At Reed Smith, we have deep, practical knowledge of the legal and operational issues that market participants will face in connection with the cessation of interbank offered rates (IBORs) and the transition from IBORs to alternative reference rates.
We can advise on your full transition project, which may include identifying and categorizing which positions in your portfolio have IBOR provisions, assessing the risks to which these positions give rise, determining how to approach IBOR transition, and preparing and negotiating amendments. Alternatively, we can advise on discrete areas of transition, as we recognize that there is no “one-size-fits-all” solution for all clients.
The upcoming transition away from LIBOR and other IBORs will impact an array of products, businesses, systems, and processes. We bring together a blend of legal experience, market knowledge, artificial intelligence (AI) and machine learning (through our wholly owned subsidiary, Gravity Stack), and business acumen to assist clients with their IBOR projects.
Key components of our IBOR offering include:
Legal and market knowledge that is based on our understanding of the issues and market intelligence that comes from following market developments and advising others. Augmented by technology solutions, we use this experience to advise clients with IBOR transition, including analyzing existing positions and developing amendments.
Our ability to help clients develop and execute their IBOR remediation strategies in an efficient manner, deploying where needed our experienced project managers and trained staff attorneys who work under partners with experience in IBOR transition.
The fact that our IBOR legal experience and legal project management capabilities are bolstered by our wholly owned AI technology subsidiary Gravity Stack, which we regularly use as part of our IBOR transition projects for clients. Gravity Stack can ingest and extract IBOR terms in a wide range of products, shortening the time it would take lawyers to manually find those terms in contracts. Gravity Stack can also auto-produce amendment letters.
With the breadth and depth of our experience across IBOR transition projects of all sizes, Reed Smith’s IBOR transition team can work with you to create a bespoke solution tailored to your IBOR transition goals and pool of contracts. By drawing from all levels of seniority, we can put together a bespoke client team that will deliver the right level of skills and experience for you.