Euribor fallback proposals expose divisions in loan markets
Consultation reveals splits over one-year transition period and internal transfer pricing models
A consultation on fallback rates for Euribor-linked cash instruments has exposed stark divisions over how a term version of the replacement euro short-term rate (€STR) should be calculated and whether it should be phased in over a one-year transition period.
Nearly half the respondents to the euro risk-free rate working group’s November consultation on term structure and spread adjustment methodologies opposed a proposal to phase in a spread adjustment representing the historic gap between
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