The time is now

LIBOR Consent Solicitation

All non-USD LIBOR issuers are required to move from LIBOR to a new reference rate, agreed by bondholders at an EGM or AGM by the end of 2021. Finding and mobilising bondholders however is a difficult task. There is a highly liquid and opaque secondary market, making them difficult to identify. Moreover a quorum must be met to ensure minimum voting thresholds, and the majority of those voting need to agree to the transition. But regardless of the challenges, the risks of not proceeding with this process are far more daunting—ranging from litigation, to drops in share price, to votes of no-confidence in management.