Notwithstanding the market disruption caused by Covid-19, "keep calm and moving on LIBOR" remains the message from regulators in both the UK and the US. As the export finance market rightly focuses on how it can help to keep global trade flowing in the midst of and beyond the current pandemic, it would do well not to forget about the LIBOR transition process and its intended timeframe.

This report examines export finance loans completed between 2015 to 2019. We have examined data from 1,791 deals across all geographies and sectors and involving the full range of banks, borrowers and ECAs

Despite the regulators previously declaring (prepandemic) that 2020 would be a 'key year' for LIBOR transition, it will clearly be difficult for many to focus on this issue at the moment. Nevertheless, it is necessary to continue to plan for a post-LIBOR world, especially in light of the recent guidance from the regulators that LIBOR's demise will not be postponed. Given the different types of parties and products within export finance (and there are only likely to be more as agencies step up to meet increased demands), there are a lot of nuances and subtleties to this issue. 

We hope that this report helps the market to appreciate the scale of the task and to prompt further discussions and collaboration, such that this important and necessary transition process can be achieved in an efficient and orderly manner.

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