LIBOR transition: Q2 2022 update

All currencies and tenors of LIBOR ceased or became unrepresentative at the end of December 2021 with the exception of certain USD LIBOR tenors which continue to be published until end-June 2023. Fast forward six months and what if anything is there still left to do?

Synthetic LIBOR and statutory replacement rates

For the currencies and tenors that have now ceased after a great deal of work from regulators industry bodies and market participants themselves the transition to risk-free rates has been fairly smooth. 1 3 and 6 month GBP and JPY LIBOR continue to be published as “synthetic” LIBOR for the time being but the number of legacy transactions relying on them is relatively small assisted by widespread adherence to the ISDA Protocol and a concerted effort by the lending markets in Q4 last year....