The Adoption of the Replacement Rate with respect to the reform of LIBOR Interest Rate Benchmarks

The UK Financial Conduct Authority (FCA), the supervisory authority of LIBOR (the London Interbank Offered Rate), announced that since 30 June 2023, USD LIBOR settings will cease to be provided permanently and will no longer be used.

Please note that with effect from 1 June 2023, CME Term SOFR (Secured Overnight Financing Rate) will be used to replace USD LIBOR.

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