The ARRC has also aligned itself with ISDA in terms of the selection of the spread adjustment. The ARRC will use the same value as computed for ISDA as the selected spread adjustment.

For more information on ARRC’s fallback recommendations for bilateral loans, click here. For more information on ARRC’s fallback recommendations for syndicate loans, click here.

Please note that the above fallback language templates/drafts are available in the market. These options may or may not be adopted by FAB, and by providing this information FAB is not recommending particular fallback positions to customers.

4.6 Has COVID-19 impacted timelines for the LIBOR transition

IBOR transition working groups have released statements acknowledging that COVID-19 will cause delays for the IBOR transition in loan markets. However, the cessation date for the use of IBORs by end-2021 has not changed.

(Source: Statement from the Risk-Free Rate Working Group on the impact of COVID-19)

5. Accounting Issues

5.1 How does the LIBOR transition affect accounting treatment?

In September 2019, the International Accounting Standards Board (IASB), amended some of the requirements for hedge accounting. The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform. The amendments came into effect on 1 January, 2020.

These changes provide temporary relief for so-called ‘hedge relationships’ prior to LIBOR’s discontinuance (‘Phase 1’), further guidance relating to the actual adoption of ARRs and the discontinuance of LIBOR (Phase 2) that was provided earlier this year.

In March 2020, the Financial Accounting Standards Board (FASB) also approved an Accounting Standards Update (ASU) to provide ‘temporary, optional guidance to ease the potential burden in accounting for reference rate reform’.


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