US and European loan markets split over 'hardwire' Libor transition

The US Alternative Reference Rates Committee (ARRC) has updated its reference rate guidance for the move away from dollar Libor that removes the need to get a lending syndicate’s consent. But trade bodies on both sides of the Atlantic do not agree on the details, writes Mike Turner, and some lawyers claim that major issues still need to be addressed before the ARRC-recommended method can work.