LIBOR and SOFR Transition

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Keeping you in the know

LIBOR, which stands for the London Interbank Offered Rate, is being phased out as the lending rate benchmark for banks worldwide. During this transition period, we want to keep you informed of the latest developments. On this page, you’ll find news, information and articles to help you stay up to date.


LIBOR is an interest rate benchmark calculated daily by ICE Benchmark Administration based upon the anticipated cost of borrowing for certain global banks on an unsecured basis. It’s established through a submission process by contributor banks, based upon actual inter-bank lending data, modified by the judgment of those banks when sufficient data is not available.

The final rate is used as a benchmark for pricing roughly $350 trillion of U.S. commercial loans, derivatives, student loans, mortgages and many other types of credit. 

Why is LIBOR being phased out?

In the summer of 2017, the United Kingdom Financial Conduct Authority (FCA) announced it would no longer compel member banks to submit LIBOR rates after 2021. It would be determined by each member bank whether to continue submitting LIBOR rates thereafter. LIBOR may continue to exist past 2021, but could be discontinued as a benchmark rate.

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LIBOR to SOFR: The Road Ahead 

The transition from LIBOR to SOFR will be one of the biggest events in the history of financial markets. To help you and your business get ready, view this Fifth Third webinar. 

(October 2020) 

This content is for informational purposes only and may have been derived, with permission, from a third party. While we believe it to be accurate as of the date of publication, it does not constitute the rendering of legal, accounting, tax, or investment advice or other professional services by Fifth Third Bank, National Association or any of its subsidiaries or affiliates, and it is being provided without any warranty whatsoever. Please consult with appropriate professionals related to your individual circumstances.


Get answers to commonly asked LIBOR questions

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