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IBOR Transition

Interbank Offered Rates (IBORs) play a central role in financial markets, acting as reference rates to determine interest and other amounts payable under a significant proportion of financial transactions. In 2014, the Financial Stability Board (FSB) published its report “Reforming major interest rate benchmarks”, which sets out a series of recommendations to enhance existing interest rate benchmarks and develop a transition to alternative Risk-Free Rates (RFRs). As a result, authorities in many jurisdictions have been driving initiatives to reduce the financial system’s dependence on these interest rate benchmarks and to reform key interest rate benchmarks to make them more reliable and robust.
The IBOR transition concerns the movement of the financial markets away from using LIBOR or EONIA as the interest rate benchmark to using alternative “risk free” benchmark rates (“RFRs”).
The purpose of this section is to summarise current market trends and latest developments of the industry regarding the IBOR transition. BBVA acts as a financial entity and does not provide financial, legal, tax advise or otherwise nor a personal recommendation.
Documentation
Please find attached several documents that have been prepared by BBVA to provide you with information on the IBOR Transition: