We are coming up to 9 months left for USD LIBOR - time has flown by and much work has been done to prepare for the transition. We are now at a critical point in the schedule where banks and borrowers really need to get moving with their loan amendments. The number of USD loan agreements that need to be amended around the world is far greater than for GBP/JPY/SFR - the market coped well with that volume but we can't afford to leave things until next year - there will be a bottleneck.
Our clients have started the industrialised process and we have had our first batches of executions come through - we need to build on the momentum and get moving.
So, my call out to the market - let's get amending !