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Update on IBOR Transition
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Brief Introduction to LIBOR
The London Interbank Offered Rate (LIBOR) has existed in the market for more than 30 years. LIBOR rates have been embedded in various products and market segments across the global financial system. LIBOR is the average rates at which designated “panel banks” (HSBC, Citi, Bank of America, Barclays, etc.) would lend at in the interbank market. LIBOR is published for 5 currencies (USD, GBP, EUR, JPY & CHF) and 7 maturities (overnight / spot next, 1W, 1M, 2M, 3M, 6M, 12M).
This communication does not deal with every important topic pertaining to LIBOR transition. It is not designed to provide legal, financial or other advice. By reviewing this communication, you agree that First Abu Dhabi Bank and each of its affiliates (collectively,'FAB') is not acting as your advisor and is not providing advice or making any recommendation regarding LIBOR transition; it being understood that any information or explanations pertaining to LIBOR transition provided via this communication shall not be considered advice or a recommendation. Each recipient of this communication will make its own independent decisions regarding LIBOR transition, based upon its own judgement and upon advice from such advisors as it has deemed necessary. This communication should be read in conjunction with IBOR 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 explanation and general risk warning.