The FCA has spoken - the market has until the end of March 2023 to stop using synthetic sterling LIBOR for 1 and 6 month periods. That just leaves 3 month synthetic sterling LIBOR in play. That is a total 18 month extension following the cessation of sterling LIBOR at the end of 2021. Those odd loans and floating rate notes out there need get to amended on to SONIA or other alternative rate.
This news has been foreshadowed by the FCA so should come as no surprise. The FCA also confirmed that they will report back on their summer consultation later in the autumn.
The market needs to be aware of this as they consider their US dollar transition - don't rely on a synthetic rate being available - if the FCA does compel ICE to continue quoting USD LIBOR on a synthetic basis for tough legacy contracts, it will not necessarily be available for that long - so you might get a bit of a time extension but it is not a permanent solution.
As I have said before, let's get amending!