Much more work is needed to mitigate the potential for disruption of the APAC bond markets as a result of the transition from LIBOR to risk free rates RFRs.
This is based on a new report by Bloomberg and ICMA on tough legacy bonds’ in APAC.
Tough legacy bonds’ are debt securities linked to the LIBOR of any currency, due to mature after the cessation of LIBOR in the relevant currency. They have contracts that have no or inappropriate fallbacks, and which cannot realistically be renegotiated or amended.
The announcements made by the UK Financial Conduct Authority on future cessation...
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